“He said ‘popular capitalism’ should allow ‘everyone to share in the success of the market’ and criticised an ‘out of control’ bonus culture in the City.
“A Co-operatives Bill will be introduced to help employees take a greater stake in their companies, he said.
“Labour leader Ed Miliband said in a speech earlier the PM would be judged on ‘his deeds and not his words.’
“In a wide-ranging speech in London on the economy, Mr Cameron said he wanted to encourage firms to show ‘social responsibility’ and said that the chancellor was considering new tax rules to prevent abuse.
“He used his speech to discuss his vision for a transformed capitalism, based on two principles ‘which have been at the centre of Conservative thinking for centuries.’
“‘The first is a vision of social responsibility, which recognizes that people are not just atomized individuals, and that companies have obligations too. And the second is a genuinely popular capitalism, which allows everyone to share in the success of the market.’
“The prime minister said that ‘where they work properly, open markets and free enterprise can actually promote morality’ by creating ‘a direct link between contribution and reward; between effort and outcome.’
“‘So we should use this crisis of capitalism to improve markets, not undermine them, because I believe that out of this current adversity we can build a better economy, one that is truly fair and worthwhile.’”
My Comment: It reminds of a heartfelt eulogy (of an English lord, with a bowler hat in the hands and a rose in the buttonhole, at the funeral, over the fresh grave, before the aristocratic audience) about how great and wonderful the deceased was.