Savage capitalism is back – and it won’t tame itself

Back in the 90s, I used to get into arguments with Russian friends about capitalism. This was a time when most young eastern European intellectuals were avidly embracing everything associated with that particular economic system, even as the proletarian masses of their countries remained deeply suspicious. Whenever I’d remark on some criminal excess of the oligarchs and crooked politicians who were privatising their countries into their own pockets, they would simply shrug.

“If you look at America, there were all sorts of scams like that back in the 19th century with railroads and the like,” I remember one cheerful, bespectacled Russian twentysomething explaining to me. “We are still in the savage stage. It always takes a generation or two for capitalism to civilise itself.”