Capitalism Is Unpredictable

All sorts of self-styled experts claim that they can predict how capitalism operates, but recent developments in the North Sea illustrate how wild that boast really is. Energy firms are pulling the plug on billions of pounds worth of investment in the North Sea, as industry leaders prepare to meet ministers to discuss mounting jobs crisis caused by plummeting oil prices. 'In the latest blow for Scotland's oil industry, the Edinburgh-based global consultancy firm Wood Mackenzie said nine projects that had been earmarked as requiring £2 billion of investment over the next two years and had been awaiting final approval could be axed as a direct result of the dramatic decline in global prices over the last six months. (Herald, 14 January) Capitalism's booms and slumps leave the so-called experts clueless. RD