The choice: leadership or collapse

Will Hutton
12 October 2008

In the week of the crash in 1929, Wall Street fell by 23%. In the week of 6-10 October 2008, it fell by 18%; while London and Frankfurt fell by 21% and Japan's Nikkei by 24%. Every major financial centre's interbank market is frozen. Trust and confidence have collapsed; the global system is paralysed on a scale that now surpasses 1929. There is a combination of a worldwide bank-run, seizure of credit markets and collapse of asset values that could plunge the globe into a depression. This is history's joke: the crisis of capitalism long predicted by communists and socialists who are no longer able to take advantage of it.

(To read on, click here - and see Tony Curzon Price's response here)


Will Hutton is chief executive of the Work Foundation. He writes a weekly column in the Observer.  His books include The World We’re In (Little, Brown, 2002), A Declaration of Interdependence: Why America Should Join the World (WW Norton, 2003), and The Writing on the Wall: China and the West in the 21st Century (Little, Brown, 2008)

Had enough of ‘alternative facts’? openDemocracy is different Join the conversation: get our weekly email


We encourage anyone to comment, please consult the oD commenting guidelines if you have any questions.
Audio available Bookmark Check Language Close Comments Download Facebook Link Email Newsletter Newsletter Play Print Share Twitter Youtube Search Instagram WhatsApp yourData