Offering a critical analysis of the UK political system, Tragedy of Riches argues that politicians over the past twenty years have changed our economic destiny for the worse. The corresponding demise of ideology means that there can be no great improvement in the British economy without fundamental political change.

Stephen Barber introduces the concept of the 'mixed economic settlement'; the argument that the policy mix in which Europe and the United States operates is forged in three contrasting forms of liberalism to have emerged in the post-war West: economic, welfare and social liberalism. He describes how our single-minded pursuit of prosperity has constrained politics from being a force for good.

The book argues that the present economic policies of the UK government are unsustainable and, if they are to tackle the difficult issues of modern society, politicians and communities alike need to face up to this truth.