Two straws in the wind of changing times. The New York Times reports that residents of Seattle are quite pleased with the slowdown. As one interviewee put it, “It gives the Seattle area some breathing room. It’s got to figure out a way to grow a little more intelligently.”
The Financial Times reviews Adair Turner’s new book Just Capital. Adair sets out to show what I’ve long asserted: much of the world doesn’t want to be like Silicon Valley (read: capitalism red in tooth and claw) and doesn’t need to be. The book was conceived long before markets turned south, but Adair’s analysis is a timely reminder that there are many alternative forms of capitalism.
The notion of the Washington consensus or l’idée unique is looking very tattered.