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How Thatcherism produced Corbynism - UnHerd
In Britain, as elsewhere, the Thatcherite project was self-undermining. While the country Thatcher brought into being was very different from the one she inherited, it was nothing like the country she intended to fashion. Insofar as it ever existed, her Britain was a country of dutiful middle-class families prudently saving for the future. But rather than consolidating and expanding this middle class, she consigned it to the memory hole. More individualist, post-Thatcher Britain is also less bourgeois.

Aside from their homes, few middle-class people have assets of any importance. Beyond the public sector, pensions are dependent on the vagaries of the market. Without job security, much of the middle class lives only months from penury. Incomes have increased for many, but so has debt. While distancing Labour from its past and turning it into an overwhelmingly middle-class party, Tony Blair continued the hollowing out of middle-class life that Thatcher began.

A type of capitalism emerged in which the practices that shaped bourgeois life as it had been known in the past – saving for the future, pursuing a lifelong career, self-sacrifice for the sake of family stability – became redundant or dysfunctional. Adapting to ceaseless change came to be regarded as the primary virtue. Accelerating and accentuating processes that globalisation was driving anyway, Thatcher created a society she could not have imagined.
UK  politics  academia  tenure  Thatcher  Thatcherism  JosephKeith  Keynesianism  state  welfare  employment  individualism  neoliberalism  precarity  insecurity  post-industrialism  middleClass  Corbynism  TheLeft  globalisation  Brexit  referendum  PeoplesVote  farRight  dctagged  dc:creator=GrayJohn 
january 2019 by petej
Adam Tooze, Radical Keynesianism, and Revolution – David Sessions
Though the technocratic perspective takes no particular interest in popular agency, perhaps a charitable reading would be to say that Keynesian managerialism accepts mounting activism or social upheaval as healthy and necessary to achieving a rebalancing at the top, to force the managers to respond. It’s possible that such would bring about a balance of economic management and democratic agency that citizens in Western societies would again find acceptable. But I would suggest that this is—especially in the present moment—unjustifiably optimistic about who the economic managers are and who they really answer to. The fact that during the Keynesian era, they saw fit to require capital’s tolerance of a social-democratic compromise put a democratic sheen on their role of managing the long-term interests of the ruling classes. It was, in the end, a relatively short period in which the popular masses in Europe and the United States found this compromise acceptable before they once again were demanding that their participation be rendered more substantial. Keynesianism was a kindler, gentler Stalinism that had the unfortunate dimension of letting capitalist economic power live to assert itself once again, which it promptly did once popular demands—both political and economic—grew unacceptable. I’m not sure the dark period that followed is one the people will soon forget.
keynesianism  marxism  economics  politics 
september 2018 by max_read
Pre-funding and post-funding investments – The Yorkshire Ranter
I have no idea if this is original, but I was thinking about the Keynesian theory of investment while doing something else and it occurred to me that you can explain it in terms of pre-funding or post-funding. The Modern Monetary Theory people think this distinction, applied to banks, has really important consequences for monetary policy. Do banks look at how much money their customers have deposited and then decide how much to lend, or do they choose which loan applications to greenlight and then work out how to fund them? If it’s the first, monetary policy should be able to influence investment through the so-called credit channel. If it’s the second, not so much.
keynesianism  classicism  nature  investment  debate  quote 
june 2018 by elev8
The Poverty of Luxury Communism
For Keynes, a former British civil servant who once remarked that “the class war will find [him] on the side of the educated bourgeoisie”7, the purpose of state intervention is to halt capitalism’s decline, meanwhile securing some level of social stability.
socialDemocracy  climateChange  noBorders  state  nationalisation  Keynesianism  Corbynism  abundance  growth  capitalism  Novara  Jacobin  intervention  post-capitalism  BastaniAaron  VirnoPaolo  class  politics 
may 2018 by petej

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