Use capitalism for good of society

Your recent editorial (Irish Examiner, February 8) calls for a remodelling of capitalism to fight inequality, but without offering a solution.

Capitalism has undergone major personality changes. It began as a ruthless pursuer of profit at the expense of a large underclass, in the early part of the 20th century. It became a provider, by social contract, after the Great Depression and the Second World War. This arose through the activism of ordinary people and the response of more socially sensitive governments.

The period immediately after the Second World War was one of real social partnership: western economies delivered sustainable growth and brought vast swathes of society out of poverty.