This FT piece shows that a grand experiment in bastardised capitalism is underway in the
UK. This is
capitalism where plutocrats are magically endowed with automatic economic
growth giving power. It is capitalism where politicians worship at the altar of
wealth without understanding how it is created. It is capitalism where Adam
Smith is quoted without being read and understood. UK’s idiotic immigration policy of
welcoming wealthy migrants while turning away skilled but penurious labour is a shining example of this brand of capitalism. The best which can be said
about this policy is that it is consistently retarded.
Alongside the red-carpet laid down for sterile money, a barbed wire fence is being put up for skilled migrants by the same economic geniuses who cover their lack of intellect with passionate support for failed ideologies. Toughening up on student visas is not only a surefire way to hobble UK universities in an internationally competitive market and negatively impact an already weak economy (foreign students account for 32% of universities fee income and contribute £5bn a year to the UK economy) but it is also a great way to damage future growth. One reason for the rise and continuation of
international power is the worldwide pool of talent which gravitates (so far) towards
its universities and then contributes to the wider economy ( Silicon
Valley is just one example).
In the UK, foreign student arrivals fell by 8% in the year to March 2012 according to official statistics. Meanwhile visas for the rich jumped 78% in the year to June 2012. (The bases are vastly different but they are clearly going to be given the number of global rich versus the number of global students).
This is a grand experiment in the field of policy and one whose results would be interesting to watch.