The debate between left and right constrains the development of our political economy leading to stagnation. It’s time for a new agenda focusing on democratising access to land, education and finance
The substance of the recent general election debate does not bode well for the future of our economy and society. Britain’s inability to escape from its long-standing low rates of productivity growth – and the increasing amount of evidence that for the first time since the early 20th century the younger generation will be poorer than their parents – was largely ignored during the run up to 5 May. Although politicians on both sides have acknowledged that living standards have stagnated with rising inequality, the electorate was merely offered more of the same by the right, while the left focussed on reducing inequality but generally failed to understand the importance of wealth creation. Progress, or the betterment of the human condition, has stalled – which is of great concern, as progress is crucial to the legitimation of our liberal democracy.