The pillars of the old order- laissez-faire, “fiscal prudence,” strict separation between Treasuries and the monetary authorities-began to shake during the financial crisis, tottered with political shocks such as Brexit and then finally crumbled to dust in the wake of the coronavirus pandemic. “Pessimism of the intellect, optimism of the will.” Antonio Gramsci’s famous line written in a 1920s Italian prison describes equally well the state of political economy in Britain 100 years later.
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