Mr. Micawber and Mad Max
Something will turn up.
—Mr. Micawber’s endearingly self-deceiving refrain in David Copperfield
DEMOCRATIC CAPITALISM is a system built for survival. It has adapted successfully to shocks of every kind, to upheavals in technology and economics, to political revolutions and world wars. Capitalism has been able to do this because, unlike communism or socialism or feudalism, it has an inner dynamic akin to a living thing. It can adapt and refine itself in response to the changing environment. And it will evolve into a new species of the same capitalist genus if that is what it takes to survive.
In the panic of 2008-09, many politicians, businesses, and pundits forgot about the astonishing adaptability of ...