蜜芽传媒

The financial crisis of 2007 started in August when the French bank, BNP Paribas, highlighted problems with mortgage-backed investments in the US.

Banks all over the world, which had bundled risky loans up with supposedly solid securities and so could not work out how exposed they were to the danger, began to stop lending to each other and the credit crunch began in earnest.

On the tenth anniversary, philosopher and free marketeer Jamie Whyte told Radio 4's World at One "why a failure of state capitalism was deemed a failure of market capitalism".

He added: "The loss of confidence in capitalism is a the result of complacency, vanity and confusion."

(Photo: General view of the City of London Credit: Getty Images)