This DeSmog UK epic history post explains how neoliberalism almost broke capitalism (and what this might tell us about free markets and the environment).
Matt Ridley, as chairman of Northern Rock, was the canary in the coal mine when it came to the calamitous financial crisis of 2008 as he presided over the first run on the bank in Britain since the Victorian era.
He was made to answer for the 'reckless' policies of his bank and the roulette-wheel gambling of his less senior colleagues in Parliament. One man very clearly cannot be held responsible for an international economic collapse.
But, Ridley’s philosophy of ‘lukewarm’ neoliberalism was tested to absolute destruction in 2008 and the cost to millions of people around the entire world was both enormous and avoidable.
And yet, he retains his faith in neoliberal economics – and this remains the foundation of his climate ‘lukewarmism’. Where does this faith come from? And who was to blame for the 2008 crisis?