Tag Archives: Capitalism


Tom Watson MP, the Deputy Leader of the Labour Party, made a speech yesterday in which one passage explained fully clearly and succinctly the importance of the private sector. His words:

Capitalism, comrades, is not the enemy. Money’s not the problem. Business isn’t bad. The real world is more complicated than that, as any practical trade unionist will tell you. Businesses are where people work. The private sector’s what generates the money to pay for our schools and hospitals.
We can afford the best health service in the world because we are one of the most prosperous countries in the world. That’s a fact and we forget it at our peril. And I don’t say this because it’s what wins elections, I say it because it is true. And people know that it’s true. And that’s why it wins elections.”

He was applauded throughout, in itself strange given the members’ choice of leader.
But of course his problem is that is not what some of the Labour party believes – including its leader, his former consort (the absurd Dianne Abbot) and those who voted for a return to red socialism, state sponsored industry and the other lunacies.

And there you have the dilemma of the Labour Party; one part wedded to socialism – a philosophy that most of the world now realises does not work – and the rest craving power and trying to find a way of achieving that with a tarnished brand, a socialist infrastructure which includes the trade unions, several BBC presenters and assorted class warriors.

What Mr Watson does not understand (or dare not utter) is that capitalism requires free markets – which are a near impossibility under any form of interventionist government, including socialist ones. Note that free markets are not unregulated, the rule of law has to prevail and (as those who have actually read Adam Smith’s Wealth of Nations know) the law must prevent monopolies. So socialism and capitalism are incompatible – as any Islington Marxist could have told him.

So it seems that Mr Watson is either a complete charlatan or half way along a path that will lead him to a Damascene conversion to free market capitalism. In his 2015 conference speech he, correctly, identified that small companies with under 10 employees are the lifeblood of the economy and the engine of economic growth, increasing employment and social change. But they are not socialist.

It will be interesting to watch how Mr Watson squares the conflict between his logic and his soul; doublethink is alive and well in the Labour Party. Big Brother would be proud.  Whether Jeremy Corbyn is equally delighted we will find out this afternoon.

I agree with Dave – TV debates are a waste of time

So the BBC and other broadcasters are upset that David Cameron is not dancing to their tune and not cooperating with their efforts to turn the election into a telethon (mostly at the tax payers’ expense).  I wish that they would drop the mock outrage and take a look at the reality. Continue reading I agree with Dave – TV debates are a waste of time

Economically Illiterate Archbishops Are No Use To The Church (Or Anyone Else)

The election just became more comical thanks to the intervention of the Church of England in the form of a soon to be published collection of essays “On Rock or Sand” by the Archbishop of York. Guess what? He deplores capitalism and comes from the Marxist approach of “from each as he has, to each as he needs” redistribution. The Archbishop of Canterbury and Labour peer Lord Adonis are also contributing to the book, which is similar in tone and content to one produced 30 years ago during the Thatcherite revitalisation of this country. It seems that the Church has not noticed that socialism doesn’t work (and never has).

Continue reading Economically Illiterate Archbishops Are No Use To The Church (Or Anyone Else)

Who’s Afraid of Jihadist Losers?

Under the banner headline “War on Freedom” today’s paper recounts yesterday’s murderous assault on the offices of Charlie Hebdo. Shock, outrage and fear fill the pages. An attack on a satirical magazine’s offices is equated with an attack on the freedom of speech, and thus an attack on democracy. Without supporting the terrorists, nor diminishing the sadness, I do think that we need to maintain a sense of proportion.

Continue reading Who’s Afraid of Jihadist Losers?

Newsnight Induced Depression (or Fury)

I suspect that I am not the only member of Monday’s Newsnight audience to be profoundly depressed at the prospect of five more months of the irritating, cliché and sound bite riven drivel that passes for political coverage in the UK.

Continue reading Newsnight Induced Depression (or Fury)