The counter-attack on Corbynomics
From Michael Burke
Published on Socialist Economic Bulletin
The economic policies of Jeremy Corbyn have come under widespread criticism. This exceeds the level of scrutiny of his policies; many of his critics do not seem to have troubled themselves to read his key policy document. It also by far exceeds the level of scrutiny devoted to any of his leadership rivals.
This is not surprising. All major sections of big business in Britain and in the western economies as a whole are committed to austerity policies. The economic consensus in favour of austerity arises not from economics textbooks or any appraisal of economic history – even recent history such as the stagnation from 2010 to 2012, and the rise in the deficit that resulted. Austerity is the consensus because it represents the interests of those dominant sections of the economy and therefore society.
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