‘An Economy that Works for all’

Notes accompanying presentation to Ferndale  branch, Vauxhall Labour Party (17/01/19).   Labour’s  policies  for the economy  not only represent a clear alternative to the Tories, but are also significantly different to those of the Blair/Brown years.  Representing a return to the centre-left ‘interventionist’ social democracy of the post-war years, they will encounter (the usual) opposition … Continue reading ‘An Economy that Works for all’

Budgets and the ‘magic money tree’

Phillip Hammond’s budget remains firmly located within Neo-liberal economics. The principle aim is to reduce and finally eliminate the budget deficit and so lower the size of the National Debt.  For the Neo-liberals public debt is a drag on the ‘real’  economy  as it suffocates  the private sector. But under pressure from Labour,  some of … Continue reading Budgets and the ‘magic money tree’

There is a ‘magic money tree’

  Seems a bit silly.  Or is it?  Modern Monetary Theory reminds us that governments of countries  that have their own currencies and  floating exchange rates (like in the UK),  by implication,  can never 'run out of money' or have to be dependent on taxation revenue and private borrowing to finance their activities. In other … Continue reading There is a ‘magic money tree’

Putting workers on the boards

John McDonnell’s  Labour Conference commitment to put workers  on company boards was met with predictable hostility from employer representatives.  Yet Germany, the Scandinavian countries along with several other European states, have long standing policies for employee participation, even if it might not be as extensive (McDonnell proposes 30% representation). Likewise, allocating a proportion of company … Continue reading Putting workers on the boards