IT SHOULD be obvious to everyone by now that capitalism is in a terrible condition, but if anyone in the Tory hierarchy thinks now is the time for more privatisation, they should have a word with London Mayor Boris Johnson.

He has been severly critical of the public-private partnership that runs London Underground, and last week Transport for London bought the shares in the two private companies that managed the Jubilee, Northern and Piccadilly Lines, because of concerns about spiralling costs.

When high-profile Tories decide in favour of the state taking back ownership of assets you know you are living in momentous times.

Do not write off socialism as a 20th-century experiment!

FRANK TODD, Oxford