On the environment and climate change, I suspect that future generations will think there was too much timidity, too much fear of upsetting business. Basically, New Labour was very nervous about regulating business, or requiring it to do anything, even when there was a very clear social or environmental case for doing so.

All real capitalisms are impure hybrids, mongrels mixed with other strains.

Governments that invest billions in new hardware still find it hard to accept that they might benefit just as much from systematic innovation in such things as child development or cutting crime.

There is a yearning for people to return to elementary moral virtues, such as integrity and commitment. We distrust people who have no centering of values. We greatly respect businessmen, for example, if they display those virtues, even if we don't necessarily agree with the people.

Understanding capitalism is in some ways simple. At its best, capitalism rewards creators, makers and providers: the people and firms that create valuable things for others, like imaginative technologies and good food, cars and drugs.

Advisers who think that they are very clever while all around them are a bit thick, and that all the problems of the world would be solved if the thick listened to the clever, are liable to be disappointed.

Economies are complex beasts that need people to do an extraordinary range of tasks.