China has exposed the fatal flaws in our liberal economic order

``Yet the real reason for global weakness lies elsewhere -- in the Western neoliberal economic model itself, which lay behind the global financial crisis of 2007-9. Financial and trade liberalisation, privatisation of taxpayer-financed assets, excessive private indebtedness and wage repression constituted an explosive economic formula and blew up the Western banking system.  That model has not undergone even superficial change since 2009. On the contrary: economists and financiers used the "shock and awe" generated by the crisis to buttress the model.''