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The Conservative Party is debating the merits of capitalism

The Conservative Party is debating the merits of capitalism

THE most exciting, if also the most troubling, change in British politics in recent years is the rebirth of ideology. During the Blair-Brown-Cameron years, political debate was imprisoned in the gilded cage of economic and social liberalism. Today that cage lies in pieces, smashed by the triple hammer-blows of the financial crisis, Brexit and Jeremy Corbyn, Labour’s socialist leader. Britain is consumed by fundamental arguments: about the role of the nation-state in a global economy; about the costs and benefits of immigration; and about the merits of capitalism.

Surprisingly, the most wide-ranging discussion of capitalism is taking place on the right. On the left, Mr Corbyn has imposed strict rules on the debate. On the right, anything goes: Tories have taken to quoting Yanis Varoufakis, a hard-left Greek economist, and Robert Reich, a soft-left American academic who once worked in the Clinton administration and author, most recently, of “Saving Capitalism”. Peering through the…Continue reading

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