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Will Europe survive? … Only nationalisation can stave off disaster

Survive? Not under this flag.

In our age of crisis, the state has been reawakened, breaking the taboos of the past few decades. But it’s still an uphill climb. Over the past 40 years, there was broad political agreement that markets were not to be meddled with, and that the power of the state had to be reined in. Economists such as Milton Friedman argued that the overbearing nature of the Keynesian state had suffocated the entrepreneurial spirit, making workers lazy and entitled. Much of this situation, they claimed, was the result of intrusive government interfering with the smooth running of the free market.

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