Interview
Culture
Economics
S&U interviews
5 min read

Can the economy work for the common good?

Adrian Pabst on the economic framework that is universal yet particular about people.
A man talks animatedly looking at the camera while sitting against a wood panelled wall.
Fondazione Centesimus Annus Pro Pontefice.

Adrian Pabst is Professor of Politics at the University of Kent, and deputy director at The National Institute of Economic and Social Research. His lecture on Just Economy? Catholic Social Thought, Mutualism and Roads Not Yet Taken, was a highlight of the Lincoln Lectures series, organised by Together for the Common Good. Financial markets journalist Laurence Fletcher talks with him to discover more about his thinking.

 

There is no shortage of commentators ready to point out the apparent deficiencies in the UK’s economy. Widespread in-work poverty, poor productivity growth, regional inequality and a perceived reluctance among employers to train up British workers are just some of the accusations that can be levelled. 

But finding realistic, workable solutions is more difficult, as successive governments have found. Is the answer to be found in having higher levels of tax and government spending, or lower? Should governments be intervening more, or give more room for free markets to work? With a general election on the horizon, and with issues of economic growth, government spending and taxation likely to feature prominently, such questions are particularly pertinent. 

Offering one alternative way of tackling the problem is Professor Adrian Pabst, a political scientist at the University of Kent, who is an expert on so-called Catholic Social Thought. This approach, which was developed in the 19th century and draws from the Bible, focuses on the dignity of the individual, care for others and the common good, with the aims of social renewal. It provides a framework for thinking about big topics such as international relations, the economy and the environment, and Pabst believes it has much to say about our economy today. 

Catholic Social Thought “is very particular. It always speaks to the moment. And it’s highly universal because of it,” he said in a recent interview. “This is what the world is like and this is how we must act.” 

Pabst rejects both the idea that everything is fine with our economy (“mythical stories about things working”) and the belief that “everything going to hell in a handcart”. 

Instead, his approach is to look at some of the apparent contradictions in our economy - strengths alongside related weaknesses. For instance, how can a country be rich but have poor citizens, or have a very high output of goods and services while many people do not partake in them? Or how can many people have become worse off in recent years, even though wages are growing? Or how can the UK boast an “incredible” City of London that is one of the world’s top financial centres, yet have people without access to capital? 

“We have to be realistic about where we are - a low wage, low growth, low productivity economy. We can pay people higher wages over time if we increase productivity. That comes from investment,” he said. 

Free markets have at times been heralded as either the answer to all our problems by some on the political right, or the cause of so much misery by some on the left. But Pabst’s approach is more nuanced. Markets should not simply be “the engine for ever-greater inequality”. But, crucially, they are not inherently bad in and of themselves, and often the problem is instead down to a market being stacked in one side’s favour.  

“Markets are not one thing,” he said. “They are an outcome of ownership, regulation… There is not a problem with markets per se, but it’s the wrong regulation, ownership concentrated in a very few people. 

“There are lots of things we can do much better. But if we replace the market with the state, we’d just be doing [communism] and ultimately we’d be poorer,” he added. “The question is, are we putting society first?”  

(As an aside, he also takes a more nuanced view on former Prime Minister Margaret Thatcher, who he believes brought both positives and negatives). 

Big tech firms are “oligarchies accountable to no-one. It’s simply not a tenable position. They’re like media companies yet they’re not subject to media laws… We’ve allowed them to build private infrastructures. It needs to be tackled.”

So what would Pabst actually change? 

For starters, he believes that too much capital is directed towards the wrong purpose, namely financial speculation. While some would argue that speculation plays an important role in the economy, for instance in price discovery in markets or in taking the other side of the trade, say for farmers who want to hedge crop prices, Pabst is keen to see the economy produce “goods and services that have real worth”. Significantly for how society is structured today, he argues that we do not need “a class that lives off assets at the expense of everyone else”. 

Other areas also need to change, he believes. Loopholes should be closed to make it harder for companies to use agency workers rather than employing people. Trade unions need to be encouraged and improved. A national investment bank, grouping together the existing, disparate pots of money, could direct capital to sectors and regions where it is needed. As is already the case in Germany, companies and society would both benefit from having employees on their boards. 

More economic decisions can be devolved from national government to a local level, but challenges such as climate change or regulating the big, powerful technology companies - which he describes as “modern day plutocracies” - should be tackled at a higher level. 

Big tech firms are “oligarchies accountable to no-one”, he said. “It’s simply not a tenable position. They’re like media companies yet they’re not subject to media laws… We’ve allowed them to build private infrastructures. It needs to be tackled.” 

And (more of a comment on the US than the UK) he sees little value in companies reporting earnings quarterly, which he said is driven by “short-term profit maximisation”. 

Intriguingly, Pabst does not shy away from taking a stance on one of the most divisive issues of our times: immigration. 

Catholic Social Thought, he explains, is humane and pro-immigrant. But, to break with what he calls “a low wage, low skill model”, mass economic migration is to be discouraged, because it is detrimental to both the sending and receiving countries. 

“[We say] yes to refugees, to asylum. But no to mass economic migration,” he said. 

So, going into an election, how likely are we to see things change for the better? 

Rather than being optimistic - the belief that eventually things will get better - Pabst is hopeful, because he believes that things could be different, but he is not necessarily expecting it. 

“I remain hopeful,” he said. “I just don’t quite see who’s going to do it.” 

Review
Art
Culture
Music
Romanticism
5 min read

Taylor Swift’s new album is fine, and that might be the problem

Ego, art, and the quiet tragedy of getting everything you ever wanted

Belle is the staff writer at Seen & Unseen and co-host of its Re-enchanting podcast.

Taylor Swift, dressed as a showgirl, sips from a glass.
Taylor Swift, showgirl.
Taylorswift.com

Taylor Swift released an album last week and, from what I can see, the world seems to hate it.  

Life of a Showgirl was written and recorded while Taylor was on her two-year-long Era’s tour, hence the album’s title. She would fly to Sweden between tour dates to record with the infamous producers, Max Martin and Shellback. This matters. Why? Well, because this means that each song on this album has grown out of the soil of unfathomable success; record-breaking numbers and history-making impact, it’s not an exaggeration to say that the Era’s tour shifted the landscape of popular culture. Many critics have reflected on this context, citing ‘burnout’ and ‘frazzle’ as reasons why this album sits far below Taylor’s usual standard. 

They implore Taylor to take a day off: put her feet up, recuperate, and re-gather her musical senses.  

Then there are the critics who seem to be directing blame toward Taylor’s obvious happiness. If you didn’t know, she’s engaged to American footballer, Travis Kelce – and they, as a couple, are sickly sweet. Honestly, they’re defiantly mushy. They’re cheesy to the point of protest. They’re just happy – and, apparently, therein lies the problem. I’ve heard more than one critic quote Oscar Wilde in their takedown of Swift’s latest offering: 

 ‘In this world there are only two tragedies: one is not getting what one wants, and the other is getting it’. 

This album, they say, is proof that Taylor Swift is victim to the latter kind of tragedy. She’s got everything one could ever want, and the world seems pretty agreed that her music is suffering because of it. We like to keep our artists tortured, thank you.  

For the record, I don’t hate the album. But I don’t love it either. I resonate with The Guardian’s Alexis Petridis who writes that it simply ‘floats in one ear and out the other’. There’s nothing to hate about it, which, I guess, also means there’s very little to love about it.  I’m not outraged, nor am I enamoured – and I say that gingerly, because I fear that’s the worst review of all.  

So, in some ways I’m agreeing with the general consensus – Life of a Showgirl is not Taylor Swift’s best work. I don’t, however, think that her success, nor her happiness, are quite to blame for it. I think those are slightly lazy critiques, they’re shallow scapegoats. 

I think, rather, the problem with this album is that Taylor has made herself the biggest thing within it.  

When introducing the album on Instagram, she thanked her collaborators for helping her to ‘paint this self-portrait’ – the strange thing is that this ‘self-portrait’ feels considerably less honest or authentic than her previous, more conceptual, albums.  

I’ve spent a couple of days wondering why this is and have come up with two theories.  

Firstly, we tend to be far more honest to and about ourselves when we’re able to kid ourselves into thinking that it’s not actually our own selves that we’re talking about. For example, I think of Billie Eilish’s Grammy and Academy Award-winning song – What Was I Made For? – which she wrote to accompany Greta Gerwig’s Barbie movie. In an interview, Billie explained how writing a song about a Barbie somehow allowed her the space and freedom to create the most honest, raw, and revealing song she’d ever written.  

We’re self-preserving creatures, you see.  

If we’re knowingly speaking of, writing about, painting or in any way presenting ourselves - our ego gets in the way, preferring us to offer the world a shiny, carefully constructed façade.  

Taylor, in intentionally painting a ‘self-portrait’, has unknowingly offered us less than herself.  

And, now for my second theory. Every good self-portrait is actually about something bigger than its subject; they are able to point toward something more universal than the individual reflected. I think of Frida Kahlo’s self-portraits, the way she used her hair to communicate societal expectations, or how she framed herself with wildlife, or the time she painted a necklace of thorns around her own neck – leaving an uncomfortable feeling in the pit of the beholder’s stomach as they think about the nature of pain and liberty. She painted herself, endlessly. Kahlo pointed to herself in order to point through herself – she was never the subject that she was most interested in, she was never the biggest thing in her own self-portrait.  

Like I say, the problem with Taylor Swift’s okay-ish album is simply that she is the biggest thing within it. The key ingredient it’s lacking is awe; it leaves nothing to marvel at.  

And that’s rare for Taylor.  

I’ve often written that she is a Romantic in every sense of the word; concerned with the feelings and experiences that are powerful enough to knock us off our feet: big feelings, big thoughts, big truths, big questions, big mysteries, big language. These things have always been baked into her lyrics. 

This album, in comparison, feels small. It doesn’t transcend Taylor Swift’s feelings about – well, Taylor Swift. She hasn’t quite managed to point through herself, she is the sole subject of her own self-portrait.  

And therein lies its OK-ness.  

Honestly? Therein lies all of our OK-ness. Taylor Swift may be anomalous in many things, but not in this - the presence of ego means that we’re all prone to self-portrait-ise ourselves. Left unchecked we are (or at least, we can be), what Charles Taylor calls, ‘buffered selves’; thinking of ourselves as the maker and subject of all meaning, shielded from awe and wonder.  

But the best art will never flow from those who think themselves the biggest and deepest subject. Because, quite simply, we’re not.  

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