However conservatism might be defined, placing the free market at its centre has been self-defeating. Margaret Thatcher’s political outlook was a blend of Burkean traditionalism with Hayekian libertarianism, a highly combustible mix. Unleashing the anarchic energy of free markets dissolves any social order that is based on traditional notions of duty and responsibility. Choice trumps other values, and everything is for sale. The result has been a culture of narcissism and the commodification of anti-capitalism. It is probably only an oversight on the part of their PR team that the Kardashians have not been marketed as daily readers of Karl Marx.

• John Gray, writing in this week’s New Statesman