"What is certain is that the end of the long boom will have a profound ideological impact. So long as market fundamentalists appeared to be delivering the goods - however unequally and insecurely - their political dominance was assured. That is now clearly no longer the case. As Martin Wolf, conservative doyen of British economic commentators, wrote in yesterday's Financial Times: "What is happening in credit markets today is a huge blow to the credibility of the Anglo-Saxon model of transactions-orientated financial capitalism." If the credit squeeze does indeed trigger a wider economic meltdown, that will certainly mean the end of the neoliberal consensus that has dominated politics for almost a generation."
You can read the rest of Seumas Milne's article on why it's game over for the Anglo-Saxon model of transactions-orientated financial capitalism, here.