Theme: Political Economy | Content Type: Journal article

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

Patrick Diamond


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 4

Latest Journal Issue

Volume 94, Issue 4

Includes a collection on Scottish Politics After Sturgeon, edited by Ben Jackson and Anna Killick. This features articles such as 'Independence is not Going Away: The Importance of Education and Birth Cohorts' by Lindsay Paterson; 'Diary of an SNP First Minister: A Chronopolitics of Proximity and Priorities' by Hannah Graham; and 'Politics, the Constitution and the Independence Movement in Scotland since Devolution' by Malcolm Petrie. There are a wide range of other articles including 'Unlocking the Pensions Debate: The Origins and Future of the ‘Triple Lock’ by Jonathan Portes and 'The Politics of England: National Identities and Political Englishness' by John Denham and Lawrence Mckay. Finally, there is a selection of book reviews such as Branko Milanovic's review of Equality: The History of an Elusive Idea by Darrin M. McMahon, and Alexandre Leskanich's review of Cannibal Capitalism by Nancy Fraser.

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