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In retrospect, the tone of triumph was not merely unjustified – it was also harmful. Many of the seeds of the economic and financial crises that followed during the next decade were sown around that gathering. It would have been a struggle in 2000 to find any delegate arguing against the deregulation of the global financial services business. Then again, everything is easy to judge in hindsight – even for a Rip Van Winkle in the Swiss Alps.

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