This perspective is from Democracy Digest:

A cautionary tale lies in the response across rich democracies to the financial crisis of 2008. Politicians then might have drawn two important lessons from the collapse of the world’s financial system and the economic recession that followed, FT columnist Philip Stephens contends:

• • The “anything goes” capitalism of the so-called Washington consensus had led large segments of the electorate to withdraw their consent for this model of the market economy.
  • And a version of globalisation that had served largely to enrich the top 1 per cent at the expense of most of the rest had discredited the case for liberal, open markets. Yet governments responded with austerity programmes that nationalised the losses of the financial sector and loaded them on to the shoulders of everyone else.

Read the full story here.