The 2008 global financial crisis was the consequence of the process of financialisation and of the hegemony of a reactionary ideology, namely, neoliberalism. While the institutions or regulations set in place following the stock-market crash of 1929 and the Great Depression of the 1930s could have avoided the present financial crisis, it failed to do so because a coalition of rentiers and ''financists'' achieved hegemony and refused to regulate various financial innovations. However, from this crisis a new capitalism will emerge, characterised, among other things, by the tendency to improve democracy by making it more social and participative.

 
January 7, 2010.