Full Circle

Frank Davis

I suppose that, very roughly, the world in which I grew up was divided in two. On the one hand there was the democratic Free West, with the USA as primus inter pares. And on the other hand there were the one-party state-controlled Soviet Union and Communist China. An Iron Curtain divided the two. Proxy wars were continually fought, first in Korea, and then Vietnam, and elsewhere.

The political argument between the two sides was essentially between bottom-up free market capitalism and top-down state control. In Britain we had a compromise between the two, a “mixed economy” with nationalised state-controlled industries side by side with private enterprise. And there was a robust political debate between the statist Labour party and the free market Conservative party, which eventually resulted in the the Thatcher Conservative government in which most (but not all) state-owned enterprises were sold into private ownership, with the…

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