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Corbynomics: where next?

@james.meadway

(missing author)

bookmarker.dellsystem.me/s/corbynomics-where-next
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  1. Keynesianism is not enough. The weaknesses of the UK economy require measures that will address its serious structural flaws. There are no quick fixes.
  2. Austerity is not the product of ideology alone, but hard-wired into the kind of economy we now live in.
  3. Structural reforms are the only means by which a socially just anti-austerity economic policy can be delivered. Corbyn’s campaign offers the opportunity to create a base of popular support for a comprehensive anti-austerity programme.

? (None). Corbynomics: where next?. Medium. https://medium.com/@james.meadway/corbynomics-where-next-15139af74c52

New Labour’s greatest intellectual error, on the economy, was to forget the good sense of the labour movement, and presume — showing its fealty to neoclassical economics — that the whirring machine of capitalism would produce the goods which a benevolent government could then seek to redistribute in more acceptable manner. [...]

[...] New Labour ended up taking from the somewhat better off, and giving to the worse off: inequality at the very top of society was left to skyrocket, unchallenged. But they failed, singularly, to address the economy’s structural flaws: its growing dependency on household debt, its yawning balance of payments, its ballooning financial institutions. A failure to tackle these — indeed, on the last, the active encouragement of said ballooning — helped drive the economy full-tilt into the brick wall of the global financial crisis of the late 2000s. As a result of this crisis, austerity measures are now busily tearing through those mildly redistributive measures Labour introduced: Education Maintenance Allowance — gone; Sure Start centres — chopped; tax credits — going. The fruits of New Labour’s compromise with high finance lasted no longer than a decade; it was able to defend, partially, some of the historic gains of the labour movement, most notably the NHS, but even those are now, under austerity, open to attack.

missing author 2 years, 6 months ago

New Labour’s greatest intellectual error, on the economy, was to forget the good sense of the labour movement, and presume — showing its fealty to neoclassical economics — that the whirring machine of capitalism would produce the goods which a benevolent government could then seek to redistribute in more acceptable manner. [...]

[...] New Labour ended up taking from the somewhat better off, and giving to the worse off: inequality at the very top of society was left to skyrocket, unchallenged. But they failed, singularly, to address the economy’s structural flaws: its growing dependency on household debt, its yawning balance of payments, its ballooning financial institutions. A failure to tackle these — indeed, on the last, the active encouragement of said ballooning — helped drive the economy full-tilt into the brick wall of the global financial crisis of the late 2000s. As a result of this crisis, austerity measures are now busily tearing through those mildly redistributive measures Labour introduced: Education Maintenance Allowance — gone; Sure Start centres — chopped; tax credits — going. The fruits of New Labour’s compromise with high finance lasted no longer than a decade; it was able to defend, partially, some of the historic gains of the labour movement, most notably the NHS, but even those are now, under austerity, open to attack.

missing author 2 years, 6 months ago