August 09, 2015

“PostStateCapitalism” would be a more correct title for Paul Mason’s book “Postcapitalism”

Sir, I refer to Gillian Tett’s review of Paul Mason’s “PostCapitalism”, “Mightier than the market” August 8.

It is interesting but there is a slight conceptual mistake involved with the title of the book. Pure capitalism, as we knew it, ended with the Basel Accord of 1988, when regulators, for the purpose of setting the capital requirements for banks, assigned risk-weights of zero percent to governments and 100 percent to the private sector.

So, in fact it would have been more adequate to title the book as “PostStateCapitalism”.

Perhaps the author can correct it when the next edition of the book is published.