We are about to return to normal politics. After 14 years of Tory corruption and misrule, a Labour government will put this country back on track. Justice and decency will resume, public services will be rebuilt, our global standing will be restored, we will revert to a familiar state. Or so the story goes.

What is the “normal” envisaged by pundits and politicians of the left and centre? It is the most anomalous politics in the history of the world. Consciously or otherwise, they hark back to a remarkable period, roughly 1945 to 1975, in which, in certain rich nations, wealth and power were distributed, almost everyone could aspire to decent housing, wages and conditions, public services were ambitious and well-funded and a robust economic safety net prevented destitution. There had never been a period like it in the prior history of the world, and there has not been one since. Even during that period, general prosperity in the rich nations was supported by extreme exploitation, coups and violence imposed on the poor nations. We lived in a bubble, limited in time and space, in which extraordinary things happened. Yet somehow we think of it as normal.

Those “normal” politics were the result of something known to economic historians as the “great compression”: a drastic reduction in inequality caused by two world wars. In many powerful countries, a combination of the physical destruction of assets, the loss of colonial and overseas possessions, inflation, very high taxes, wage and price controls, requisitioning and nationalisation required by the wartime economy, as well as the effects of rising democracy and labour organisation, greatly reduced the income and assets of........

© The Guardian