The suddenness and depth of the recession has raised questions about the workability of capitalism not seen since the 1930s. One of the constraints on recovery is the growing belief that if the old model did not work there is no new one on offer. This book sets out to provide one, arguing that reconstructing a bust financial system is not just a technical question. It cannot be done without a wholescale revision of the wider system and values on which it is based. And fairness must be placed at the heart of the new capitalism for society's future wellbeing. Will Hutton's new book musters brilliant, convincing arguments which will lend favour on both right and left. It is set to be a book which captures the mood of the moment in the same way that THE STATE WE'RE IN did.
In some ways this is quite a depressing book, given all the social and political problems that we have in the UK. Hutton details the way that Laissez-faire capitalism and banking in particular has failed in the UK, and how these have affected the complete social fabric of the country. The subjects covers are as wide ranging as the erosion of parliament, the concentration of power in No. 10, education and the power of the press barons.
The second half of the book are the proposals that he would like to see implemented urgently to address the problems that we have. A lot of them are very good, some less so. Al address the power of the vested interests that hold this country back from being great again. I doubt that Cameron and Osborne have read this book; perhaps they should.
I love Will Hutton's books. They're so full of ideas covering such a wide range of areas from politics and economics.
The trouble with Hutton is that he doesn't have an 'ism'. He's a great believer in capitalism and the market but he is clearly opposed to unbridled neoliberalism. On the other side of the spectrum he certainly isn't a socialist, though I'm not sure what that actually means these days.
So he believes in capitalism but isn't a capitalist, he doesn't believe in communism, socialism , or free trade liberalism - hence he hasn't got an 'ism'. Maybe he should take the bold step and create one? I for one would vote for the Huttonism party.
An insightful book, mainly focusing on Britain from the seventies to 2010 and the events leading to the last coalition government with the focus being the economy, I found this a particular good rea considering current events in Britain.
An interesting read ahead of the upcoming UK general election, reminding me of the situation immediately after that country's coalition government was formed in 2010. Hutton provides a snapshot of a brief period when there did seem to be general optimism about the Conservative-Liberal Democrat deal. Of course much of his initial optimism about the coalition government ability to transform Britain ultimately proved unfounded.
Hutton's grand vision for a fairer Britain is well articulated and he passionately advocates for a new path forward with a focus on reducing the influence of the City of London on UK politics and in reforming capitalism to make it benefit the ordinary person to a greater extent. Many of his ideas are sensible.
Hutton's own political leanings came to the fore too much at times - attacks on politicians on the other side of the political aisle aren't needed when you are supposed to be presenting your own vision. But then Hutton is a journalist rather than a politician and at least he does have ideas and a vision compared with many who ultimately enter politics.
A useful read and, five years on, a useful source of policy ideas for the next British Prime Minister.
The book to read if you voted Conservative and believe they know what they are doing to get us out of the mess we are in. Turns out they don't and they won't, their economic plans for austerity built on lies. Who knew. Very accessible reading and I'm looking forward to Hutton's plan B, the one our politicians couldn't (or wouldn't) come up with. Me? I'm fairly apolitical these days. Suspect my three year old niece could run the country better than the poor party choices we have.
An outstanding analyses of what is going wrong in Britain on the economic front but it could well be true of what is happeneing else where in the world. The suggested remedy is being advocated by a number of economists. After being sold out to Adam Smith's philosophy during the later part of the 20th century, the move is now towards greater role of the state, perhaps an outcome of a scenario similar to the 1930s.
Thought-provoking, well-formed, forceful arguments. Will Hutton restates the importance of basic human values in evaluating economic, political and financial policies. A must-read for politicians and those who are interested in long-term intentions rather than short-term measures.