Just Capital Book

Is it possible that Just Capital could prove to be a textbook for "The Third Way", that mysterious path to goodness often invoked in hushed tones by modern politicians? One might expect a man who was, until 1999, the Director-General of the Confederation of British Industry, and who, at the time of writing, remains a vice-chairman of Merrill Lynch to be a capitalist's capitalist. Instead, it is claimed, Adair Turner has a philosophy that rejects 20th-century socialism as much as Conservative laissez-faire. The answer lies, we are told, in embracing the power of market economics without accepting the simple dogmas of extreme free market and conservative philosophy. This is akin to smoking marijuana, but not inhaling. Or to accept that loving thy neighbour is a perfectly sound rule for constructing a society, without accepting that the philosophy's most celebrated proponent is or was divine. Does Adair Turner convince? Well, he does recognise the importance of working-time flexibility, which is no doubt useful in fulfilling his duties at Merrill Lynch Europe, and as director of a "number of media and Internet companies", and as a visiting professor at the London School of Economics. He also nods in the direction of wage flexibility, though without sounding terribly enthusiastic about it. As is illustrated by the chapter on Green Capitalism, the author is keen on making points in series of three ("this book has three main themes", for instance, or "this chapter applies those principles to three of the most difficult environmental issues we face"). Both in style and tone, this is unarguably a more traditional approach to social, political and economic matters than, for example, Noreena Hertz's The Silent Takeover. But low octane does not mean low performance. Adair Turner uses the tried and tested technique of telling the reader what lies ahead before proceeding to address the subject, giving the reader time to engage the brain. --Brian BollenRead More