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The penetration of neoliberalism deep into the government's psyche meant we let the market rip, finance to dominate, manufacturing to decline and debt to reach crisis point.
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Letting finance rip; hacking back union power; turning public utilities into private oligopolies: all have been proved a failure.
He knows the approach he learnt at Gordon Brown's knee – letting the market rip on the finances, and then picking up the pieces through generous tax credit payments – will not be open to him in the cash-strapped circumstances in which he hopes to lead Labour back to power.
Cameron's speech was clever: the argument that Labour had struck a "Faustian pact" with the City, allowing finance to let rip while milking it for tax revenues, has more than a grain of truth in it.
8 February A new not-for-profit company offers hard-up people an alternative to rip-off finance firms that charge a fortune to buy emergency goods like washing machines and fridges on credit.
"I've heard him rip into label heads," says Helen Murphy, Ames' finance chief at PolyGram.
Nonetheless, I recommend people read it, because it lets free speech rip, and it's where the finance world goes for a back alley brawl.
Forcing the banks to get tough with these lenders is roughly equal to ripping out the financing mechanism that has kept the party in power for most of the last five decades.
"These are designed to rip people off," insists Jie Gan, a finance professor at Hong Kong University of Science & Technology.
In finance, acting like a shark who will rip your opponents into little pieces has long been viewed as a positive thing.
Her biddable Central Bank governor, Alexandre Tombini, and finance minister, Guido Mantega, cut interest rates and let rip on public spending even as inflation rose and tax receipts slowed.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com