Just three weeks ago in United Kingdom a mini-budget has been announced to cut around £45bn of corporate tax, income tax and payroll taxes aimed at the wealthy, and allocate £60bn for support measures against high energy bills.

It was the largest fiscal package in the country in decades, but it was not considered by the relevant fiscal authorities. Artie also resigned as Prime Minister of Great Britain. Liz Truss he was not nominated in the election because the Tories chose him over Boris Johnson. The response to the “financial event” was immediate, with the global economy reaching its most critical point since the coronavirus crash in early 2020.

The British pound fell to a record low against the dollar, and the Bank of England had to intervene to prevent a domino effect in the country’s pension system and beyond. There is something tragicomic, if not tragic, about the capitalist revolutionaries that Mrs Truss and also retired Finance Minister Kwasi Kwarteng have thwarted using the mechanisms of capitalism itself. Both may be the last Thatcherist politicians defeated by the very system they believed they faithfully served.

The cultivation of this ideology, which would become known as Thatcherism, began in the 1970s. Proclaiming a belief in “a free economy and a strong state”, he denounced the post-war British welfare economy and sought to replace it with his own virtues. y individual enterprises and religious ethics.

The mini-budget that ended Kwasi Kwarteng’s tenure as finance minister (and just yesterday Liz Truss’s very short tenure) and weakened the pound could be seen as a utopian gesture. Truss and Courtenge seemed to think that by integrating the increasingly radical Thatcherist approaches (while conveniently eschewing the need for spending cuts), they would work some sort of magic spell on “global Britain”. But this whole initiative, like another leap of faith, made the diver break his neck.

As a result, there was a discrepancy between the motives of existing capitalism and the fairy tale of liberal utopia. So are the supporters of Britain’s exit from the EU. after her departure, they discovered that the City of London was actually reluctant to get rid of the promised rules. It was “Reaganism without the dollar.” Without the confidence placed in the dollar as the world’s reserve currency, the pound went into free fall. The mini-budget has become a test for the entire UK economy.

Scholars working only in theory have found that money markets will not only penalize leftist experiments in rebalancing between states and markets, but will also be sensitive to experiments that shift the situation too far to the right.

* Author of the forthcoming book, Collapse Capitalism: Market Radicals and the Dream of a World Without Democracy.