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The decrepit, "privatized" assets of the dying system expropriated by the nomenclature were soon acquired by foreign investors, or shut down. The old guard has decisively lost its capital both pecuniary and political. Political parties which relied on these cronies for contributions and influence-peddling are in decline.
Whether regulation and supervision of firms, banks, countries, accountants, and other market players should be privatized or subjected to other market forces as suggested by the likes of Bert Ely of Ely & Company in the Fall 1999 issue of "The Independent Review" is still debated and debatable.
The differences between reformed left and new right in both parts of the continent have blurred to the point of indistinguishability. French socialists have privatized more than their conservative predecessors. The Tories still complain bitterly that Tony Blair, with his nondescript "Third Way", has stolen their thunder.
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