The uniqueness of capitalism resides in its ability to turn the vast capacity of humans to innovate into massive wealth. Progressives are in a good position to recognise that capitalist innovation is a double-edged sword that offers the opportunity to address inequality and poverty by raising productivity and living standards but will also bring about obsolescence and so incur great human costs. The challenge facing progressives is to reduce the human impact of the ‘creative destruction’ process, without losing its benefits....
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