Political analysts have spent long hours, and covered many columns, speculating on the precise position of Theresa May, the British prime minister.

Just where does she stand on the left-right spectrum of politics? Does she favor more state intervention or less? Is she a true Thatcherite free-marketeer or has she abandoned this strand of ideology in favor of more statism and anti-business government controls? Is she in short, as some have suggested, becoming a "Red Tory," rather than a traditional hard-line advocate of a reduced state, lower public spending and market forces?

These are interesting questions that continue to excite political and academic circles. In past decades and past political struggles back in the 20th century they seemed the central issues. The manifestoes of all the political parties in the current general election have been eagerly scanned for clues. But in today's context they overlook one massive and dominating new factor.