Certainly, our institutional framework in goods, labour and financial markets means we can adjust to change better than virtually all of the European competitors, even if we are only on a par with the British and Canadians, and less flexible than the United States.
Once again, though, financial innovation has been useful in opening credit to the hitherto underserved – the unfortunately named “junk” bonds have indeed facilitated the growth of a variety of enterprises and sectors, most recently shale oil.