ANN CROTTY: What will emerge in the energy crisis aftermath?
The last time, capitalism went fundamental; this time, should we expect a dramatic shift in political and economic power?
15 September 2022 - 05:00
Energy crises are evidently dramatic events for developed countries. The 1970s energy crisis helped to usher free market fundamentalists Maggie Thatcher and Ronald Reagan into power in Britain and the US and, for the following four decades, shareholder supremacy.
While Thatcher and Reagan represented the new political elite, General Electric’s (GE) Jack Welch represented the new business leadership. Welch gave form to the free-market fundamentalism touted by Thatcher and Reagan; without them, he and a growing cohort of business leaders would have struggled to dominate...
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