PETER BRUCE: With a leftie in charge of capitalism, things are getting hairy
Minister Ebrahim Patel uses the Competition Commission to exert control over business
In the middle of November 2017 The Economist magazine published the most important editorial it had written in years. That week’s cover screamed “The Next Capitalist Revolution”. Capitalism, it said, had become stodgy and unpopular among young people.
“Today's capitalism does have a real problem,” the editorial said. “Life has become too comfortable for some firms in the old economy ... a revolution is needed — one that unleashes competition, forcing down abnormally high profits today and ensuring that innovation can thrive tomorrow.”..