Cable: Recession caused by capitalism

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A topic from Work & Money: Global Financial Crisis

laresMon 13/06/11 20:14

"Very interesting Vince Cable article in the Financial Times (subscription) on Saturday. The Business Secretary reiterates his support for the timing of the fiscal consolidation, but has this to say about the causes of the crisis:

'There are those who believe this is essentially a crisis of public finance; the state spends too much. Dealing with the deficit is undoubtedly a major, unavoidable responsibility. But it is also a consequence rather than the cause of the recent crisis. There was a deeper problem with the very structure of our economy that has manifested itself in our huge fiscal deficit. What we have is a crisis of finance capitalism rather than a crisis of social democracy.'

This is significant. The standard Conservative analysis – which is shared*, to some degree, by Blairities – of the causes of our present economic imbroglio is that Gordon Brown irresponsibly over-spent when he was in charge of the Treasury. This, so the argument goes, left Britain massively exposed when the recession came. And now the Coalition is clearing up Labour's mess.

But Cable is making it clear in this article that, though he backs the Coalition's deficit-reduction strategy, he does not buy the simple over-spending argument promoted by the likes of George Osborne.

The line about spending being 'a consequence rather than the cause' of the deficit is the key. This signals an acceptance that Labour had no choice but to borrow like mad in the bust in order to stop the economy entering total meltdown."

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