Western Europe: Neocapitalism

WESTERN EUROPE

The widening prosperity of Western Europe has altered not only the Continent's face but its mentality as well. This is nowhere truer than in the field of economics, where Europe is witnessing a transformation that ranks in importance with the birth of the Common Market and the march of American firms into Europe. The phenomenon needed a name-and the Italians have given it one. "What we have created," says Emilio Pucci, the Florentine fashion marquis who also sits in the Italian Parliament, "is neocapitalism."

Neocapitalism is a blend of expansive private enterprise,...

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