The new capitalism

Most paradigm shifts in politics are recognisable only in retrospect, but it’s fairly clear we’re living through one now. When you have the US seeking to nationalise $700bn of dodgy assets and the average British household now liable for £3,020 of Northern Rock debt something has changed. But what? I’ve been struggling to find a proper analysis of this, so it was great to read Irwin Stelzer’s meaty lecture to the Centre for Policy Studies where he says that, though free marketeers may hate it, a New Capitalism is now upon us. Here’s his take:- 

“You know that a revolution has succeeded when the opponents of change capitulate. Which is what has happened in America in the past several months: a conservative Republican President, a conservative central banker, and the former head of the most successful investment bank in the world combined to agree with capitalism’s left-leaning critics that fundamental change is required.