I’m not sure about all of this “told-you-so-ism” in the left today. The arguments seem to be along the lines of “the crisis has shown that socialism (or at least nationalisation) is better at running a capitalist economy than capitalism is, so the socialists were right.”

No. If we should switch to socialism, it shouldn’t be because capitalism isn’t very good at being capitalist, but because capitalism isn’t very good at being socialist. (But then, people keep telling me that socialism isn’t very good at being socialist, so I’m not too sure where that leaves us.)

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