politics

Crash landing

by reestheskin on 01/10/2018

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Europeans may wish to opt out of the global battle for corporate domination. They may even hope that they may thus achieve a greater degree of freedom for democratic politics. But the risk is that their growing reliance on other people’s technology, the relative stagnation of the eurozone and the consequent dependence of Europe’s growth model on exports to other people’s markets will render those pretensions to autonomy quite empty. Rather than an autonomous actor, Europe risks becoming the object of other people’s capitalist corporatism. Indeed, as far as international finance is concerned, the die has already been cast. In the wake of the double crisis, Europe is out of the race. The future will be decided between the survivors of the crisis in the United States and the newcomers of Asia.44 They may choose to locate in the City of London, but after Brexit even that cannot be taken for granted. Wall Street, Hong Kong and Shanghai may simply bypass Europe.

From: ‘Crashed: How a Decade of Financial Crises Changed the World’ by Adam Tooze. This book brings to my mind Alan Kay’s comment when he was awarded the Turing Prize:’the computer revolutions hadn’t happened yet’. I don’t think we have even begun to live through the worst of the Crash (yet).