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Whence the dirigiste shift?
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In the short run, the dirigiste state may be tolerable.
The dirigiste model presupposes that an intelligent state is better than the markets at organising the economy.
Only China seems to have the resources, the dirigiste government, and the willingness to undertake a risky Apollo-style programme.
Where the inventiveness of business should worry the government, and prompt some hard thinking about the dirigiste model, is the failure of the private sector to create jobs.
When the dirigiste Labour government of Harold Wilson forced his company into a merger in 1969, Mr King walked away with £3m ($8.4m).
Political appointees would have no incentive to do this.In any case, there is already a move away from the dirigiste target culture of the Blair years.
The dirigiste French, who have had an independent central bank only since 1994, have always wanted the new European bank to be more politically malleable.
There were some extraordinary, sometimes borderline unbalanced journalists and theorists of the unfettered market, railing against the dirigiste tendencies of the time.
At the end of January this year, Federal Reserve Chairman Alan Greenspan told the Senate Banking Committee he was encouraged by "forces emerging in Europe which will gradually bring down a lot of the dirigiste attitudes".
French governments of both the left and right, steeped in the dirigiste economic tradition of the 17th-century statesman Jean-Baptiste Colbert, sought a political counterweight to the independent European Central Bank.
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