Political pressure may encourage ‘responsible capitalism’ in the short term. But more competition and higher educational standards are needed in the long term

All three major party leaders have been at pains to stress their determination to nurture responsible capitalism and end the culture of economic recklessness that has dragged us into the worst crisis since the Great Depression. Tim Leunig discusses the methods by which such responsibility may be achieved, arguing that long-term success will only come through greater competition in product markets, and a commitment to increasing the numbers of skilled workers in the labour force.