The visible hand

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1、SPECIALREPORTSTATECAPITALISMJanuary21st2012ThevisiblehandSRstateCap.indd105/01/201213:39User:suzannebawdenJobname:SR1Zone:UKPBProofState:11-01-2012----14:14ARTCARTEDITORIALREADBY:SPELLCHK:SPECIALREPORTSPECIALREPORTSTATECAPITALISMThevisiblehandThecrisisofWesternliberalcapitalismhascoincid

2、edwiththeriseofapowerfulnewformofstatecapitalisminemergingmarkets,saysAdrianWooldridgeBEATRICEWEBBgrewupasaferventbelieverinfreemarketsandlimit-edgovernment.Herfatherwasaself-maderailwaytycoonandhermotheranardentfree-trader.Oneofherfamily’sclosestfriendswasHer-bertSpencer,theleadingphilo

3、sopherofVictorianliberalism.SpencertookashinetoyoungBeatriceandtreatedhertolecturesonthemagicofthemarket,thesurvivalofthettestandtheevilsofthestate.ButasBe-atricegrewupshebegantohavedoubts.Whyshouldthestatenotinter-veneinthemarkettoorderchildrenoutofchimneysandintoschools,ortoprovidesus

4、tenanceforthehungryandunemployedortorescuefail-ingindustries?InduecourseBeatricebecameoneoftheleadingarchi-tectsofthewelfarestateandaleadingapologistforSovietcommunism.Theargumentabouttherel-ativemeritsofthestateandthemarketthatpreoccupiedyoungBeatricehasbeenragingeversince.Between1900a

5、nd1970theCONTENTSpro-statistshadthewindintheirsails.Governmentsstartedoby3Somethingold,somethingweavingsocialsafetynetsandnewendedupbynationalisinghugeAbriefhistoryofstatechunksoftheeconomy.Yetbe-capitalismtween1970and2000thefree-4Statecapitalism’sglobalmarketeersmadeacomeback.reachRona

6、ldReaganandMargaretNewmastersoftheuniverseThatcherstartedafashionacrosstheWestforprivatisingstate-run6Achoiceofmodelsindustriesandpruningthewel-Themeandvariationsfarestate.TheSovietUnionand9Prosandconsitsoutriggerscollapsedinruins.MixedbagTheeraoffree-markettri-umphalismhascometoajudder-

7、11GoingabroadACKNOWLEDGMENTSinghalt,andthecrisisthatdestroyedLehmanBrothersin2008isnowen-Theworldintheirhandsgulngmuchoftherichworld.Theweakestcountries,suchasGreece,Apartfromthepeoplementionedin13Thelongviewhavealreadybeenplungedintochaos.EventhemightyUnitedStateshasthe