“This young country will be proud of its identity and its place in the world, not living in its history, but grasping the opportunities of its future.” Tony Blair: Leader’s speech, Brighton, 1995.
Tony Blair and those associated with Blairism embraced globalisation and studiously ignored Labour Party history – except to denounce and disown “Old Labour”. Labour’s economic history was of very little interest to the Blairite generation. And it appears that the history of the 1930s is of little relevance to today’s leadership election debate.
Instead commentary repeatedly harks back to Bennism and the 1980s – when the relevant era is surely the 1930s. As most economists acknowledge, the 1930s and the great depression are widely and rightly understood as the only modern precedent to the great financial crisis that began in 2007, and that still dogs the global economy. Continue reading