“Policy” is the negation of politics; policy is by definition something concocted by some form of elite, which presumes it knows better than others h… - David Graeber

In many ways, it (capitalism) resembles classic medieval feudalism, displaying the same tendency to create endless hierarchies of lords, vassals, and retainers. In other ways—notably in its managerialist ethos—it is profoundly different. And the whole apparatus, rather than replacing old-fashioned industrial capitalism, is instead superimposed on top of it, blending together in a thousand points in a thousand different ways. Hardly surprising, then, that the situation seems so confusing that even those directly in the middle don’t really know quite what to make of it.

The man who won the argument, however, was John Locke, the Liberal philosopher, at that time acting as advisor to Sir Isaac Newton, then Warden of the Mint. Locke insisted that one can no more make a small piece of silver worth more by relabeling it a "shilling" than one can make a short man taller by declaring there are now fifteen inches in a foot.

By the end of World War II, the specter of an imminent working class uprising that had so haunted the ruling classes of Europe and North America for the previous century had largely disappeared. This was because class war was suspended by a tacit settlement. To put it crudely: the white working class of the North Atlantic countries, from the United States to West Germany, were offered a deal. If they agreed to set aside any fantasies of fundamentally changing the nature of the system, then they would be allowed to keep their unions, enjoy a wide variety of social benefits (pensions, vacations, health care …), and, perhaps most important, through generously funded and ever-expanding public educational institutions, know that their children had a reasonable chance of leaving the working class entirely. One key element in all this was a tacit guarantee that increases in workers' productivity would be met by increases in wages: a guarantee that held good until the late 1970s. Largely as a result, the period saw both rapidly rising productivity and rapidly rising incomes, laying the basis for the consumer economy of today.