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Fears of excess and an acceptance of austerity force businesses to adopt 'socially responsible' agendas and corrupts the pro-capitalist Adam Smith's writing on enlightened self-interest.
`The most interesting aspect of George Osborne's budget speech, perhaps the only one, was his claim that "it unashamedly backs business". Given that the Conservative party is the traditional party of British business it might be assumed that this should go without saying. It seems akin to the Pope proclaiming that he believes in God or Alex Ferguson saying he wants Manchester United to win the Premier League.
Osborne's proclamation followed a similar point made by the prime minister. In a speech to Business in the Community in February he proclaimed himself against the idea "that people in business are somehow out for themselves". Instead he argued that firms are a powerful force for social progress.
Given the context such defensiveness is perhaps a little less surprising. The Liberal Democrat party, the government's coalition partner, traditionally see itself as the organisation of the respectable centre: opposed to the excesses of both business and organised labour. Meanwhile, Ed Miliband, the Labour leader, has led calls for a "responsible capitalism". The clear implication is that the Tories support an irresponsible or predatory capitalism.
Such criticisms seem to have a wide resonance in society at large. Criticisms of "greedy bankers" and "fat cat" executives chime with ordinary people who are suffering from the effects of austerity. Attacks on excess evidently have a broad...