The false prophets of growth

Countries don't become richer by listening to Michael Bloomberg

Thomas Friedman.
(Image credit: Illustrated | Suhaimi Abdullah/Getty Images for International New York Times)

The key political justification for capitalism is that it creates wealth. Whatever injustice there might have been in the "satanic mills" of northern England in the early 19th century, it couldn't be denied that at least Britain was quickly becoming far richer than its agrarian peers.

This justification has carried forward into present times, in the form of a postulated tradeoff between egalitarian policy (like Social Security or free childcare) and pro-business policy (like deregulation and lower taxes). By this logic, measures to achieve social justice must come at the expense of overall growth.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
Ryan Cooper

Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.