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Sam King

decision of the Basel Committee on Banking Supervision, tasked with responding to the global ‘financial’ crisis, recommended no punitive new regulation of the large banks. This was greeted with only muted discussion in the financial press and certainly none of the heat that could be expected from capitalists having their ‘lifeblood’ squeezed. 85 Showing

in Imperialism and the development myth
George Ross

conceive of little else to do when things go very wrong. Even hard-line liberal organs in the financial press now worry aloud about the consequences of these growth-killing, harsh austerity policies on future social cohesion. Some commentators even read the situation as bringing a fundamental break in the social contracts of wealthy societies. Wolfgang Streeck (2011), for example, has argued that this crisis is not simply the product of an out-of-control global financial sector, but also represents the collapse of the most recent post-war reformulation of the unstable

in European social democracy during the global economic crisis