Theme: Political Economy | Content Type: Journal article

New Jerusalems? The Labour Party's Economic Policy-Making in Hard Times

Patrick Diamond

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Sara Kurfeß

| 1 min read

This paper is an historical analysis of ideational change in the British Labour Party. It briefly examines two critical phases of economic policy formation: the aftermath of the Great Depression and the MacDonald administration's implosion in 1931 until the outbreak of the Second World War; alongside Labour's experience following the 2008 financial crisis and electoral defeat in 2010 through to Jeremy Corbyn's emergence as leader. Throughout both periods, the aftershocks of financial crises stimulated a ferment of new thinking about the management of the British economy. Think tanks, universities and professionally trained economists aided the left in devising a new economic narrative and programme. For all the criticism of Corbyn's performance as leader, it was only after his victory in 2015 that a serious debate about ideas emerged within the party, more than seven years since the great financial crisis.

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Volume 94, Issue 3

Latest Journal Issue

Volume 94, Issue 3

Includes a commentary by Colin Crouch on the dark heart of today's Conservative party, an article by Stewart Lansley tracing the history of ‘crowding out’, and its use as a justification for austerity and state deflation; and Tim Vlandas and Kate Alexander-Shaw debating the political economy of age. In our reports and surveys section, Deborah Mabbett asks where next for curbing London's emissions? The issue also includes a selection of book reviews such as Andrew Gamble on The Culture of Accountability: A Democratic Virtue by Gianfranco Pasquino and Riccardo Pelizzo, and Leila Simona Talani on Europe's Coming of Age by Loukas Tsoukalis.

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