ABSTRACT
A revolution in communications technology has facilitated a worldwide counter-revolution in public policy. At the push of a button, financial capital moves around the globe at such an amazing speed that national governments seem helpless in its wake. Legislatures and citizens who want to buck the trend and achieve goals of high employment, egalitarian development and sustainable growth are paralysed by the threat that any policy which lowers the rate of profit will cause capital to be moved to more profitable environs, thereby reducing investment and lowering the community's standard of living.
