The twin pillars of US policy - deregulation and spreading democracy - have had their day. New ideas must replace them The implosion of America's investment banks... the vanishing of more than a trillion dollars in stock- market wealth in a day: the scale of the Wall Street crack-up could scarcely be more gargantuan. Yet even as Americans ask why they have to pay a mind-bending $700 billion to prevent the economy from imploding, few are discussing a potentially much greater cost to the United States - the damage to America's “brand”. Two fundamentally American ideas have dominated global thinking since the early 1980s, when Ronald Reagan was President. The first was a vision of capitalism which argued that low taxes, light regulation and a pared-back government would be the engine for economic growth. The second was America...
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