History has never seen such a fast pace of change as in our modern society and it is commonly accepted that the world is changing at accelerating speed. What we have seen in the past decade could well represent changes over hundreds of years in pre-modern times. These changes prevail in different areas of human life. However, any attempts to understand changes in one area without reference to other related areas may be dangerous, as illustrated in the fable ‘The Blind Men and the Elephant’. Admittedly, we see more radical changes in the economic aspects of our life than in social, cultural, and political areas. However, economic changes should not be interpreted merely from economic laws and rules, that is, within the economic discipline itself, but may be better understood with reference to the social and political transformations taking place alongside.