Archive for the Capitalism Category

Extinction Rebellion hates capitalism, but they wouldn’t exist without it

Extinction Rebellion hates capitalism, but they wouldn't exist without it

The Extinction Rebellion protesters on the streets of London seemed to consist of two disparate interest groups: pensioners and the young. Their shared connection is that most of them – certainly in the former group – seemed to be affluent. An identical alliance was observed a few

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Capitalism has reduced inequality and improved the world, yet still it is under attack

Capitalism has reduced inequality and improved the world, yet still it is under attack

DESPITE the First World War ending the previous November, the year 1919 was a very bad one. For example, the UK entered what was by far its deepest ever economic recession. Output fell some 25 per cent between 1919 and 1921 as the economy attempted to adapt

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From Venezuela to East Berlin, people will always choose capitalism over socialism

From Venezuela to East Berlin, people will always choose capitalism over socialism

How many people across the world in the history of humanity have fled from a capitalist country to a socialist one? There was much amusement at the height of the long miners’ strike of 1984/85. A National Union of Mineworkers official from Yorkshire, a crony of Marxist

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Our automated future is brighter than Karl Marx or Mark Carney would ever suggest

Our automated future is brighter than Karl Marx or Mark Carney would ever suggest

Mark Carney, the governor of the Bank of England, hit the headlines at the weekend, claiming that Marxism could once again become a prominent political force in the west. Automation, it seems, may not just destroy millions of jobs. For all except a privileged minority of high-tech

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The balance between wages and capital is shifting – rent seekers had better beware

The balance between wages and capital is shifting – rent seekers had better beware

The first column of a new year is the time for a prediction. By far the hardest part of forecasting is to identify tipping points. The success rate of calling a break in an established trend is very low. Accompanied by suitable health warnings, 2018 looks like

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Anti-capitalists in UK universities need a refresher course in the perils of socialism

Anti-capitalists in UK universities need a refresher course in the perils of socialism

The great Harvard economist Joseph Schumpeter, writing in the 1940s, predicted the eventual demise of capitalism. He did not want this to happen. But he envisaged that the “intellectual class” would eventually develop values which were hostile to free markets and private property. Schumpeter’s definition of “intellectuals”

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