I came across this article: "The end of the affair: Falling out of love with business" in The Economist recently and, frustrated by being too late to comment on that site, I thought I would explain why I couldn't disagree with it more.
Far from the downturn being the end of the love affair with business, what it showed at least in the UK was how in the last 10 years ignorance and apathy about business have grown out of all proportion, and just how damaging this has been for the UK economy. The public sector in the UK has grown out of control, with by some estimates well over 50% of the country living off the public purse. Anecdotally bright young graduates from all fields have been piling into "self-actualising" professions like medicine or the charity sector.
They in turn left the grubby business of creating value, engaging in basic capitalism to an unsupervised few, who with access to the purse strings of government by virtue of tax revenues and political contributions, were able to ensure they remained ridiculously under-regulated.
TV shows like the Apprentice bastardise and simplify the mechanics of real business into digestible portions to the nation of business-agnostics whose only idea of generating wealth is to get on the property ladder or wait for their parents to die.
I say the lessons of the downturn are to invest serious funds into the teaching of business studies in schools, and end the progressive socialisation of the UK.
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