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'Cultural issues' shape capitalism

David Cameron, Ed Miliband and Nick Clegg have all delivered speeches this week on their visions for a more ethical capitalism in the UK.

Martin Wolf, chief economics commentator at the Financial Times, said that politicians have almost nothing they can do about changing capitalism, pointing out that we are "embedded" in a global capitalism system.

Michael Portillo, former Conservative cabinet minister, added that capitalism appears differently in other countries as there are "cultural issues" that also define it. Politicians in the UK, he explained, are hoping to produce a "different outlook" for those at the top by encouraging philanthropy.

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