Photo by Christopher Furlong/Getty Images The lesson of 2008 is incomplete In the wake of the 2008 financial crisis, regulators concluded that monitoring individual banks for individual risks had been insufficient. The crisis was not the sum of separate failures. It was the systemic consequence of an architecture whose vulnerabilities concentrated and cascaded at sites the existing supervisory framework was not built to see.  The response was the macroprudential turn: a recognition that system-wide instability had system-wide origins, and required intervention at the structural points where instability was generated rather than at the firm level after the fact. That lesson reshaped financial regulation. It has not yet reshaped how we govern the supply side of the British economy – and the cost of that incompleteness is the compounding crisis we are now living through. In fact, the British state continues to operate a pre-2008 supply-side regime.…