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The failure of socialism in 1989 led many to declare a triumph of capitalism. The denouement has quickly followed with negative growth in parts of Europe (dramatically so in the formerly centrally planned economies to the East), stagnation in the United States and even Japan, and deepening crises in Africa and Latin America. Is this just a temporary phase in the history of capitalism, prior to the re-emergence of the world economy with renewed vigour in the near future?
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