This blog was originally posted on the New Statesman website on 9 Feb 2012.
Politicians have queued up to announce the dawn of the era of 'new capitalism'. Yet many commentators seemed less convinced; instead seeing merely the triumph of the old capitalism over any viable alternative. It seemed that having got drunk, fallen over and been sick in its hat, capitalism had woken up in 2012 feeling remarkably perky. It was the rest of us who had the hangover.