David Fuller's view More than twenty years ago Margaret Thatcher asserted that 'You can't buck the market' and that 'there is no such thing as society.' The world changed. Today the Conservative party's leader David Cameron is keen to '…assert a fundamental truth: that markets are a means to an end, not an end in themselves. Markets are there to serve our society, not to suck the joy out of it or trample over its values.'

The world is changing again. The real fundamental truth is that the free market system has buckled under the pressure from a very different system which has stubbornly refused to change. In North Asia society prefers a system which targets full capacity and full employment and has little interest in maximising returns on capital. This system insists on bucking the market and the long held consensus view was that it would fail.

As we enter the second decade of the twenty first century it is now evident that, in preventing the deflation mandated by the North Asian system, we have passed the zenith of the free market system. If markets are 'to serve our society', for which read fund our governments, then they will have to be controlled.