Despair springs eternal

The literary emissions of the left are hardly ever enjoyable, but they can be instructive. Last year Thomas Piketty’s Capital in the 21st Century became one of the biggest-selling political books of the year. Like a thousand-page Soviet report on tractor production, it hardly seemed intended to be read. The point of its success was that it could be said to ‘prove’ the left’s argument. They could then hit their opponents over the head with it and move to the next stage. Last year they questioned some premises of capitalism and now Paul Mason, the economics editor of Channel 4 News (and Spectator diarist), is here to say that capitalism is in fact over.

The central argument of his new book Postcapitalism is that ‘neoliberalism’ — which he characterises as an entity designed to destroy the working class and the welfare state — has reached the limits of its capacity to adapt.