In defence of capitalism – ‘the greatest engine of human progress ever invented’

For all its faults and foibles, its busts and bailouts, modern market capitalism demonstrates a remarkably bullish resilience. We don’t always love it. We might not even trust it. But, like a cranky old spouse, we doggedly stick with it.

It’s not hard to guess why. Look around, and people today in the main are better off. More importantly, the alternatives seem doubtful. As Bill Gates once put it: ‘Anyone who wants to move to North Korea is welcome.’ Even so, there’s a nervousness afoot in the epicentres of free enterprise. Inequality is growing, executive pay is spiralling, high street favourites are disappearing, employment terms are worsening. Forget levelling up; just staying afloat feels like achievement enough.

What’s gone wrong? Has Schumpeter’s destructive capitalism gone rogue and started cannibalising itself? Or are these just hiccups in a dynamic, ever-evolving system? There is little question which side Martin Vander Weyer comes down on.