Tuesday, 19 June 2012

Ferguson and Natural Capitalism

Niall Ferguson's first 2012 Reith Lecture (broadcast on Radio 4 this morning, but to be aired again) was primarily about the role of institutions in economic life. He argues that Britain's erstwhile economic success was down to the quality and constitution of our institutions. In the Q&A session after his talk, he admits, though, though not in these words, that capitalism as we have it breaks its own rules as it liquidates [natural] capital and calls it income.


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