The Great Contraction has completely wrong-footed people who used to be called “socialists” or “progressives,” confounding every expectation that they had finally achieved some small measure of vindication for their understanding of the economy. It ushered in a mongrel regime leaving them baffled and bewildered, such that one frequently heard them wonder out loud whether there was any left left.

Philip Mirowski, Never Let a Serious Crisis …, loc. 46