In 2008, the economist Joseph Stiglitz predicted the end of neoliberal philosophy as a result of the global financial crisis. Comparing the crisis to the fall of the Berlin Wall, he argued that while many people had suspected for a long time that deregulation was a bad idea, the global financial crisis proved it:
It should be the end of neoliberalism. It should be the end of the view that deregulation and liberalization lead to economic efficiency. September 2008 should be to neoliberalism and market fundamentalism what the Fall of the Berlin Wall was to communism. Everybody understood that communism was flawed, but the Fall of the Berlin Wall defined it and made it clear.