CLIVE CROOK: A Crisis of Leadership, Not of Capitalism.

The rightward shift of electorates since 2008 rather casts doubt on the idea that capitalism is suffering a crisis of confidence. Where is the demand for a bigger state, for industries to be taken into public ownership, for domestic producers to be sheltered and imports blocked? Surging support for protectionist trade policies was widely predicted as the slump began. It hasn’t materialized.

This could change. The crisis, as I say, isn’t over. But what is already the worst recession in seven decades hasn’t destroyed or even much disturbed popular support for actually existing capitalism — by which I mean mixed-economy capitalism, based on markets, profit-seeking and competition plus a good strong dose of state intervention. Many countries have seen a collapse of confidence in their political leaders, but not in the prevailing economic order.

In this respect, by the way, popular opinion is exactly right. It’s frivolous to argue that actually existing capitalism is fundamentally flawed unless you compare it to relevant alternatives. There are no relevant alternatives.

Notwithstanding that certain New York Times columnists with amazingly large houses display an irrational admiration for China.