Reversal of fortunes

Argues that transparency, rules and economic openness, as opposed to a return to wholesale Keynesianism, are the way forward for the world economy following the huge systemic failure that caused the global financial crisis of 2007-9. Draws lessons from the Asian currency crisis of 1997-8, and suggests that the last thing the global economy needs is a resumption of the policies of protectionism. Predicts that there will be a swing in the regulatory system, and probably an overreaction, but a rebirth of dirigisme and state control is neither likely nor desirable. (Quotes from original text)