Mark Carney's history lesson shows we haven't learned on globalisation

The Bank of England governor's look back at previous crises suggests action needs to be taken to stop capitalism from eating itself

History repeats itself. That was the message from Mark Carney as the governor of the Bank of England sought to draw some conclusions about the future of globalisation at the end of a turbulent year.

Carney's argument was that the current lost decade is not the first. The 1860s had its own financial crisis: the run on Overend, Gurney & Co was the last to befall a UK high street bank until the queues formed outside Northern Rock in 2007. It was a time of rapid technological change and a prolonged period of falling real wages.

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