The new New Deal

For over a decade the triumph of the Anglo-American model of capitalism seemed assured: but no longer. So what happened to the Washington Consensus, and what new ideology might replace it?

A YOUNG ENTREPRENEUR builds up an energy empire that takes the US market by storm. He creates an impossibly complex financial pyramid made up of hundreds of subsidiaries, on most of whose boards he sits. He deftly juggles stock between these subsidiaries, making his company the toast of the stock exchange, until the market crashes, his investors lose millions, and he sinks in a matter of weeks from national hero to figure of hate. He becomes a symbol of greed and larceny and prompts the US president to promise to winkle out corporate crooks like him and clean up the economy.

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