The consequences of the industrial revolution mean that we are now neither willing to abandon market mechanisms nor embrace the market without some form of state intervention to promote equality

The spread of capitalism and the creation of a global economy led to unprecedented prosperity, but also great inequality, by the start of the twentieth century. Richard Pomfret argues that consequences of the industrial revolution still dominate long-term economic and political developments, and that while the extent of government involvement is, rightly debated, the principle that it is the role of public policies to mitigate inequality is still relatively unquestioned.