But the long-term result has been the emergence of a new managerial class, as the multinationals move in with their takeover bids, their legal privileges and their transnational lobbyists for whom small businesses and entrepreneurs are the enemy. Those who object to this new managerialism (and I am one of them) should nevertheless recognize that what is bad in it is precisely what was bad in the old corporatist economy that Thatcher set out to destroy. When she claimed that entrepreneurs create things, while managers entomb them, it was immediately apparent that she was right, since the effects of the management culture lay all around us.