Monday, July 23, 2007

Pinko Pink 'Un

It's certainly pink

For 25 years Tyler was a regular reader- and buyer- of the FT.

But the FT changed. Whereas it was once the definitive source of objective and informed analysis on pretty well everything (its coverage of the Iran-Iraq War was outstanding), its political and economic coverage gradually slid to the left.

By the 1992 election, it had travelled so far it formally came out in support of Labour. And it has supported Labour ever since.

But we can already read the Labour line- much more entertainingly presented- in the Grauniad. So as soon as Tyler retired from the City, he stopped buying the pink 'un. He now just scans its headlines on the net. And he's not alone- the paper's UK circulation has more than halved in the last 20 years, and is now well under 100,000.

This morning they carry a typical story. Headlined "Backlash in rich nations against globalisation" , it gleefully reports:

"A popular backlash against globalisation and the leaders of the world’s largest companies is sweeping all rich countries, an FT/Harris poll shows.

Large majorities of people in the US and in Europe want higher taxation for the rich and even pay caps for corporate executives to counter what they believe are unjustified rewards and the negative effects of globalisation.

In response to fears of globalisation and rising inequality, the public in all the rich countries surveyed – the US, Germany, UK, France, Italy and Spain – want their governments to increase taxation on those with the highest incomes. In European countries, a large majority want governments to go further and to impose pay caps on the heads of companies."

Well, that ain't quite the way I'd read their results- see their summary chart above. In particular:
  • View of globalisation- in no country does the majority have a negative view of globalisation

  • Redistribution- yes, in Europe- not the US- there is a majority for pay caps on big bad bosses, but that's not a real question about redistribution; that's a free-hit, politics of envy, question (see this blog)
Pinko Pink 'Un.


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