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The financial crisis that has gripped global markets over the last year or so is generating a global economic downturn of a severity not seen since the 1930s. On that occasion, a collapse of credit, trade, production, and living standards was associated with the spread of state intervention and fundamental shift in the political landscape. Mark Taylor is Professor of International Finance and Macroeconomics at Warwick. He is also a former currency trader and IMF Senior Economist, and is currently a Managing Director of Barclays Global Investors. His views do not represent the views of Barclays.