Sanjaya Baru: Capitalism Creates Its Own Protection
- 11 years ago
Sanjaya Baru: Capitalism Creates Its Own Protection
The Institute of Ideas - Institute of Ideas
Following the sub-prime crisis, the credit crunch and the collapse of investment banking, events which have rocked the Western world over the past year, the boast that capitalism can deliver prosperity for all seems less than convincing. Margaret Thatcher’s famous claim that ‘There is no alternative’ accurately described the exhaustion of any left-wing challenge to the market, but it also suggested a lack of a credible moral case for capitalism. This lack is all the more glaring in the context of mounting economic problems.
The Institute of Ideas - Institute of Ideas
Following the sub-prime crisis, the credit crunch and the collapse of investment banking, events which have rocked the Western world over the past year, the boast that capitalism can deliver prosperity for all seems less than convincing. Margaret Thatcher’s famous claim that ‘There is no alternative’ accurately described the exhaustion of any left-wing challenge to the market, but it also suggested a lack of a credible moral case for capitalism. This lack is all the more glaring in the context of mounting economic problems.