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In his essay "The Global Financial Crisis",
Rudd argues that the crisis will be the catalyst for an epochal and historic change in prevailing ideas and policy making by western governments. This change will see the downfall of neoliberalism — which he defines as the "free market fundamentalism, extreme capitalism and excessive greed which became the economic orthodoxy of our time". Rudd points to the clear warnings over many years of a looming crisis in banking. But these, he claims, were ignored because of an anti-regulation culture, particularly in the US.