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by leon on February 10, 2009
In his book The Subprime Solution, economist Robert Shiller warns that in good times people are willing to co-operate and accommodate others but when optimism for the future turns sour, they become angry, fearful and selfish. The Great Depression therefore led to the rise of fascism, anti-Semitism, racism, nationalism and the eventually, the outbreak of World War Two.
Now we have a warning from the British Children's and Schools Secretary, Ed Balls, that the downturn is likely to see a return to the Far Right politics of the 1930s and the rise of Fascism. ""I think that this is a financial crisis more extreme and more serious than that of the 1930s and we all remember how the politics of that era were shaped by the economy," Balls said.
Permalink: The meltdown and fascism: minister warns
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