But each wave of collapse breeds a greater degree of disillusion about particular institutions, which are blamed for the outcome. It may be the welfare state in the 1970’s, the Communist Party apparatus in the 1980’s, the Asian industry and trade ministries in the 1990’s, or the nexus of the US Treasury and Wall Street in the 2000’s.
但每一波崩溃都会令人对某些制度大失所望，因为危机会被归咎于那些制度。20世纪70年代的倒霉鬼是福利国家，80年代是共产党政权，90年代是亚洲国家的产业和贸易部，在21世纪头十年则是“狼狈为奸”的美国财政部和华尔街。