Starmer's clarion call for the 2024 General Election was 'Change', somewhat different from Tony Blair's 'Education, Education, Education'. However, in contrast to Blair's delivery in Government, Starmer has got stuck in a morass of inaction, bogged down by the crisis in public finances and an unwillingness to tackle the big issues. The biggest of these is welfare spending, major changes to which former Chancellor Jeremy Hunt recognises as the only way out of this dilemma. As we said on 26th May, it's time to call 'time' on 75 years of democratic socialism (yes, let's remember that the Conservatives tacitly went along with this also). Background music: 'Taking in The Changes' by Everet Almond

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On 29 August 2023 our commentary described the black hole of economics as its failure to recognise the opportunity to use the human life-cycle in order to empower new generations of disadvantaged young people with resources and life skills. Thanks to Cambridge University, we've now taken a major step forward with the Inter-Generational Rebalancing Conference, and it's time to plan the next stage as we move through research, education and advocacy on the journey towards implementation. Background music: 'Saving the World' by Aaron Kenny

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'The Black Hole of Economics' commentary

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The direct nature of Pope Leo XIV's AI encyclical took some of his colleagues by surprise: as an AI expert Franciscan friar who has advised the Vatican says, ‘Papal documents usually speak in principles; this one names the structural problem — computational power is concentrated in the hands of a few private actors who answer to no democratic process’. The jury is still out on the impact of Artificial Intelligence on human employment, but the cartoon from Private Eye on our commentary webpage resonates closely with Standard Chartered's announcement that it will use AI to replace 'lower-value human capital', with about 7,800 back-office roles to be cut by 2030. Background music: 'The New Order' by Aaron Kenny. Image source: Wikipedia

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There has been a spate of reports on youth unemployment recently, and Alan Milburn will warn of 'a generational, societal and economic catastrophe’ if we don't recognise that the welfare state was built for a different era, and must now change. The impact of such substantial debt, in both personal and public contexts, of Artificial Intelligence and the pervasive influence of social media present real challenges for young people. David Willetts set out the scale of the challenge at Share Alliance's Inter-generational Rebalancing Conference, and Professor Sir Julian Le Grand put his finger on the huge change in mindset that's required. It will require much more than tinkering with Labour Party leadership to sort this out. Background music: 'Metamorphosis' by Quincas Moreira

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Journeys of hope move forwards, not backwards; they need to keep moving, not get stuck in a rut. They need to build progress as we go forward, by discovering more about human capability and understanding. In this context, we somehow need to tackle the major challenges necessary in order to focus on global, not just national or regional, problems. Looking back at European Union membership with rose-tinted spectacles won't help us make that transition. Background music: 'Hopeful Freedom' by Asher Fulero

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The collapse in electoral support for both Labour and the Conservatives shows the extent to which central governments have become a black hole for people's economic wellbeing by freezing tax thresholds, clinging on to universal (as opposed to targeted) welfare, and failing to address the gulf of opportunity which is holding back so many young people. It's time for politicians of all colours to reflect the need for all to see the opportunity for individual ownership and empowerment. Background music: 'Something Is Wrong' by Sir Cubworth

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Paul Johnson's new book, 'Challenging Inequalities', sets out graphically the barriers to opportunity for young people whose early years are spent in disadvantage and poverty. When Sir Keith Joseph referred to breaking the cycle of deprivation, he wasn't referring to negative impositions from central government but looking for ways to deliver individual opportunity in order to give everyone the chance to fulfill their potential in life. Background music: 'Everything Has a Beginning' by Joel Cummins

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'Contemporary global inequalities are close to their early 20th century level, at the peak of Western imperialism': the World Inequality Report in 2022 laid bare the failure of the past one hundred years of socialism. It has failed to make any appreciable impact on wealth polarisation — in fact Russia has the highest wealth inequality in the world alongside Brazil, with a 'Gini Coefficient of 0.82. It's time to show how egalitarian capitalism can shift the dial. Background music: 'Missing Persons' by Jeremy Blake

Image source: Wikipedia/Credit Suisse

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Adam Smith's 'Wealth of Nations', now celebrating its 250th anniversary, celebrates the role of competition from the perspective of service providers; however the merit of enabling individual choice to underpin a sense of ownership and responsibility is central to individual empowerment. Meanwhile the key concepts of egalitarian capitalism should work alongside Adam Smith's time-proven economic analysis in order to provide participation for all. Background music: 'Hopeful Freedom' by Asher Fulero

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Merryn Somerset Webb is Editor-in-Chief of MoneyWeek and a contributing editor and weekly columnist for the Financial Times. She has published a book called 'Share Power', showing not only where capitalism is going wrong, but also how every one of us can have the power to make it work for us. Larry Fink, Chair and CEO of BlackRock, also understands the problem. However 'Participation for all' is the key objective in Share Alliance's quest for a more egalitarian form of capitalism — Merryn's book and Larry's annual letter to shareholders move us strongly in the right direction. Background music: 'People Watching' by Sir Cubworth

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Image sources: Merryn Somerset Webb — Alchetron; Larry Fink — Wikipedia

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