The Corporation is no longer conceived of as a self-governing institution constituted by its various mutually dependent parts as befits its status as a civic body but as a cash machine based upon profit maximisation.
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A good society, defined here as a society capable of producing goods, requires institutions within the economy that preserve the skills and practices required for concerted responses to innovation and uncertainty.
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Nothing much has changed in two thousand years. The global entrepot-hub of the City of London is world-leading and thriving; the domestic and regional financial sector has been starved of sunlight for several decades and does a relatively poor job of supporting domestic households and firms.
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Antonio Gramsci, the Italian Communist theorist in the early part of the Twentieth Century, described an interregnum as a time when ‘the old is dead but the new cannot be born, when there is fraternisation of opposites and all manner of morbid symptoms pertain.’
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