Postwar Pillars Of Capitalism Are Crumbling

By Robert J. Samuelson

•  Everywhere, advanced nations face similar problems

• The old order ...rested on three pillars: the welfare state, faith in economic growth, global trade and finance 
•  even countries without immediate crises are embracing austerity measures
• faster economic growth could rescue governments from this trap. Unfortunately, this seems a mirage
• Economists exaggerated their understanding and control.
• We have left our collective comfort zone.
• Governments everywhere are striving to protect the old order because they fear and do not understand the new. 

I can't say that I agree with this.  This looks a lot like the no growth or slow growth ideas that were making the rounds in the seventies.  Growth could return, but it is being hamstrung by the anti growth crowd, which is related politically to the Keynesians.

Keynesianism is showing itself to be a failure. He is really talking about the pillars of big government welfare statism, aka Keynesianism.   If he would have put it that way, I would applaud it, but instead he leaves a gap without a possible solution.   Which is: pare back the welfare state, resume economic growth, and do "something" about trade. We'll have to leave until later what that "something" may be, but clearly, "something" needs to be done.