We face the same challenge today – to develop a morally acceptable form of capitalism. As Keynes feared might happen, much business is now seen as no more than profiteering. Many people object to the bonus culture of the banking system because they don\’t believe those bonuses are earned. We have also learned that inequality not only undermines the legitimacy of capitalism (that was Keynes\’s concern) but it has corrosive effects: unequal societies are unhappier, less healthy, and have more crime.
So it\’s the lies that have been told about contemporary capitalism which lead to our having to change contemporary capitalism.
Bonuses are simply flexible wages, The Spirit Level is lies from start to finish (sorry, that should read \”carefully crafted yet inaccurate statistics\”). And yet because the populace believes these lies therefore we must change capitalism?
Wouldn\’t it be simpler to not lie about contemporary capitalism?