Full house at Bristol University for the Bristol Inclusive Economy Network event with Ted Howard of @DemocracyCollab on Community Wealth Building and the emerging potential for a “Bristol Model”. #democraticeconomy#communitywealthbuilding
Ted highlights the irony of a new movement for a democratic economy in the UK and USA, given the role that our two countries played in the conceptualisation, rollout, and development of the neoliberal order. Calls for fundamental systemic change of our political economy.
Panel discussion following Ted Howard’s remarks with speakers from the University of Bristol and local new economy actors from the West of England on prospects for political-economic system change locally. #communitywealthbuilding#democraticeconomy
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We are living through a decomposition of the ideological apparatus into its most basic commitments. For liberalism, these turn out not to be justice or democracy or the rule of law but the protection of power and the preservation of capitalism. As for social democracy, it’s dead.
The social democratic method of using mass democracy to wring concessions from capital and the state doesn’t work when social democratic politics has been taken over by fractions who are unprepared to do any wringing of anything from those with power except for their own careers.
Triangulation did for social democracy, a trick that could only work once. The message has traveled all the way down to the base now; the deal is off.
Some possible “iron rules” for an incoming government that took climate action, the cost of living crisis, and inequality seriously rather than just bending the knee to the established order:
The financial economy of money, debt, and interest will be fully subordinated to real needs, be it the imperative to reduce emissions and observe hard biophysical limits or the real economy of production and consumption.
After more than four decades of neoliberalism and exploding economic inequality, the gap between the richest and the poorest will be narrowed rather than extended—as a matter of democracy, equity, and sustainability.
Quite apart from the inadequacy of current policy proposals we also need a conversation in Britain about policy itself, and the limits of policy in driving change. Too much debate hinges on this or that policy, as if there’s a 1:1 correlation between policy intent and outcomes.
Policy is important—and in some cases can be transformative. But only insofar as it alters the underlying structural conditions of our political economy. Policy within the existing structures can tweak or adjust, but it rarely transforms.
The economic problems we face are not just the result of this or that policy by this or that government—although things can certainly be worsened by government policy, as we saw with Truss/Kwarteng.
Lots that I agree with but some real disagreements with the authors as well. The ‘independent nuclear deterrent’ argument stands out; if the authors want democratic renewal they need to grapple with the contradiction of retaining a ‘thermonuclear monarchy’ wwnorton.com/books/thermonu…
I think my vision of democracy and sovereignty is rather different, too—possibly why I am sympathetic to Scottish independence while the authors are not. There’s a lot more room for questioning and dismantling the British state as an instrument of capital than they allow.
Inflation in double digits, wages declining, basics unaffordable. Interest rates and mortgage payments hiked. The economy in the toilet. Inequality increasing, wealth in fewer hands. Public services on their knees. The Tories crashing and burning. But Labour is at 35% of the vote
I've never known the country in such bad shape. Yet there is no programme anywhere in sight that has a hope of actually making things better. The very best that's on offer is things getting worse at a slower rate
By far the largest political bloc in Britain today is 'none of the above', as can be seen from collapsing turnout. When polled on the matter, two out of three Britons want another choice beyond Sunak's Tories and Starmer's Labour: independent.co.uk/news/uk/politi…
When I’ve encountered the super rich at wealth levels much beyond that they have mostly spent their money on cynical consumption and positional goods, which serves no socially useful or productive purpose.
This quickly gets us into questions about capital formation, large private companies, etc—but there are Meidner Plan-style solutions readily available, wage-earner funds and the like, that could maintain working capital within firms but direct the returns to collective purposes.