Five years ago, the economic systems of the developed world began a descent as a consequence of their own cataclysmic undoing, through sheer criminality and self-entitled irresponsibility. Relative to that descent has been a total collapse in confidence and percieved legitimacy from wider society; that at least with any sense or intellectual realisation or ethical morality. The failed economic system's descent in terms of legitimacy has not been helped by its determination to drag down humanity with it, which it inherently depends upon doing so to preserve itself, which is also part of their ongoing sense of self-entitlement. Banks like Barclays, HSBC and Standard Charted can engage in multi-trillion dollar fraud, money laundering and by proxy drug smuggling essentially without any fear of substantial prosecution.
The fact that Britain's economy has once again uniliterally regressed as a consequence of the government's ideological austerity drive, under the "leadership" of Prime Minister David Cameron and Chancellor George Osborne, is no surprise to anyone who comprehends basic economic literacy. It has become a routine expectation, as well as a source of comic derision. Such casual reflection however is only an example of the banality of evil that Hannah Arendt identified, in regard to the communities and lives ruined and wasted by austerity's incompetence ideological pathology; whether this be in the form of societal disinvestment and commodification, or regression caused by it, dragging humanity down to subordination and indignity.
What is the neoliberal solution to failure? More failure. While failure the agenda regardless, when failure is prevention of opportunity and development in society.