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You can hear the change in what prominent would-be centrists are saying. In the 1990s, when neoliberalism was the centre, the line was: we must slash middle-class entitlements in order to be more competitive in the global free market. Now the line is: in order to save free-market globalism from populists preying on middle-class economic anxieties, we must expand the middle-class welfare state.The winners – at least for now – are welfare state liberals such as old-fashioned New Dealers in the US and their equivalents in other countries. The position of the original “third way” of 1932-68 always made sense. Middle-class social insurance programmes, by guaranteeing economic security, reduce the appeal of populism, socialism and other kinds of ­radical statism, and make possible broad political support for open and competitive national and global markets. You will hear much more of this line as politicians rush to occupy the new centre in the years ahead.

"Jimbo" — was a finance major at Auburn University when the Mises Institute's Mark Thornton suggested he read "The Use of Knowledge in Society," a now-famous essay written by Austro-libertarian economist and Nobel laureate Friedrich von Hayek. The essay argues that prices in the market represent a spontaneous order that results from the interaction of individuals with diverse wants, allowing them to cooperate to achieve complex goals. According to a June 2007 Reason magazine interview, this insight of Hayek's is what led Wales to found Wikipedia. The rather lofty vision that inspired Wales? "Imagine a world in which every single person on the planet is given free access to the sum of all human knowledge. That's what we're doing."