The global economy

The real test for the republic

It’s always intimidating to write for a readership more clued up than you are. I file this on the very Tuesday the international commentariat have relentlessly claimed is the most consequential election day in American history. Now, in my ignorance, I suspect this superlative reflects the blinkered vanity of the present, and I’ve braved expressing my trust on the record that the country will ultimately survive either dismaying outcome. Yet only you know if an anti-climactic calm still prevails down thousands of American Main Streets; if, rather, the cities are aflame, armed militias reign, supermarket shelves are bare, and the US army is trying to decide which side to back;

Western economies are failing – but capitalism isn’t the problem

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