Q: But there are economists now who are asking questions about the capitalist set-up as a whole. It appears to some that business cycles are shortening and recessions are deepening, pointing to the possibility that the system is in need of fundamental reform. The American economy did not fully recover for five years after 2007 – making it one of the longest downturns in recent times. A: I am not able to say what the American system should do. But I do not believe the majority of Americans would support the kind of welfare state the British have. That is the alternative. You are unsuccessful. I
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