Re-Posted from Politics and Insights because you should read this:

One of Corbyn’s most important achievements is in extending national debate beyond the limits of neoliberal ideology and challenging the hegemony imposed by Margaret Thatcher. The sell by date was last century, it expired in Pinochet’s Chile. Yet the Tories continue to flog a dead horse, selling England by the pound, while selling the public very short indeed.

The Tories have frequently shrieked, with vindictive and borderline hysterical relish, that Labour’s pro-social economic policies reflect “fiscal irresponsibility”, but that doesn’t resonate with the government’s calamitous economic record over the past seven years. Nor does it fit with historic facts and accuracy.

The Labour party were in power when the global crash happened. The recession in 2007/8 in the UK was not one that happened as a direct consequence of Labour’s policies. The seeds of The Great Recession were sown in the 80s and 90s. The global crisis of 2008 was the result of the financialization process: of the massive creation of fictitious financial capital and the hegemony of a reactionary ideology, neoliberalism, which is based on the assumption that markets are self-regulating and efficient.

The New Right argued that competition and unrestrained selfishness was of benefit to the whole society in capitalist societies. It asserted that as a nation gets wealthier the wealth will “trickle down” to the poorest citizens, because it is invested and spent thereby creating jobs and prosperity. In fact the global financial crisis has demonstrated only too well that financial markets provide opportunities for investment that extend relatively few extra jobs and that feed a precarious type of prosperity that can be obliterated in just a matter of days.

Source: Jeremy Corbyn’s greatest success is the discrediting of neoliberalism – Politics and Insights


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