… While capitalism at last stands electorally victorious and philosophically without serious rival, its performance has become manifestly unsatisfactory. Its core credential of steadily rising general living standards has been badly tarnished: a majority now expect their children’s lives to be worse than their own. It is time for “The Future of Capitalism”. Unfortunately, nobody has yet successfully written that book. In its absence, I will try to weave something from the strands of recent contributions to the field.
Whatever emerges will not be a new ideology. If Levinson is not enough to convince you, try Jonathan Tepperman’s The Fix. His title refers not to our current mess, but to ten case studies of how some political leaders really have transformed situations for the better. Tepperman searches for the formula by which these people have remedied serious problems. The cases are valuable in their own right: many leaders could learn from how Lee Kwan Yew drove out corruption in Singapore, how Pierre Trudeau defused Québécois separatism, and how Paul Kagame rebuilt cultural identities in Rwanda. But for present purposes it is Tepperman’s conclusion that is valuable: eschew ideology; focus on pragmatic solutions to core problems, adjust as you go, but be as tough as is necessary. A viable future for capitalism will cut across the ideological baggage of the twentieth century: forget Left versus Right, set aside the familiar pious moralizing and start from the problems. As Tepperman argues, the leaders who stuck rigorously to this approach initially faced intense criticism. Pragmatism is guaranteed to offend the ideologues of every persuasion and they are the people who dominate the media. [Link]
Did Paul Collier forget Nelson Mandela?
Among the global leaders of today, who comes close to this pragmatic centre?