I always thought it would be difficult to imagine a period in which the West would be more adrift than the 1970s. Being a child at the time, I was spared consciousness of most of that miserable decade. Thus far, however, the second decade of the 2000s seems likely to give the 10 years that spawned Watergate, stagflation, the Carter presidency, the Oil Crisis, Idi Amin, the Baader-Meinhof Gang, Jim Jones, Pol Pot, the Red Brigades, and the Iranian Revolution (to name just a few of the star attractions) a serious run for its money as a byword for Western decline.
One everyday sign of this malaise is the fact that much of the West remains, as in the seventies, mired in what’s now called the Long Slump. And persistently unhealthy economies are usually symptomatic of an unwillingness to acknowledge deeper problems. Examples are most Western governments’ reluctance to accept that it’s game-over for the regulatory and welfare state as-we-knew-it, or to do something about the growing cancer of crony-capitalism.
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