Oh God save history
God save your mad parade
Oh Lord God have mercy
All crimes are paid
When there’s no future
How can there be sin
We’re the flowers in the dustbin
We’re the poison in your human machine
We’re the future, your future
From “God Save the Queen” by the Sex Pistols, 1977
And you may ask yourself: Does any of this column written by Mary Riddell for The Telegraph sound at all familiar to us Americans?
It is no coincidence that the worst violence London has seen in many decades takes place against the backdrop of a global economy poised for freefall. The causes of recession set out by J K Galbraith in his book, The Great Crash 1929, were as follows: bad income distribution, a business sector engaged in “corporate larceny”, a weak banking structure and an import/export imbalance.
All those factors are again in play. In the bubble of the 1920s, the top 5 per cent of earners creamed off one-third of personal income. Today, Britain is less equal, in wages, wealth and life chances, than at any time since then. Last year alone, the combined fortunes of the 1,000 richest people in Britain rose by 30 per cent to £333.5 billion.
The failure of the markets goes hand in hand with human blight. Meanwhile, the view is gaining ground that social democracy, with its safety nets, its costly education and health care for all, is unsustainable in the bleak times ahead. The reality is that it is the only solution. After the Great Crash, Britain recalibrated, for a time. Income differentials fell, the welfare state was born and skills and growth increased.
That exact model is not replicable, but nor, as Adam Smith recognised, can a well-ordered society ever develop when a sizeable number of its members are miserable and, as a consequence, dangerous. This is not a gospel of determinism, for poverty does not ordain lawlessness. Nor, however, is it sufficient to heap contempt on the rioters as if they are a pariah caste.