Nèdeem Elmahjoub's blog

From the British Labour Party special conference "The report also makes it clear that there should be no return to old models of nationalisation that were adopted after second world war.  They were state industries designed mainly to modernise the economy and provide basic industries to subsidise the capitalist sector.  There was no democracy and no input from workers or even government in the state enterprises and certainly no integration into any wider plan for investment or social need.  This was so-called ‘Morrisonian model’ named after right-wing Labour leader Herbert Morrison, who oversaw the post-war UK nationalisations." Models of public ownership

'Neoliberalism': not so bad? See also Bill Gates poverty is decreasing How poor countries develop rich countries

"was there nothing wrong with capitalism before finance (and ‘financialisation’) emerged after the 1970s?  Were there no crises of overproduction and investment, no monopolies and rent-seeking before the 1970s?  Was there a wonderful productive, competitive, equal capitalist mode of production existing in the 1890s, 1930s or even in the 1960s? And why did finance suddenly emerge in the 1970s, leading to the GDP measure being altered to account for it? Mazzucato offers no explanation of why capitalism became increasingly ‘unproductive’ and ‘rent-seeking’.  But Marx’s value theory does.  From the mid-1960s to the early 1980s, there was a sharp fall in the profitability of the productive sectors of all the major capitalist economies. Capitalism entered the so-called neoliberal period of the destruction of the welfare state, restriction of trade unions, privatisation, globalisation – and financialisation.  Financialisation (looking to make profit from the purc...