Labour suffers "Stokholm Syndrome" over economy

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A topic from News & Current Affairs: Political

laresSat 04/06/11 11:19

An interesting opinion piece in LeftFootForward today about the real causes of the recession and how they should be dealt with.

"One of the reasons that economies (including our own) are being crucified on the cross of ‘austerity' is the discrediting of so-called Keynesian policies of the 1970s."

"For the sake of today's millions of unemployed and under-employed; for the elderly losing care and homes; for single mothers losing benefit, for the homeless, Labour must get the economic history - and theory – right. In 1971, under Anthony Barber, the UK chancellor, and the US's President Nixon, Keynes's monetary framework for the international financial system (Bretton Woods) and for the regulation of the banking system was abandoned. Unilaterally (in the case of Nixon), and without public debate.
This ditching of Keynes's monetary policies proved calamitous for the Labour movement, for society and for the Anglo-American economies. This is because Keynes's monetary policies subordinated the finance sector to the interests of the broader economy and society - through regulation. Which is why they were, and are, loathed by the City of London and their friends in the economics profession.

In 1971 chancellor Anthony Barber and Heath's Conservative government introduced ‘Competition and Credit Control' (CCC) - widely dubbed 'all competition and no control' – into the private banking sector. With the stroke of a pen, and with very little public or parliamentary engagement, what was left of Keynes's monetary policies were swept away. As William Keegan has noted, this 'ended in a serious lack of control, the secondary banking crisis and the near collapse of NatWest'. (For more on CCC read this, particularly page 24.)"

http://1sq.me/my2coS

Labour really need to stop trying to be the caring face of Conservatism and fight to a left-wing party once more.

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