The Capitalist

In June, SpaceX went public in the largest IPO in history. Three days earlier, a German historian published a book explaining why that moment had been 60 years in the making.
CapX editor Marc Sidwell sits down with Rainer Zitelmann to discuss ‘New Space Capitalism’, Zitelmann's account of how private enterprise took over the final frontier. They also discuss how SpaceX cut launch costs by 95%, why the space shuttle was a fiasco, what cost-plus contracting does to a defence budget and who will own the land beneath the first city on Mars.
Zitelmann argues that space is the one industry where the world has moved decisively towards markets rather than away from them – which makes it the clearest available demonstration of what capitalism can do. Of 324 rocket launches worldwide last year, 165 were SpaceX’s; if the company were a country it would rank first, well ahead of China. But he also warns that the next stage will stall unless someone settles the question the Outer Space Treaty left open in 1967: whether private companies and individuals can own property beyond Earth.


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Our new Chancellor has a problem: paying for Andy Burnham’s plans. Raising taxes will damage the economy, and won’t raise enough. Lower bus fares and VAT off energy bills are scarce consolation when people can’t get jobs. There is no other way. John Healey needs to find the courage to reform welfare.
Shadow Work and Pensions Secretary Helen Whately says the path to a stronger economy runs through work, not welfare – and the country cannot afford a government too timid to make that case.
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Britain has a new prime minister. But will Andy Burnham’s new government reverse years of stagnation?
CapX editor Marc Sidwell sits down with Shadow Business Secretary Andrew Griffith to ask whether Burnham is about to double down on a bigger state or finally embrace growth. They also discuss why Westminster needs more people who have actually run a company, the 'insanity' of Labour's plan to expand equal value pay claims and why putting up taxes was toxic for the Conservative Party’s brand.
Griffith argues that nationalising British Steel is a mistake – reindustrialising Britain doesn't require more subsidies or state ownership, but cheaper energy, lower taxes, welfare reform and a ruthless assault on red tape. He also explains why business confidence depends as much on certainty as on policy itself.
Plus: how Kemi Badenoch is steering her party back towards free-market principles, and what a pro-growth offer to the next generation should look like.


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Rather than letting people choose between freely-competing broadcasters, Ofcom wants to put a thumb on the scale for favoured 'trustworthy' sources, even on third-party platforms like YouTube. Smart TVs are covered too, with plans to reserve nine of the top home screen tiles for public service broadcasters.
Jack Rankin MP argues this will crush the competition and choice the sector needs, entrenching incumbents like the BBC at the expense of independent creators and commercial rivals.
Each week we bring you an example of the best writing from CapX, read aloud. For hosted conversations, listen to The Capitalist, every Wednesday.
Get full access to the CapX Briefing at briefing.capx.co


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Andy Burnham is days away from becoming prime minister. According to economist Andrew Lilico, he’s inheriting an economy with almost no room left to manoeuvre – and a sense of personal virtue is no substitute for a plan, as the fate of his predecessor shows.
In this week’s episode of The Capitalist, Lilico joins Marc Sidwell to dissect the fiscal trap awaiting the new government. He argues Keir Starmer never had a theory of growth – and that Labour, having spent a decade assuming the Tories underspent, had no answer once they discovered the opposite was true.
On Burnham himself, Lilico is sceptical of the PM-to-be’s promised devolution agenda, which looks set to hand local leaders more control over spending but not the power to raise revenue. As for Burnham’s plan to bring water, energy and transport under ‘public control’, the idea that state ownership can conjure lower bills without paying the going rate of return is, in Lilico’s words, ‘very confused economically’.
Plus: why Burnham’s pick for Chancellor will be critical, and can Burnham survive to the next election?


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