The deeper reasons for supporting Corbynomics go far beyond re-nationalisation | Michael Meacher


This will have the naysayers clucking.

We were told that the markets were self-regulating and that the role of government was to get out of the way. It turned out that the opposite was true, and that the economic system was only kept going at all by the constant drip-feed of government-initiated QE.

We were told that the dynamics of capitalism would self-generate the levels of demand to keep the system constantly expanding. It turned out that growth was only achieved, if at all, by stacking up debt to prodigious levels, opening the way to the next financial crisis when the debt bubble imploded.

We were told that giving a free hand to investors would ensure the maximum efficiency in the allocation of capital. What actually happened is that capital flocked to emerging markets which offered the best return, then flowed out again equally fast as soon as Western financial conditions improved, leaving emerging markets badly weakened and exporting deflation to the West.

Perhaps Jeremy Corbyn’s greatest contribution is that he is not accepting the status quo which is rotten: an over-sized financial sector, a neglected manufacturing industry, inadequate investment, flat productivity, huge and growing balance of payments deficits, ballooning inequality, and an economy mired in enormous permanent debt. He deserves credit for arguing that the fundamentals have got to be changed; it’s a debate we desperately need.

Source: The deeper reasons for supporting Corbynomics go far beyond re-nationalisation | Michael Meacher

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10 thoughts on “The deeper reasons for supporting Corbynomics go far beyond re-nationalisation | Michael Meacher

  1. Dez Chandler

    great [points well made….the poor guy is being hit all sides by negative forces and press stories desperately dug up from the past scare mongering as per scottish vote and shortly EU vote. As for the opinions of the old labour guard,mostly now millionnaire labourites, none of whom served their country well I feel their ten penneth is more about keeping their new found wealth and protecting their new found business friends and elite pals. Letting the banks self regulate was total madness probably more to do with future retirement jobs for the boys rather than looking after the UK and then impose the cost of this total madness on the general public was and is still a criminal act that remains unpunished…. soap box away.

      1. shaunt

        Well noted Mike. I would add that the errors in economic policy implemented by the Conservatives were left in place by the Tory-lite Labour leadership. This in turn made pointing out the failure of Tory dogma extremely difficult. And if Corbyn does not get elected as leader the same will happen again, with the disabled, working people and unemployed paying the price market failures. I do not think there is much room for the other 3 removing Tory welfare changes, but you know much more about these things than I do.

      2. Mike Sivier Post author

        I agree with you – including where you say pointing out the failure of Tory dogma was difficult for a ‘New Labour’ that followed it, in terms of economic policy.

      3. shaunt

        Sorry if this is a bit off post, but the thought hit me rather hard last night and wondered what your thoughts might be.
        Hi again Mike, I’ve just read on the Labour list that about 60,000 people have been removed from the leadership election, voted list. The Labour party must be in fantastic state of health if it can risk losing 60,000 new members/voters. What I can not work out is that if you refuse to accept anyone who’s voted or expressed a view that endorsed a political party other than Labour, plus those who did not register to vote in the last election, how Labour can ever increase its membership and overall vote for the next election; as you’ve ruled out the means by which this can be achieved.
        Add to this the current policy of being more Tory than the Tories, another example of a policy that can only fail (as no other party can be Tory than the Tories), and you’ve ruled and defined yourself – very literally – into a permanent state of both opposition and support for the Conservative Party. It’s almost as if it were a long-term policy planned out by Rupert Murdoch?

  2. Florence

    I would like to see Meacher in the Shadow Cabinet after the elections, with Corbyn as leader, hopefully. His name must be in the hat for Chancellor.

    1. John Gaines

      Boeing is being investigated for swindling employees pension FUNDS, how much lower can these corporates & Banksters get and still feel assured that they will not be jailed, what is the actual sense in wasting our money upon a non performing Justice system,
      ‘GardyLoo’ Gideon has formulated a criminal charter economy a disasterous hotch potch which is open all hours for swindling anything that the Dirty City can steal.

      Ending Institutional Corruption | What is Institutional Corruption?:

      Lawrence Lessig, Roy L. Furman Professor of Law and Leadership, Harvard Law School; Director, Edmond J. Safra Center for Ethics
      Also, we are not in ‘Deflation’ as they keep insisting we are….we are actually in a spiral of uncontrollable ‘INFLATION’ fixing the Goalposts only fools only those who want to be fooled…i.e. The Reich ‘MEEDJA’.

      Brussels blackmailed ‘Gardy Loo’ Gideon to encourage them to stop laughing at him and letting the Cat out of the Bag…..£2.500 BN wasted last year and, they will be back for more this year…..its easy, they have the Pig on the spit.

      Never mind what the OBR and the Office of Numerical Simpletons say (ONS) they are far too terrorised as to the consequences if they actually do their jobs and, tell the frigging TRUTH.
      Get some Guts Guys, ppppppp-lease.

  3. Phil Sxtreme

    Look, the point here surely has to be that out of the 4 candidates only one is offering an alternative to Austerity, The good news here is finally we have a politician who is saying NO , we dont need to do this this way. How when we are allegedly the third richest country in ther G8, we spend currently 138 but may rise to 145 billion pound to brussels this financial year, we are spending 138 million pounds training foreign Police forces , at a time when were cutting ours, 10 million pound in foreign aid to india at a time when there sending rockets into space, then 11% for mps 1% for the rest.
    The money is there so why again do we need 12 billion in cuts from the poorest most vulnerable in society, chils poverty levels the like of which has not been seen in this country for decades and yes as a member i will be voting Corbyn as the other three on what there spouting are in the wrong party – kendall being the worst , although yvette cooper saying corbyn lacked economic credability did make me laugh she just described her own husband Ed Balls !!!!

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