Raymond Parsons touched in passing on a fundamental issue of modern life “Business must unite to develop an action agenda after the election”, (April 17). The economist Joseph Schumpeter is reported to have said (and I repeat Parsons here) that capitalism and democracy were an unstable mixture. Other analysts have commented on capitalism’s perceived inherent ability to adapt to changing circumstances as the key to its survival. Capitalism is at the extreme a form of “supremacy of a privileged order” (Concise Oxford Dictionary), the privilege conferred by excessive wealth, and those people’s ability to manipulate the government to protect that order. Human nature and the structure of commerce and industry is such that the already very wealthy can in some countries continue to accumulate more wealth and pass it on to succeeding generations. At its simplest, “Greed is good!” In effect, the wealthy have become the new aristocracy. Without any checks and balances, the rich become richer...
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