ABSTRACT
The period 1900-50 was characterized by continuing technology driven socio-economic transformation. The Great Depression, two World Wars and increasing tension between the political ideology of capitalism on the one hand, and communism on the other, added a new dimension to the role of governments everywhere, argued Mr Mistry. From this context emerged European socialism with its emphasis on ensuring human welfare in a market context through government intervention. Variations on this model have emerged as the one adopted by most developing and developed countries.
