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Thirty years ago this week, Margaret Thatcher became Prime Minister in the UK, promising a new future of growth and prosperity. She ushered in an era in which policymakers took for granted their role not as managers not of the economy, but as custodians of the conditions in which economic prosperity could occur. Shortly after her ascendancy to the top spot in British government, she was joined by Ronald Reagan in the United States, and the rest is history.

In almost no time at all, however, the Anglosphere has changed dramatically. Two months ago, President Obama and current UK Prime Minister Gordon Brown met in Washington to showcase a united commitment to combat the global...