Socialist studies 98

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Socialist Studies

Running Capitalism ­ Corbyn Style Refugees – An Insoluble Problem Terrorism, Isis and Oil The Armaments Industry Radicals, Revolutionaries and Reactionaries The Paris Commune Are Socialists Extremists? Are you a Marxist? Strike Action and the Trade Unions Why Do We Need Socialism? End Piece: Marx and Capitalism

Socialist Studies No 98, Winter 2015

Running Capitalism ­ Corbyn Style You would be forgiven in believing from the banner headlines of the capitalist media that Jeremy Corbyn sups with the devil. The DAILY MAIL has already marked his card as a “Marxist”. The DAILY TELEGRAPH has trawled through the backgrounds of all his advisers to scream out that they are an assortment of the bad, mad and dangerous to know. And the DAILY EXPRESS discovered that his great­great grandfather was in charge of a Dickensian workhouse. The truth is less lurid. Rather than being a Marxist, Jeremy Corbyn is a card­carrying Keynesian. The principal advisor of much of Corbyn’s economic policy is the accountant, Richard Murphy who favours a “People’s Quantitative Easing”. And Corbyn’s shadow Chancellor, John MacDonnell announced that his economic advisors will be drawn largely from the Keynesian stable; a group which includes the US Nobel prize­winner Joe Stiglitz, Simon Wren­Lewis, Mariana Mazzucato, Danny Blanchflower and rock­ star economist Thomas Piketty. Even Keynes’s biographer, Lord Skidelsky, supported Corbyn for his Keynesian credentials (GUARDIAN, 19th August 2015).

Instead of wanting to abolish capitalism, Jeremy Corbyn has looked favourably upon a series of economic reforms, such as the Tobin tax and measures to prevent corporate and individual tax evasion ­ hardly revolutionary. In short he favours state­led investment and government­induced inflation ­ no different to the policies of the pre­Blair Labour governments of Wilson and Callaghan and several post­war Tory governments which all favoured Keynesian policies. In economic fashion, it really will be a return to the 1970s; the equivalent to wearing tank tops, wide lapels and jump suits. Under no circumstances does Jeremy Corbyn want to establish “from each according to ability to each according to need” a measure once advocated by his hero Keir Hardie. What of Jeremy Corbyn’s pacifism and genuflection towards Keir Hardie? What of CND? On the centenary of Keir Hardie’s death he was praised by the BBC in a documentary as a principled pacifist. Yet in September 1914 he was urging workers to join the armed forces and he boasted that he had done more for recruiting for the war than his Liberal opponents,: all this conveniently forgotten by the peace­loving Mr Corbyn (see Keir Hardie’s articles in the Merthyr Tydfil PIONEER, 22nd August and 19th December, 1914 cited in The Kier Hardie Myth, SOCIALIST STANDARDd no 679, March 1961).


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