Despite excellent analysis of recent times, Wooldridge’s basic assumptions are too conventional. The world would be fine if everyone had attended Harvard Business School, he seems to feel.

For obvious reasons, defences of liberalism have been coming thick and fast. Or should that be thin and fast? For most have been meagre gruel. Liberalism has given us freedom and prosperity, they say. Yes, there are flaws to address, and yes there is something a bit unsatisfying about this creed, but let’s try to be satisfied by it, for look how horrid the alternatives are.

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