Paul Collier: The Future of Capitalism

With less than two weeks remaining before a general election that offers nothing but an intolerable choice between populists and ideologues, Paul Collier’s The Future of Capitalism (2018) offers some clear-headed diagnosis and ideas about how to reshape a derailed capitalism.

Jeff Taylor wrote, “The political spectrum may be linear, but it is not a straight line. It is shaped like a horseshoe.” Drift far enough left or right of centre and ideologies both gravitate to authoritarianism. Social democracy appears to be in existential crisis. Collier’s analysis of why we’ve lost our sense of obligation to others is lucid and crucially important.

The force of Collier’s book is in his synthesis of “moral philosophy, political economy, finance, economic geography, social psychology and social policy.” At a time when despair often seems the only possibility, his book offers some relief that there is a progressive and pragmatic path to healing the divisions in our social and economic fabric. The question is how long it will take for our political spectrum to swing back from extremes.