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.

Read the full article on Wiley

Need help using Wiley? Click here for help using Wiley

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.

Find out more about the latest issue of the journal