Angus Deaton: Capitalism is no longer working for the greater good, say two of its biggest cheerleaders
The virus of socialism has re-emerged and is infecting the young once more. Wiser heads, who respect capitalism’s past achievements, want to save it, and have been proposing diagnoses and remedies. But their proposals sometimes overlap with those who would tear the system down, making nonsense of traditional left-right distinctions.
Related: Central banker who foresaw financial crisis now offers way through post-crisis extremist politics Through it all, governments have had no idea how to address the slowdown, other than to promise a restoration of the lost postwar paradise. In most cases, that has meant additional borrowing. And how they enriched themselves! With median household incomes largely stagnant and a growing share of wealth accruing to the rich, capitalism became manifestly unfair, losing its popular support.
In “The Future of Capitalism,” Collier gives a parallel account from Britain, telling the story of the most admired British company of his childhood, Imperial Chemical Industries. Growing up, we all hoped someday to work at ICI, whose mission was “to be the finest chemical company in the world.” Collier tells the same story for Britain, where talent and the share of national income have become increasingly concentrated in London, leaving gutted and angry communities behind. Yet as Janan Ganesh of the Financial Times points out, these metropolitan elites now find themselves “shackled to a corpse.”
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