Old Labour said it stood for socialism and advocated policies to run capitalism. New Labour says it stands for capitalism and advocates policies to run capitalism. The only difference between the "old" and the "new" versions is that Blair's Labour Party is more honest about its love affair with capitalism.
Back in 1925 George Lansbury, darling of the Labour Left, addressed his party's conference with a rousing declaration:
"Socialism is inscribed on our banners … We intend that the land of Britain and all its resources shall be owned and used in the service of the British people."
It was a peculiarly nationalistic version of socialism, but Lansbury and his followers clearly believed that they were standing for the principle of common rather than private ownership. Two years earlier 143 Labour MPs voted in favour of the following resolution which they proposed in the House of Commons: