In the place of Smith's laissez-faire approach arose the view that government action was required to restore full employment and to rectify what were seen as other deficiencies of market-driven outcomes. A tidal wave of regulation soon swept over much of the American business community.
Unemployment in the advanced economies has on average more or less doubled, with both Spain and Greece reporting rates of just over 25 per cent. The sovereign debt crisis in Europe remains unresolved, and continued fiscal austerity continues to retard growth prospects.