Heffer V Freedland for the future of capitalism

The commentators have time to ponder the demise or otherwise of capitalism this morning and the Guardian and the Telegraph give alternative versions of the future.

For Jonathon Freeland in the Guardian,

Shorter working weeks, lower consumption, and banks working for us - this crisis could prove a chance for a fresh start.

and

a clear lesson of 2008 is that we have to live much more closely within our means. That must apply to individuals, reining in the credit- card habits of the past decade, and to governments who have perpetuated what Zakaria calls "a great fraud", spending ever more without raising taxes

Simon Heffer in the Telegraph waves the flag for capitalism and a rallying call for the Tories and whilst recognising that

For years, people have felt they had a right to borrow money, and to a lifestyle based on that.

He believes

Fundamentally, someone in politics has to make a case for capitalism: as I have written before, it is this or North Korea.
In the end, the markets will prevail: and the recent catastrophe is inseparable from the exercise of free will that constitutes the operation of markets.