It seems to me that when it comes to the gist of major transitions of our time, Gillian Tett grasps the substance of it. /FT, 5 November 2020/
Really, we are in the 1970s, when the fans of Milton Friedman introduced the –then-new shareholder mantra. It meant everything for the next 50 years just up till now. It meant the rule of globalization, free-market capitalism, innovation and democracy – either in principle or in practice as well.
By now, it became the old mantra, due to the weakening, even decline in, all the four magic memes/elements. The unfolding new mantra is based on long-term sustainability instead of much narrower shareholder interests.
It is indeed a zeitgeist shift based on regionalism and localization, government and central bank regulation, overall accelerated evolutions /one can call some of them revolutions/ and different kinds of an inclusive social order.
It is the next part of our history’s DNA.
Governor Matolcsy, MNB, the Central Bank of Hungary