The lamest defence I could offer - one used by many supporters of the war as they slam into reverse gear - is that I still support the principle of i… - Johann Hari

We now have a global business system that is virtually unregulated, with trade unions crippled and politicians largely bought by the super-rich to serve their interests. And what is the result? Inequality has returned to 1920s levels, and movement between the classes has collapsed. We have bank runs unseen in a century. And now even senior Wall Street figures mutter — with only a hint of hyperbole — about a looming Depression and "the worst crisis since 1929." All we need now is rising unemployment and Zelda and F Scott Fitzgerald boozily waltzing through Wall Street, and we are back where this story began.

We have been living in an ideological bubble — one of market fundamentalism.<p>From the trauma of the Great Depression to 1973, there was a broad consensus across the democratic world that markets were absolutely essential to generate wealth, but they will also cause all sorts of problems if they are left unregulated. Economists like JM Keynes and JK Galbraith taught us that if you abolish markets, you get starvation; but if you abolish all the democratic checks and balances on markets, you get a system that eats itself. Unregulated businesses will cause unsustainable levels of pollution and inequality, and ultimately start pursuing unhinged business models that cause the whole system to collapse.

We are entering a world of rapidly multiplying nuclear stand-offs like this. India vs Pakistan. Iran vs Israel. America vs. China. Within decades, North Korea vs Japan and South Korea. Not one Cold War, but many - and the risk is doubled each time.