A Turn Up For The Books

Will Hutton discovers that raw Anglo-Saxon capitalism actually works.

Don\’t worry though, by next week he\’ll have forgotten all about that and be arguing that we need less of it, not more.

6 thoughts on “A Turn Up For The Books”

  1. There’s nothing in that article that doesn’t chime with Will Hutton’s public views from The State We’re In onwards. The point is that the US system is not (as you usually admit) ‘raw capitalism’.

    Of course as normal there’s mistake s- the US does not run a trade deficit with itself, there’s $2 trillion of Chinese reserve assets that show that.

  2. So Much For Subtlety

    Matthew, Hutton repeatedly says that Anglo-Capitalism is too short term. They don’t and can’t plan for the future.

    And yet his provides ample evidence this is not true. So many American Universities are so good – nothing to do with the careful husbanding of their legacies you think? American brands so strong – no sign of American companies trashing them for short term gain then? American patents still high – companies willing to invest massive sums for something that will only pay off in decades?

    Hutton is not only a fool, he repeatedly insists on providing evidence that proves it.

    If he is right about the superior nature of German and Japanese business and their long term approach to investment, where is their equivalent on Harvard?

  3. That’s not my recollection of the State We’re In, and my own discussions with Hutton on the issue (which were brief and back in 1995) although I don’t have my copy to hand and so can’t check. I thought his allegation was UK capitalism was too short-term, US capitalism he was more complimentary about.

  4. If American capitalism is so all-wise, why were their universities pretty fair rubbish until some time after the Second World War? After all, they had large capitalist enterprises from the second half of the 19th century onwards.

  5. In The State We’re In, Hutton argued that the German and Japanese ways of doing business both involved forms of social contracts that were missing in the Anglo Saxon model – worker representation on the boards of German businesses, for example. As he was writing, both these economies were strong. During the bokok launch, a loud crashing sound was heard outside. Still clutching their drinks, Hutton & co rushed out to see the dust rising from the collapse of both the German and Japanese economies. It’s called the “Hutton Effect”. Perhaps the USA’s economy is in such good health because our Will has never praised it.

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