Trying to make sense of the UK economic mess
Amanpour
00:00
Is There a Manoeuvre to Foster Long-Term Growth?
We have a financialised form of capitalism. We could, for example, be taxing the excess profits, not just profits - it's not about anti-profits or communism. They could actually be taxed directly because the source of inflation right now is not demand. It's not about wages. There's no point in just increasing interest rates thinking that that will dampen demand so inflation goes down. This is mainly being caused by energy prices and by excess profits in the system which is allowing the markup on profits to rise. And we should go back to using the word rent. Adam Smith, his definition of the free market was free from rent.
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