Not yet. But the hasty reaction to economic problems may become more self-destructive than necessary.
Certainly moves to nationalise banks have been necessary to hold the global financial system “together”. And there has been a fall in trade as consumption has faltered. But the increasing popular call for government involvement and deglobalisation is dangerous and inappropriate. 
It is dangerous because it results in bad decisions, such as the gross protectionism afforded the banks here in Ireland. Some € 7 billion has been pumped in to two banks that could have been sold to private investors. Now we will face tax increases. The banks still fail to finance businesses. And those executives who failed are still being rewarded. If they had been sold, the government budget would not be so bad and there might be some professional discipline in the board room.
It is inappropriate because we live in a global world. The technlogy that allows us to enjoy free video telephony unifes humanity. The industry that extracts the oil that fuels our food, transport and heat is a global franchise. The pollution of air and water is a global phenomenon. Humanity’s footprint is global. We must manage ourselves at the global level.
But we must manage ourselves at the community level too. It has been too easy to fob-off our responsibilities to national governments and exist in a sterile world of PDAs, planes, cars, fashion, cosmetics and fantasy food. We must live in our communities and be involved in them. That is communism with a small “c”. Nationalisation and deglobalisation can all too easily lead to Communism with a big “C”, and that’s a big step backwards.
Turning their backs on the world by the Economist.
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