Walter Russell Mead, on our British cousins:
One of the central dynamics that made Britain great for so long still seems to be working. Financial and economic crises recur in healthy capitalist economies. When these crises come, some countries that have only reluctantly embraced a capitalist system (and usually done so poorly and half heartedly), see the crisis as proof that capitalism is a flop, and lurch toward “alternative models” that generally lead to stagnation and the capture of the state by rent-seeking elites spouting empty populist slogans. Think Argentina. Think Greece.
Think the Obama administration… sorry, didn’t mean to interrupt.
Britain is one of the countries that historically responds to crises of capitalism by doubling down: seeking reforms that make capitalism work more effectively rather than trying to hobble and block it.
Hmm. Maybe I did mean to interrupt.