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Interestingly, some had foreseen the disaster that was about to unfold. Publications as early as 2006 warned about the dangers of financial instruments like derivatives that would later play a pivotal role in the collapse. The government’s failure to hold accountable those who orchestrated the crisis deepened public distrust in political institutions, laying the groundwork for the chaos we see today.
Neoliberalism's Ascendancy
Delving deeper, we must rewind even further to 1944, a year that marked the genesis of neoliberalism—a doctrine fundamentally reshaping the economic landscape. Pioneered by thinkers like Friedrich Hayek and Milton Friedman, neoliberalism posited the primacy of unregulated free markets, dismissing social welfare as a coercive limitation on freedom.