- Created: Thursday, 25 February 2016 10:48
- Written by FRFI
What is it? Corbynomics – taking its name from the leader of the Labour Party - is the term being used to describe a range of proposed measures for dealing with Britain’s economic crisis and ending austerity. These include expanding state investment, promoting higher wages, regulating banks and other financial institutions and undertaking a programme of nationalisation. Its origins lie in the ‘alternative economic strategy’ put forward by the Labour left in the 1970s and 1980s. It also harks back to the New Deal and the Keynesianism of post-second world war reconstruction. This programme is a far cry from socialism but even within its own progressive reformist terms currently stands no chance of being implemented by any British government because the conditions for class consensus – social democracy – no longer exist.