ABSTRACT

75The 2008 crisis stands out as one of the greatest crises of the capitalist era, an era that has now lasted in its modern form for more than 350 years. Although there were important antecedents, this era is roughly as old as the Bank of England, which received its charter in 1694. It has been the most dynamic and productive form of economy the world has known. This owes much to the conflict and cooperation among states, markets and households, both within bounded national communities and between them. Capitalism was an international system from the beginning, characterized by its remorseless drive to privatize gains and socialize losses, as well as by its tendency to combine ever greater economic connectedness and interdependence with political fragmentation, leading to continual competition and conflict.