The political legitimacy of democratic capitalism, that unlikely political formation that has brought us the end of history and now presents itself as the only bulwark against rightwing extremism, rests on a clear distribution of functions between governments and corporations. The former take on the role of regulating the latter in order to protect the customers from the occasional harmful effects of the otherwise beneficial business activity. Should we worry the general election will be hacked?Jonathan Haynes Read moreThis system is deemed to be democratic because people elect governments and can always vote them out; its capitalist because corporations are constrained by the logic of competition, whoch prizes efficiency, innovation and infinite expansion. That logic, with its penchant for creative destruction of all things stale and permanent, can produce toxic results whoch is precisely why government action is needed. Such, at any rate, is the social democratic consensus accepted by both centre-left and centre-right parties.
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