Willy on good and bad capitalism

Here is a leader of the Labour party proclaiming he is pro-capitalist and pro-business – but condemning the capitalism we have. He wants a better capitalism informed by a sense of responsibility and a commitment to productive enterprise. At its core there should be the principle of something for something. Successive British governments have not distinguished between good and bad capitalism in informing how they regulate, tax and procure goods and services. Miliband would, he declared, be drawing a sharp distinction between the \”producer\” and the \”predator\” and \”asset-stripper\”.

But good and bad capitalism are difficult categories. Miliband\’s definition was sketchy, resorting to RBS\’s Sir Fred Goodwin and private equity-backed Southern Cross as lurid examples of bad capitalism –and Rolls-Royce as good. Although useful examples, the question is inevitably invited: but are there others?

Well, yes, I can think of an example of bad capitalism.

Someone, one of the Great and the Good, taking over the Industrial Society, eating its capital reserves, renaming it the Work Foundation and then driving it into bankruptcy perhaps?

Having done so, skipping off to run an Oxbridge College?

Does that count do you think?

3 thoughts on “Willy on good and bad capitalism”

  1. The left are very keen to draw good/bad distinctions
    Like between the socialism of the labour party and that bad socialism that caused all that tyranny, poverty and all those millions of murders they never talk about or reflect on, esp while singing the fucking red flag.

  2. Ritchie here is advocating an economy only meeting ‘real needs’ rather than ‘wants’:


    See item 20. And in the comments below, he really does demand business only meets ‘real needs’ and not wants.

    So anything involving liquor, long distance travel, etc are out, but the arts (strangely) do seem to be a real need. Where would I be without my weekly dose of ballet?

    So he is on record: he wants prohibition. With all the fun and games that brought in the US, not the least, tax evasion.

    I have put on a comment here: http://www.taxresearch.org.uk/Blog/2011/09/30/the-waste-is-more-than-unnecessary-it-is-cruel/ suggesting his idea would put a lot of people out of work. As usual, his response ducks the issue…

    I have put a subsequent reply but am not sure it will be published.

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