Robert Naiman wrote:
It's both a normative assertion and an empirical observation, that since 1945, no government in an industrial democracy has gotten this wrong for any length of time.
I wonder whether the process of "globalization" has made it more difficult for national governments to manage the economy. Is there reason to believe that, within this new (or emerging) economic structure that the US government will have the capacity to manage (or even moderate) this crisis? I don't ask this question with an answer in the back of my mind. I don't know enough detail. But, in my view, part of the background to the difficulties of the 1920s and 1930s was that the Great British economy was too weak to lead and the US was unwilling to lead. It was the lack of an "hegemonic" power that made it possible for the convulsions following 1907 to manifest. By the same token, the presence of a hegemonic power following 1945 made it possible for a national government to "get it right."
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