Lord Sainsbury, the Labour Party and Capitalism

[ALB]

Interesting news item in today's papers. Lord Sainsbury (of the supermarket dynasty) who, in the past given more than £12 million (yes, £12m) to the Labour Party, openly admits that what he stands for is "progressive capitalism". He's even written a book with that title. It seems, however, that he was not satisfied with what he got for his money. He's quoted as writing in his book (he was a Minister in the last Labour government):

Quote:

I believed the policies we had developed in opposition would increase the prosperity of the country and create a fairer society. But in government, I gradually came to realise that our thinking largely reflected the dominant neoliberal political economy of the time, which was not a useful basis for developing policies to achieve our goals.

He's still a member of the Labour Party and in The Times (not available on line unless you pay), he says:

Quote:

I am a member of the Labour Party. I talk to them about issues on policy and progressive capitalism.

We shouldn't really be surprised at this since, as far as we're concerned, the Labour Party always has pursued the pipedream of a a "progressive capitalism". But at least this is an open admission that they do.
 

[stevead1966]

I am reminded of Labour Prime Minister Harold Wilson and his links to capitalists such as Sir Eric Miller who owned Peachey Property Corporation and became the predominant freeholder for high-end leasehold properties in London. He was appointed to the board of Labour Party Properties and served as Treasurer of the Socialist International. Miller later committed suicide while under investigation for fraud. Also Joseph Kagan, Baron of the Gannex mac ! He was later imprisoned for theft and false accounting aka tax evasion.Lets not forget Tony Blair and New Labour, this is when the Labour Party finally came out of the closet and declared that they ran capitalism in the interest of the capitalist class which is the only realistic way it can be run. Blair : ‘Britain needs successful people in business who can become rich by their success, through the money they earn’ -Speech to the CBI, 1995. 'Penal rates of taxation do not make economic or political sense. They are gone for good’ -Speech to CBI conference, November, 1995.The best is from Mandleson: “We are intensely relaxed about people getting filthy rich,” 1998

[SocialistPunk]

AdamI was wondering if you had any idea as to what this Sainsbury bloke means by "progressive capitalism"?Could it be linked to what "Red" Ed Miliband was spouting about, "responsible capitalism", with it's "predators and producers"?Check out this little brown nugget of wisdom from "Red" Ed, found in the thoroughly played for laughs, link below, "I want to save capitalism from itself,".I expect there will be many a teary eyed capitalist, sleeping sounder in their luxury hotel rooms knowing the likes of "Red" Ed is on a mission to make capitalism care, should he ever get a go on, The Boom and Bust Merry-Go-Round.http://www.telegraph.co.uk/news/politics/ed-miliband/9544522/Ed-Miliband-interview-I-want-to-save-the-capitalism-my-father-hated.html

[Young Master Smeet]

The blurb from the book:

Blurb wrote:

The neoliberalism that has dominated economic thinking since Mrs Thatcher and Ronald Reagan first came to power is now seen to have serious flaws, and Progressive Capitalism seeks to replace it with a new, Progressive political economy. This is based on an analysis of why the growth rates of countries differ, and what firms have to do to achieve competitive advantage in today s global economy. The cornerstone of the political economy of Progressive Capitalism is a belief in capitalism. But it also incorporates the three defining beliefs of Progressive thinking. These are: the crucial role of institutions the need for the state to be involved in their design because conflicting interests have to be resolved and the use of social justice as an important measure of a country s economic performance. Social justice, defined as fairness, is used as a measure of performance in addition to the rate of economic growth and liberty. Progressive Capitalism shows how this new, Progressive political economy can be used by politicians and policymakers to produce a programme of economic reform for a country. It does this by analysing and proposing reforms for the UK s equity markets, its system of corporate governance, its national system of innovation and its education and training system. Finally, Progressive Capitalism describes the role the state should play in the economy, which it sees as an enabling one rather than the command-and-control stance of traditional socialism or the minimalist role of neoliberalism.

http://tinyurl.com/ckso6glIt certainly enabled Sainsbury to buy a peerage and make millions of pounds

[ALB]

In today's Times their columnist Rachel Sylvester quotes another former but unnamed Labour (Cabinet) Minister as admitting that Labour is merely out to run capitalism:

Quote:

"Labour's weak point has always been looking after other people's money," says one former Labour Cabinet minister. "Ed Miliband has to deal with that. It's more fundamental than reassurance. He has to demonstrate that he understands how a modern capitalist economy works and that he's fit to run it."

It's not clear if this former Labour Cabinet minister himself understands how capitalism works unless he is saying that Labour must learn to always put profits first (as all previous Labour governments have in fact ended up doing).

[SocialistPunk]

So essentially, "progressive capitalism" is capitalism that allows a minority of people to own and control the majority of the worlds resources, and get stinking rich in the process, but at the same time has room for a rather vague and ill defined concept of social justice or fairness.So it's capitalism then?I bet he'll sell a few books to Labourites who keep looking for something positive to believe in. Some people will read any old crap.

[SocialistPunk]

Hey, I just heard something quite hilarious. I am watching the late edition of the "10 ' o' clock show". Ken Livingstone is, dare I say, debating some wannabe tory politician, I think Toby Young from The Spectator. Something ridiculous about, who is better, Cameron or Miliband.Ken came out with a gem, " Ed Miliband is a genuine socialist."Anyone ever heard of a genuine socialist who wants to, "save capitalism from itself."?

[ALB]

Another Miliband and capitalism quote here:http://www.guardian.co.uk/commentisfree/2010/aug/29/ed-miliband-labour-leadership-changeAnd that was before he was elected Labour Party leader, in fact was one of his leadership campaign promises.Another one here. They're on to him in France too.

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