Time for a revolution?

The International Labour Organisation today reported that the world faces a second and deeper jobs recession, which could lead to further social unrest — as seen in the Eurozone over the past twelve months and more recently in the wave of Occupy protests.

Martin Wolf, Chief Economics Commentator at the Financial Times, has put his characteristically honest and provocative analysis of the Occupy protests on paper. In describing the protests, Wolf remarks on what may be the beginnings of a new political left — one motivated by the perceived inequalities between a few big winners (primarily the financial sector) and many losers (everyone else) — as the result of an increasingly strained capitalist machine. Wolf is right, however, to point out that without an alternative ideology and a driving force capable of challenging the current system, the protests are largely without transformative potential.

Is there another way? We had socialism, and it did not work — it went too far. We have a market-driven capitalist system. Some argued it would not work; increasingly, more people say it is failing. Others take the view that it needs recalibration: a modern system that holds fairness, sustainability and equality at its core. Perhaps that is what we are working towards without fully acknowledging it. Modern Western governments are clearly trying, but politics and crisis too often get in the way of immediate and meaningful change.

Is it time for a modern capitalist political revolution? One that will move us into a new period of progressive economic and political thought? These are questions that will occupy many keen observers — while others sit outside St Paul's waiting for someone else to act.