Thursday, 5 June 2014

Labour MPs endorse radical left economy

by Will Stone in the Morning Star

LABOUR MPs are backing a radical left strategy that challenges the lazy status quo “to build an economy that works.” 

Next week sees the parliamentary launch of left economist Andrew Fisher’s new book The Failed Experiment … And How to Build an Economy that Works.

The book is being endorsed by many Labour MPs who want to go beyond party leader Ed Miliband’s timid calls to encourage “responsible capitalism.” Yesterday it was confirmed MPs Teresa Pearce, a member of the Treasury select committee, Katy Clark, Jeremy Corbyn, Ian Lavery, Grahame Morris and Mike Wood will speak at the book’s Westminster launch next Wednesday hosted by John McDonnell MP.

“Labour is failing to inspire people because it has not broken from the 35-year consensus that reduces governments to a middle-management role within the economy,” said the book’s author, Mr Fisher. 

“Ed Miliband’s proposed forays into energy, housing and financial markets are only addressing symptoms rather than the cause. Our failed experiment with a deregulated, privatised and undemocratic economy has led to higher unemployment, inequality and poverty. 

“We need an economy as if people mattered, and I’m delighted to see the ideas in my book resonating with so many parliamentarians.”
His book is broken down into five chapters that analyse the policies that led to the recession, how politicians masked the cracks in the economy, the state of the economy today and how to build one that works.

Among many proposals for change, Mr Fisher calls for the public ownership of public goods so that key parts of our economy are democratically controlled and accountable and the nationalising of banks to help reduce debt.

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