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?