A liberal summary of the political economy of Britain
- “Britain has been a high-inequality, high-poverty nation for most of the last 200 years, with significant consequences for life chances, social resilience, and economic strength.
- With the exception of the immediate post-war era, the struggles for share over the last 200 years have been won by the richest and most affluent sections of society, often with the compliance of the state.
- Under extraction, economic activity becomes detached from new wealth creation, with the boost to profitability and rising corporate surpluses of recent times used to reward executives and investors rather than boost productivity.”
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Unsurprisingly, not a single mention of Britain’s ‘extractive’ capitalism within its functioning as imperialist state, analysing the British economy in isolation of the global economy and global sociology. (e.g. defeat and weakening of social forces/struggle at home and abroad,‘neoliberalism’ as a global form of capitalism, absence or disappearance of an alternative. Shockingly, not a single mention of the word finance (rentier economy) by a liberal economist! (see comparison with France, Germany and Spain p. 11)
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