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Derby Day. Even s o, s om e his torians can s pot the parallels . It is a tim e of rapid technological change. It is a
period when the dom inance of the world's s uperpower is com ing under threat. It is an epoch when pros perity
m as ks underlying econom ic s train. And, crucially, it is a tim e when policy-m akers are confident that all is for the
bes t in the bes t of all pos s ible worlds . Welcom e to the Edwardian Sum m er of the s econd age of globalis ation.
Spare a m om ent to take s tock of what's been happening in the pas t few m onths . Let's s tart with the oil price,
which has rocketed to m ore than $65 a barrel, m ore than double its level 18 m onths ago. The accepted wis dom
is that we s houldn't worry our little heads about that, becaus e the incentives are there for bus ines s to build new
production and refining capacity, which will effortles s ly bring dem and and s upply back into balance and bring
crude prices back to S25 a barrel. As Tom m y Cooper us ed to s ay, 'jus...
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- Summer '14