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The Labour Party under Ed MilibandTrying but failing to renew social democracy$
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Eunice Goes

Print publication date: 2016

Print ISBN-13: 9780719090707

Published to Manchester Scholarship Online: September 2016

DOI: 10.7228/manchester/9780719090707.001.0001

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Labour and the economy

Labour and the economy

Reforming capitalism

Chapter:
(p.67) 3 Labour and the economy
Source:
The Labour Party under Ed Miliband
Author(s):

Eunice Goes

Publisher:
Manchester University Press
DOI:10.7228/manchester/9780719090707.003.0004

This chapter examines the Labour Party’s approach to the economy with a special focus on its response to the 2008 global financial crisis and to the subsequent deficit crisis. It will argue that under Ed Miliband the Labour Party has sought to develop an alternative to the neoliberal orthodoxies of New Labour and to the austerity policies of the coalition. This alternative was based on a new understanding of the market, on an active role for the state in the development of industrial capacity and in ensuring that the proceeds of growth would be equitably shared. However, the Labour Party faced ideational, institutional and political constraints that had the effect of making the break with neoliberalism and austerity policies less clear-cut than it was perhaps intended.

Keywords:   Deficit, Pre-distribution, Keynesianism, Blue Labour, Mutualism, Growth, German model, Entrepreneurial state

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