Posts under ‘Macroeconomics’

The economy, the state and my crisis of faith

by Daniel McAteer.

Last week I had a crisis of faith in Labour. Looking at the Scottish polling, it looks as if Labour’s journey back to government may be longer and harder than we thought. Yet that is not what caused my questions to synchronise into a cacophony of doubt. My worries are for what happens if we do get […]

“The new mediocre” sustains inequality and won’t beat recession

by Michael Meacher.

The ‘new mediocre’, as the response from the deepest recession in post-war history is now often called, is an anomaly that cannot be accounted for by the factors that mainstream economic models normally consider important. One explanation which is gaining currency is that excessive inequality is to blame. Even Lagarde, IMF Director, admits that inequality […]

For Scotland’s sake, we must break from the Westminster establishment

by Michael Meacher.

The Westminster establishment, to which all the three main political parties are seen to sign up, is the most toxic brew in modern British politics. It has led to UKIP, which robbed the Tories of Clacton and likely Rochester, as well as almost certainly several Tory seats at the next election. And which came within […]

People need hope, not more of the Tory austerity fairytale

by Michael Meacher.

Ha-Joon Chang in the Guardian is right that “the country is in desperate need of a counter narrative” to the Tory story on the economy. I believe it should go like this. First, Labour did not leave behind an economic mess; the bankers did. Labour was not profligate: the biggest Labour deficit in the pre-crash years was […]

Labour must outflank the SNP from the Left

by Neil Findlay.

This article was written prior to the resignation of Johann Lamont and is reposted here because it is a clear political statement by someone who many on the Left in Scotland would like to see as the next leader of Scottish Labour, and covers the same ground as Neil’s speech to the Campaign for Socialism conference […]

Is the EU Commission on the side of Farage?

by Michael Meacher.

It is difficult to believe that some senior members of the EU Commission are not secret Ukippers. To demand that Britain hands over more than €2bn because its economy is doing relatively well compared with the rest of the Eurozone, which is doing appallingly badly, is beyond satire. The idea that Germany, where the Merkel […]

Deficit rise this year destroys any purported case for austerity

by Michael Meacher.

The latest ONS Quarterly National Accounts tell a very significant story. For the media it was immediately a matter of Osborne likely not being able to provide a pre-election giveaway in a big new tax break to be announced in his Autumn Statement on 3 December. But that isn’t the real point at all. A […]

Leanne Wood interview: another Wales is possible

by Guest.

The annual conference of Plaid Cymru starts tomorrow. Here their leader, Leanne Wood, talks about the Scottish referendum and devolution, questions EVEL (English votes for English Laws) and opposes the evils of austerity. She is interviewed by Socialist Resistance SR: You were a very high profile and active supporter of the Yes campaign in Scotland. […]

‘Secular stagnation’ is the outcome of deliberate policy — it can (still) be reversed

by Ann Pettifor.

Martin Wolf in the FT today strikes a  different direction from those secular stagnaters shepherded by Larry Summers towards the cliff-edge of endless doom. Larry Summers devised and popularised the term, “secular stagnation”. He has a lot to answer for. His misjudgements, poor advice to the Obama administration, and flawed analysis have been catastrophic for the global […]

Osborne’s own policies shrink tax revenues, yet he cuts more to compensate

by Michael Meacher.

There are now unmistakeable signs that Osborne’s so-called economic recovery is fading, despite all the right-wing think tanks and pro-Tory media to talk it up. A survey of 7,000 businesses by the British Chambers of Commerce has just found that manufacturers have suffered a sharp slowdown in export orders, and even more significantly domestic sales […]

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