Thursday 22 March 2018

James Downey: Austerity isn't enough: we must reinvent capitalism

James Downey

James Downey

YOU remember Peter Mandelson. Who could forget him? Secretary of state for Northern Ireland, serial survivor of controversies and comebacks, arguably the man who invented Blairism before most of us had heard of Tony Blair.

Lord Mandelson, as he now is, operated in a different field this week. He popped up among the Lords of Human Kind at the World Economic Forum in Davos and took umbrage at a speech made by one of the many bankers present.

Those present, he said, did not want lectures from bankers on the flaws of the financial system. Quite right. Never mind the Lords of Human Kind. Humbler folk like ourselves have all too good reason to lament the contribution that banks have made, and are still making, to the crisis of capitalism.

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