Unlike the 1929 stock-market crash, the financial crisis of 2008 did not throw the world into an economic depression. It did not lead to bread lines, riots, or radical political movements. But the recent crisis has had an unfortunate ideological effect: It has helped to undermine the legitimacy of democratic capitalism. It has breathed new life into left-wing economic critiques that question the premises underlying our economic system — free markets, relatively light regulation, and limited government involvement in the economy.
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