We are witnessing the transformation of mid-20th century managerial capitalism into global financial capitalism.
The past 10 days will be remembered as the time the U.S. government discarded a half-century of rules to save American financial capitalism from collapse.
Mr Monks realised that there were more fundamental forces at work-such as the rise of modern financial capitalism and the single market.
As a result, not only is the financial system plagued with losses of a scale that nobody foresaw, but the pillars of faith on which this new financial capitalism were built have all but collapsed.
It is no accident that these are located in English-speaking countries with a long history of financial capitalism.
France's President, Nicolas Sarkozy, recently said that the world needed to "bring ethics to financial capitalism".
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