January 28th, 2012

Contender for leading meme of our time is the idea, fast becoming conventional wisdom, that capitalism is somehow experiencing a crisis. UK Prime Minister David Cameron (or his speechwriter) suggested last week that it is now the time to use the “crisis of capitalism to improve markets, not undermine them.”

If the Prime Minister were capable of framing the problem correctly, he would have said that it was now the time to use the “crisis of statism to introduce markets”.