I don't think Lord Skidelsky is advocating communism or socialism, but rather a more practical type of capitalism. After all, if the majority of the population is indebted to the point where the cannot buy anything of major value, the economy, in any country, will be left with stagnant growth. In essence, he is not pushing for complete equality, simply the reduction of the large gulf between the top 20% and the bottom 20%, as shown by through rising GINI coefficients in much of the developed world.
Inequality is Killing Capitalism
I don't think Lord Skidelsky is advocating communism or socialism, but rather a more practical type of capitalism. After all, if the majority of the population is indebted to the point where the cannot buy anything of major value, the economy, in any country, will be left with stagnant growth. In essence, he is not pushing for complete equality, simply the reduction of the large gulf between the top 20% and the bottom 20%, as shown by through rising GINI coefficients in much of the developed world.