New Reckoning

We are told that this is a new world, with which old theories cannot cope. But the dynamic driving the current global transformation is not as new as our pundits and politicians pretend. The global market-place of our day may have little in common with the tamed welfare capitalism of the post-war period but it is uncannily reminiscent of the untamed capitalism of 100 years ago. Keynes and Beveridg...