'Economic crises and policy revolutions', a paper given to the Institute for Public Policy Research, London, 28 Jan 2010

This paper examined the present economic crisis in the context of the 1970 crisis, and the revolution in economic policy that flowed from it. It argued that there is no 'lesson of history'; a template for the present cannot be provided by the past. However, the experience of past crises can help us to ask penetrating questions. In particular, the fact that past policy revolutions unfolded over many years and were highly contingent might tend to suggest that it is far too early to call the present crisis. Though there is little sign of alternative to the neo-liberal model at present, a double dip recession, or years of anaemic growth, may well bring forth radical new ideas. In many ways, at present the right looks better placed to deliver them than the left.