Added: 14-01-2012 02:35:27

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In the teeth of the worst financial crisis in living memory, BBC business editor Robert Peston examines how the world got to this point and how the colossal imbalances in the global economy have left the West in need of a radical economic overhaul. In this first of two programmes Peston examines how, thirty years ago, momentous decisions were taken which shaped the world we live in today. In China, Deng Xiao Ping opened up the country to foreign capitalists; in Britain and America, the free market revolution was unleashed by Margaret Thatcher and Ronald Reagan. The Party’s Over compares the lives of workers in a Chinese company with their co-workers in Britain.

Tags: Business economy China globalisation recession austerity United States United Kingdom Europe manufacture BBC

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