London in the Age of Inequality

From Christopher Lydon’s outstanding Radio Open Source: A fascinating conversation with John Lanchester, editor of the London Review of Books and author of the new novel Capital.

Lydon writes:

John Lanchester has written a sprawling neo-Dickensian novelCAPITAL about London in the age of funny money and the crash of 2008. He got the germ of it five years ago, noticing a parade of “florists, dog-walkers, pilates instructors” on his own once-modest street south of the Thames, being radically made-over for bankers and the blooming investment-services class — “manifestly symptomatic,” as he says, “of a boom that would turn into a bust.” Like Bleak House or Our Mutual Friend, CAPITAL has what the Brits call a “state of the nation” feel, delivered in the voice attributed to Dickens of the “special correspondent for posterity.” But of course he’s illuminating an affliction gone global by now, describing life as lived in New York, too, or Shanghai, or Boston for that matter. One moral that Lanchester has given his tale is: “We are not in this together,” inverting the Tory slogan. In conversation he adds a touch from the Gospel of Mark: “To them that hath shall be given.” I marvel at how casino capitalism and its costs come clearer, stranger, more ridiculous, more destructive, more outrageous in fiction than in fact – how the right novels can feel truer than the news.

John Lanchester is eminent also as a non-fiction economics correspondent, a main contributor over 25 years to the London Review of Books. He’s been steadfast against the fictions of market doctrine, and strong in his underlying judgment: “The financial system in its current condition poses an existential threat to Western democracy far exceeding any terrorist threat,” he wrote in the LRB last April. “We have at the moment this monstrous hybrid, state capitalism… This is a parody of economic order, in which the general public bears all the risks and the financial sector takes all the rewards – an extraordinarily pure form of what used to be called ‘socialism for the rich’. But ‘socialism for the rich’ was supposed to be a joke. The truth is that it is now genuinely the way the global economy is working.”