Some yearshave a way of giving countries, even continents, a shove in a new direction. In 1945 Europeans decided that the state had to take the lead in establishing a modern economy, a broader welfare state and a more peaceful continent. In 1979 a doubling of oil prices, which followed a decade of stagflation, brought about a swing away from cosy co-operation between the state and business towards a bigger role for markets and private enterprise. Might 2023 be another such year? It comes as a decade of low interest rates is ending, as high energy prices andinflationreturn to the world economy, and aswar stalks Europe. It also comes in the wake of one of the deadliest pandemics in history and as China retreats from closer global integration.
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