Corbynomics

[Young Master Smeet]

This is worth keeping hold of, SEB is pretty much close to Corbyn's crowd:

http://socialisteconomicbulletin.blogspot.co.uk/2017/10/no-jeremy-corbyn-wont-bankrupt-uk.html

Quote:

The chart shows that an enormous gap has opened between the level of profits and the level of investment (even the latter is flattered because it included the investment of government and of private households). 

The proportion of profit directed towards investment has also fallen dramatically, especially since the early 1970s when it reached its zenith. In fact, for the entire period 1966 to 1976 the level of investment in the economy as a whole exceeded the level of profits. In 1976 itself investment was equivalent to 125% of UK profits. This was particularly boosted by a much higher level of public investment than now. But there is no reason why business investment alone cannot exceed the levels of profits, at least for a period, when borrowing can be used to supplement profits as a source of funding (in anticipation of high profits). 

As a result of this investment gap – the gap between profits and investment – there is plenty of money left. The gap between profits and investment in 2016 was £96 billion, equivalent to just under 5% of GDP. If the economic situation continues to deteriorate and Brexit has the anticipated further depressing effect, then these resources will be invaluable.

Basically, the plan is to use state power to compell capitalists to invest in capital, and to try and get such investment to be profitably realised through state consumption in services.

Thus the claim

This is a plan for state capitalism, with the state as a co-ordinating mechanism to balance the market.

[Anonymous]

Young Master Smeet wrote:

This is a plan for state capitalism, with the state as a co-ordinating mechanism to balance the market.

Which is precisely what the Corbynistas want, except they mistakenly call it socialism.

[Young Master Smeet]

I missed any media coverage of this speech.http://press.labour.org.uk/post/166388921439/jeremy-corbyn-speech-to-cooperative-party

Quote:

So when we talk about taking natural monopolies into public ownership we’re not inspired by the centralised and remote models of the 1940s and 1950s. We’re determined to create models of ownership that involve workers and consumers based on Co-operative principles, whether that’s at community, regional or national level.Last year the profit margins at the big six energy firms hit their highest level on record, falling wholesale costs were not passed on, and since then providers like British Gas have hiked prices again by 12.5%.

and

Quote:

Digital platforms are opening up huge opportunities for horizontal, more democratic, forms of organisation to flourish.Imagine an Uber run co-operatively by their drivers, collectively controlling their futures, agreeing their own pay and conditions, with profits shared or re-invested. The next Labour Government, working with you, can make that a reality.The biggest obstacle to this is not technological but ourselves. We must have the confidence and organisational skill to make it happen. That’s why we commissioned our report on Alternative Models of Ownership. To start asking fundamental questions about who should own our economy in the digital age, and how to ensure that it’s enormous potential benefits serve the many, not the few.[…]To prevent just the few benefiting from the “rise of the robots” the report suggests we consider higher minimum wages, a shorter working week, profit sharing schemes, or putting the ownership and control of the robots in the hands of those who work with them and come to rely on them.

[alanjjohnstone]

YMS, i did try to start a thread on Corbyn's speech on Workers Control Lite a few days agohttps://www.worldsocialism.org/spgb/forum/general-discussion/workers-control-liteIt seemed to me from the absence of comments from the forum users, it wasn't only the media who weren't interested in the topic.Nor in Free Access Litehttps://www.worldsocialism.org/spgb/forum/general-discussion/free-access-lite

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