history, capitalism’s may not repeat but it does rhyme. Periods of freer enterprise give way to ones with a more meddlesome state. When change comes, it is after crisis, occasionally exogenous , at other times provoked by excesses . Yet the metre is irregular in time and space, differing from decade to decade and country to country.
The first ripples of this wave appeared a decade ago. The financial crisis of 2007-09 persuaded many that leaving markets to their own devices could lead to ruin. Stagnant real wages in large parts of the free world encouraged the perception that the market was not delivering for ordinary people, instead leading to more inequality, especially of wealth. In 2016 Brexit and the election of Donald Trump offered proof that too many people felt left behind by globalisation.
Yet seen from one vantage point, capitalism seems hale and hearty. In contrast to their Marx-curious 20th-century forebears, today’s governments mostly eschew common ownership of the means of production. From 1990 to 2016 states around the world sold assets worth some $3.6trn. A database compiled by Katarzyna Szarzec, Akos Dombi and Piotr Matuszak, three economists, lists 1,160 privatisations in 30 European countries between 2007 and 2016, and only 61 nationalisations.
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