There has undoubtedly taken place a major expansion of global interdependence in the division of labour since the Second World War. This has helped to bring about shifts in the worldwide distribution of production, including the deindustrialisation of some regions in the developed countries and the emergence of the “Newly Industrialising Countries” in the Third World. It has also undoubtedly served to reduce the internal economic hegemony of many states, particularly those with a high level of industrialisation. It is more difficult for the capitalist countries to manage their economies than formerly was the case, given accelerating global economic interdependence. This is almost certainly one of the major reasons for the declining impact of Keynesian economic policies, as applied at the level of the national economy, in current times.

Anthony Giddens, The Consequences of Moderni…, loc. 188