Or if you want a more in-depth answer......
I think you'll find that, by and large, it's been a debt-fuelled illusion since about the end of WW2.
The core problem is quite simple, fiat currency and fractional reserve lending as practised are a con, a ponzi scheme dependent on ever increasing credit, funded by the interest paid on the credit.
Once credit hits the limit there are insufficient returns to keep the thing going, the position since 2009. Once this point is reached things start to fall apart, hence Zero Interest Rate Policy and QE which provide a temporary illusion that the system still works, but this only has a short lifespan and that end is happening now.
Because fiat(paper) currencies have no enforceable foundation of tangible assets they cannot provide a fail-safe, a level playing field where the failure of credit can be absorbed. Sensible governments like Germany and China (and the elites) are repatriating and stockpiling gold in order to provide some sort of foundation, unlike the stupid countries preferring to hoard paper rather than gold collapse, for when the real 'econogeddon' hits. I leave it to you to decide which camp the UK sits in.
You are also correct that it is the developed world’s post WW2 infatuation with social democracy (big state, big regulation, big welfare) that is the main driver of this madness.
Apologies...should have put this on the 'unrelated to beekeeping' thread!