DURING the ravages of WWII, intellectuals were pessimistic about the future. Among them was George Orwell (of “Animal Farm” fame) who began to write “1984” – he saw the future as “a boot stamping on a human face – forever.”
Events didn’t turn out so bad. Social-democratic capitalism, which dominated the mid-20th century, had evolved into a Liberal form of “Meritocratic Capitalism” (LMC) in US in particular. As a political system, LMC was more egalitarian than classical capitalism; but it inherited a tolerance for inequality as societies got richer.