Ricardo's Law

This book offers the first comprehensive assessment of Tony Blair's premiership and his Third Way project. It reveals the hidden flaw in the market economy that explains why politicians of all parties cannot keep their grand promises. Blair promised to reform the Welfare State, the pact between people and their governments to abolish the evils of poverty and ignorance. Despite a record three election victories in a row, the gap between rich and poor widened. The reason, the author argues, is the method government relies on to raise taxes. Contrary to intention, the tax burden on low income earners increased, while property owners have enjoyed record capital gains. The outcome is over 1 trillion pounds indebtedness, rendering tens of thousands of families vulnerable to bankruptcy and the loss of their homes in the next recession.