Capitalism

Real wages have barely increased for more than a decade. Banks have had to be bailed out, and many still exist on a form of state life support. Growth has stalled, taxes are at 70-year highs, yet governments are still bankrupt. Unless you happen to be part of a tiny plutocracy made up mostly of tech entrepreneurs and financiers, there has rarely been a point, at least since the nadir of the mid-1970s, when the economic system seemed beset by quite so many challenges as it is today. The left has smartly stepped into the intellectual space that has been created with a series of well-timed polemics, which, while they

The Keynesian economist Nicholas Kaldor called Milton Friedman one of the two most evil men of the 20th century. (Friedman was in distinguished company.) The ‘scourge’ he inflicted on the world was monetarism, a product of what Kaldor called Friedman’s Big Lie – of which more later. Moral judgments aside, how does Friedman rank in the world of 20th-century economists? By common consent, he stands with Friedrich Hayek and John Maynard Keynes at the apex of his profession. All wrestled with the defining problem of their age: the radical economic and political instability of the 1920s and 1930s. Their responses reflected their national situations. Keynes, economically secure and confident in

The novel as a form is a fundamentally capitalist enterprise. It was invented at the same time as capitalism – Robinson Crusoe tots up his situation in the form of double-entry bookkeeping. Its interests dwell on the disparate and unequal natures of human beings and feed off rivalry, social transformation, moneymaking, profit and loss. No rigid feudal society has managed to create an effective school of novelists; and having once struggled through Cement, Fyodor Gladkov’s classic of socialist Soviet literature, I would say that systems dedicated to forcible equality also struggle.   Evident, astonishingly, is just how much in the novels is based on events Fleming had witnessed or engineered

Ah well. It was a nice try. A few years ago I wrote a book called The Great Acceleration, arguing that the world around us is speeding up and that this is on balance a good thing. Enter Danny Dorling with a new book called Slowdown: The End of the Great Acceleration and Why it’s Good for the Planet, the Economy and Our Lives. Cue a mischievous commission from The Spectator’s literary editor, doubtless hoping for a good old-fashioned nerdfight. The problem with this cunning plan is that Dorling, an Oxford geography professor and demographer, has written a very strange book indeed — and one that shows the extent to