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Economics for the Many
Our economy is rigged in favour of a wealthy elite. We need a new approach: an economics for the many.
Big challenges lie ahead for our society: the rise of automation and the threat of catastrophic climate change. But so, too, do the huge possibilities presented by new technology and better ways of organising our economy in the wake of neoliberalism’s failure. With the election of Jeremy Corbyn as Labour leader, and the extraordinary turnaround in Labour’s fortunes in the 2017 election, we have a real opportunity to build an economy in Britain that is radically fairer, radically more democratic, and radically more sustainable. But we need the right ideas and strategies if we’re going to get there.
Economics for the Many, edited and with an introduction by Shadow Chancellor of the Exchequer John McDonnell, features contributions from the participants in his New Economics conferences, including Barry Gardiner, Ann Pettifor, Prem Sikka, and Guy Standing. It covers topics from housing, public ownership, and fairer international trading systems to industrial policy for the twenty-first century and how to tackle tax avoidance and regional imbalances. Together, the essays in this volume lay out a vision for a new economics, one that works for the many, not the few.
Big challenges lie ahead for our society: the rise of automation and the threat of catastrophic climate change. But so, too, do the huge possibilities presented by new technology and better ways of organising our economy in the wake of neoliberalism’s failure. With the election of Jeremy Corbyn as Labour leader, and the extraordinary turnaround in Labour’s fortunes in the 2017 election, we have a real opportunity to build an economy in Britain that is radically fairer, radically more democratic, and radically more sustainable. But we need the right ideas and strategies if we’re going to get there.
Economics for the Many, edited and with an introduction by Shadow Chancellor of the Exchequer John McDonnell, features contributions from the participants in his New Economics conferences, including Barry Gardiner, Ann Pettifor, Prem Sikka, and Guy Standing. It covers topics from housing, public ownership, and fairer international trading systems to industrial policy for the twenty-first century and how to tackle tax avoidance and regional imbalances. Together, the essays in this volume lay out a vision for a new economics, one that works for the many, not the few.
256 pages, Paperback
First published January 1, 2018
30 people are currently reading
837 people want to read
About the author
John McDonnell
3 books8 followersJohn Martin McDonnell is an English politician who served as Shadow Chancellor of the Exchequer from 2015 to 2020. He has been the Member of Parliament (MP) for Hayes and Harlington since 1997, representing the Labour Party until the whip was withdrawn and his suspension on 23 July 2024 as a result of voting to scrap the two child benefit cap. McDonnell is on the political left and a member of the Socialist Campaign Group.
He stood for the position of Labour Party leader following Tony Blair's resignation in 2007, but failed to reach the required number of nominations. He was a candidate for the party leadership again in 2010 following Gordon Brown's resignation after Labour's electoral defeat, but withdrew in favour of Diane Abbott, feeling that he would be unable to secure enough nominations.
Alongside Jeremy Corbyn, McDonnell has been seen as a major figure on the left-wing of the party. After being elected Labour leader in 2015, Corbyn appointed McDonnell to his Shadow Cabinet as Shadow Chancellor of the Exchequer. As Shadow Chancellor, McDonnell pledged to increase spending on infrastructure and research.
He stood for the position of Labour Party leader following Tony Blair's resignation in 2007, but failed to reach the required number of nominations. He was a candidate for the party leadership again in 2010 following Gordon Brown's resignation after Labour's electoral defeat, but withdrew in favour of Diane Abbott, feeling that he would be unable to secure enough nominations.
Alongside Jeremy Corbyn, McDonnell has been seen as a major figure on the left-wing of the party. After being elected Labour leader in 2015, Corbyn appointed McDonnell to his Shadow Cabinet as Shadow Chancellor of the Exchequer. As Shadow Chancellor, McDonnell pledged to increase spending on infrastructure and research.
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Displaying 1 - 13 of 13 reviews
October 1, 2018
I cannot recommend this highly enough; it's going to be the most uplifting book you've read in a long time.
So that's an opposition doing its homework. The book 'Economics for the Many' (VERSO, 2018) contains 16 essays (edited by Shadow Chancelor John Mc Donnell) with costed policy proposals for a radically different economy, one that puts people before profits. It's kind of the answer to 'yeah, radical transformation sounds great, but HOW?' Well, here's how.
Many of the proposals are already reflected in Labour's new manifesto 'For the many, not the few'. Although the programme is widely described as a social democratic programme, the manifesto contains the seeds of a radical transformation beyond social democracy. For instance, while there are proposals for fiscal and monetary reforms to re-distribute wealth, there's a great deal of very concrete reform thinking on policies that work 'before or during wealth creation' (social democracy's blind spot); e.g., modern forms of cooperative and municipal ownership, based on many existing good practices of economic democracy which came about after the GFC.
What I also really appreciate is the chapter on progressive trade and investment policies including Labour's committment to building human rights and social justice into trade policies to address structural causes of 'underdevelopment' in the third world which will radically transform the current deeply flawed free trade and aid regime.
Finally, and as an aside, this book also provides a practical answer to the often artificial identity debate: a progressive restructuring of the economy and society that works for the many must of course be designed to address the multiple forms of exclusion and discrimination - this and putting the environment at the centre of the entire reform project are some of the key lessons from Labour's last 'radical' reform post WW 2.
So that's an opposition doing its homework. The book 'Economics for the Many' (VERSO, 2018) contains 16 essays (edited by Shadow Chancelor John Mc Donnell) with costed policy proposals for a radically different economy, one that puts people before profits. It's kind of the answer to 'yeah, radical transformation sounds great, but HOW?' Well, here's how.
Many of the proposals are already reflected in Labour's new manifesto 'For the many, not the few'. Although the programme is widely described as a social democratic programme, the manifesto contains the seeds of a radical transformation beyond social democracy. For instance, while there are proposals for fiscal and monetary reforms to re-distribute wealth, there's a great deal of very concrete reform thinking on policies that work 'before or during wealth creation' (social democracy's blind spot); e.g., modern forms of cooperative and municipal ownership, based on many existing good practices of economic democracy which came about after the GFC.
What I also really appreciate is the chapter on progressive trade and investment policies including Labour's committment to building human rights and social justice into trade policies to address structural causes of 'underdevelopment' in the third world which will radically transform the current deeply flawed free trade and aid regime.
Finally, and as an aside, this book also provides a practical answer to the often artificial identity debate: a progressive restructuring of the economy and society that works for the many must of course be designed to address the multiple forms of exclusion and discrimination - this and putting the environment at the centre of the entire reform project are some of the key lessons from Labour's last 'radical' reform post WW 2.
October 10, 2018
This collection of 16 short essays by different authors represents a sample of the leading edge ideas informing plans for Corbyn’s Labour government. Taken together, they demonstrate not only that McDonnell has assembled the basis for a radical and realistic alternative to the present neoliberal orthodoxy of free market ideology and public austerity, but also that Labour is prepared to question and change major aspects of our economy that have, for too long, been considered immutable.
Several contributions review the difficulty that the public are not educated in economics, while even those who choose to study economics at university are exposed only to a narrow band of conventional opinion, astonishingly free from empirical evidence or critical evaluation. There are all sorts of alternatives out there, but somehow the Western democracies have managed to entrench neoliberal economics, despite the reality that it has been academically debunked and that, in 2007-9, the collapse of the global financial system demonstrated its utter bankruptcy.
The persistence of a failed economics requires no conspiracy theory, since we can see in plain sight astonishing devices to enable the wealthiest individuals and the largest corporations to evade taxation and social accountability while gaining control of a vast and still growing proportion of all economic resources. To achieve this, our governments overtly throw their own citizens into poverty under the mantra of austerity and, amazingly, voters continue to be persuaded that this entirely artificial and avoidable state of affairs is necessary and merits their votes. Well, this book demonstrates that it is not at all necessary and it offers a range of strategies to reverse this process.
Several contributions review the difficulty that the public are not educated in economics, while even those who choose to study economics at university are exposed only to a narrow band of conventional opinion, astonishingly free from empirical evidence or critical evaluation. There are all sorts of alternatives out there, but somehow the Western democracies have managed to entrench neoliberal economics, despite the reality that it has been academically debunked and that, in 2007-9, the collapse of the global financial system demonstrated its utter bankruptcy.
The persistence of a failed economics requires no conspiracy theory, since we can see in plain sight astonishing devices to enable the wealthiest individuals and the largest corporations to evade taxation and social accountability while gaining control of a vast and still growing proportion of all economic resources. To achieve this, our governments overtly throw their own citizens into poverty under the mantra of austerity and, amazingly, voters continue to be persuaded that this entirely artificial and avoidable state of affairs is necessary and merits their votes. Well, this book demonstrates that it is not at all necessary and it offers a range of strategies to reverse this process.
July 25, 2020
I was hoping that the second edition of this book was going to include a post-mortem on the Labour election of 2019, but unfortunately it doesn’t, so the wealth of ideas here feel a bit pie-in-the-sky (although still quite interesting - especially the intentional mix of somewhat orthodox class analysis with speculative pieces on social infrastructure investment and platform cooperativism).
“We need to transform our economic institutions, and build new ones where they are needed, to create an economy that works for the many, not the few.”
“We need to transform our economic institutions, and build new ones where they are needed, to create an economy that works for the many, not the few.”
abandoned
December 7, 2019States, quite correctly, that we have a severe economic literacy problem. Then in chapter 2, dives deep into unfamiliar jargon and technical terms, both proving the statement and alienating the reader. I would like to come back to this series of essays when I have improved my economics skills to match.
December 19, 2019
I started to read this book when the 2019 general election was first called. In the light of the result, it is difficult to remember that, at that point in time, it was felt that this could well be policy by the end of the year. As it happens, the manifesto laid out in this book was decisively rejected by the electorate. Rather than laying the book aside, I decided to finish it, but to view it from a different perspective. I wanted to see how much of the book was likely to be discarded? How much would happen in any case? And how much of it will be used by the other side?
There are some parts of the book that are plainly delusional. The delusions originate from two areas. First, they describe a world that doesn't exist and find solutions to the problems of this imaginary world. At times, it seems as if we are reading a work about a dysfunctional alternative world. Second, the problems are real enough, but the solutions are delusional. Too often, the authors resort to advocating people they don't like suffering a high tax burden and for the sums raised to be given to those who the authors do like. A tax and spend policy based upon the playground bullying over lunch money is not credible. These aspects of the book are likely to be discarded as advocated and rejected.
Some parts of the book describe trends that are already under way. For example, the chapters on the Green New Deal, or the Financialisaton of Everyday Life, or New Ownership Models all address trends well under way before this book was written. These trends are likely to continue irrespective of whether or not they form policy. All policy could hope to achieve here is to guide the trends into a more congenial avenue. This part of the book falls into the category of describing the change that we already are experiencing. It's good to have it pointed out, but it does have an aspect of futility about it.
The final category is the one that has our attention. Some of the ideas in the book are too good to miss and are being used by the Conservatives in government. The aspects of regional rebalancing in the UK, and England in particular, stand out as well argued. Already we can see much of this starting to happen. We have no idea whether or not it will be successful. The point is that there is a tacit cross-party consensus on what needs to be done.
The book is a collection of essays. The essays are written mainly by academic economists. Sadly, they write like academic economists, which means that the language is dry, jargon ridden, and inaccessible. This aspect of the book surprised me the most. Some authors resort to too much theory to make the book generally readable. I see this as a missed opportunity for the academic community to engage with a wider audience.
I wouldn't recommend the book as an easy read. It may come to serve as an historical curiosity. It may come to signify something more in the future. Either way, I am glad to have read the book, but would only recommend it to enthusiasts.
There are some parts of the book that are plainly delusional. The delusions originate from two areas. First, they describe a world that doesn't exist and find solutions to the problems of this imaginary world. At times, it seems as if we are reading a work about a dysfunctional alternative world. Second, the problems are real enough, but the solutions are delusional. Too often, the authors resort to advocating people they don't like suffering a high tax burden and for the sums raised to be given to those who the authors do like. A tax and spend policy based upon the playground bullying over lunch money is not credible. These aspects of the book are likely to be discarded as advocated and rejected.
Some parts of the book describe trends that are already under way. For example, the chapters on the Green New Deal, or the Financialisaton of Everyday Life, or New Ownership Models all address trends well under way before this book was written. These trends are likely to continue irrespective of whether or not they form policy. All policy could hope to achieve here is to guide the trends into a more congenial avenue. This part of the book falls into the category of describing the change that we already are experiencing. It's good to have it pointed out, but it does have an aspect of futility about it.
The final category is the one that has our attention. Some of the ideas in the book are too good to miss and are being used by the Conservatives in government. The aspects of regional rebalancing in the UK, and England in particular, stand out as well argued. Already we can see much of this starting to happen. We have no idea whether or not it will be successful. The point is that there is a tacit cross-party consensus on what needs to be done.
The book is a collection of essays. The essays are written mainly by academic economists. Sadly, they write like academic economists, which means that the language is dry, jargon ridden, and inaccessible. This aspect of the book surprised me the most. Some authors resort to too much theory to make the book generally readable. I see this as a missed opportunity for the academic community to engage with a wider audience.
I wouldn't recommend the book as an easy read. It may come to serve as an historical curiosity. It may come to signify something more in the future. Either way, I am glad to have read the book, but would only recommend it to enthusiasts.
September 14, 2020
Some really excellent essays in here, particularly those by Simon Wren-Lewis on fiscal credibility rules and MMT, Costas Lapavitsas And Johnna Montgomerie on financialisation, and Joe Guinan And Thomas Hanna on economic democracy.
Wish that Big John himself had written more than an introduction, and think that a contribution by someone like a Piketty, Stiglitz, Mazzuccatto or Wilkinson and Pickett could have added a bit more heft, though Standing’s essay was very good
Wish that Big John himself had written more than an introduction, and think that a contribution by someone like a Piketty, Stiglitz, Mazzuccatto or Wilkinson and Pickett could have added a bit more heft, though Standing’s essay was very good
January 8, 2020
A really interesting read, especially for someone new to theories of economics. Fascinating proposals put forward for economic policies (often tried and tested) which cater for the people rather than a wealthy few. Mostly well reasoned arguments which make sense. Looking forward to learning more.
April 23, 2020
This is a great overview of modern monetary theory, community wealth building and the various other systems and schemes by which we may turn our economy from one that works in the service of capital to one that works in the service of us all.
August 15, 2023
Good chapters on AI and data, accessible economics and economic pluralism
Some inaccessibilities despite essays about making economics more approachable and accessible
Final chapter of tax them to shit
Decent overall if a bit dense
Some inaccessibilities despite essays about making economics more approachable and accessible
Final chapter of tax them to shit
Decent overall if a bit dense
August 31, 2019
READ THIS BOOK
January 5, 2020
Started reading this before the election in a fit of optimism, finished it afterwards in despair, 'look at what you could have won...'
September 17, 2019
Somewhat limited in scope but not bad for what it is. The more interesting chapters, for me, were the ones that serve as an introduction to various economic topics — Simon Wren-Lewis on the financial crisis and macroeconomic policy, for example. There were a couple in the middle that, for example, basically summarised Labour’s Alternative Models of Ownership report from 2017 — after a couple of these in a row it started to lose my interest. A few of the weaker chapters read more like a manifesto — Barry Gardiner’s on international trade being the worst here. The policy recommendations are basically social-democratic ones, and the trade chapter in particular really lacked a critical perspective. (For example, the supposed positive impact of work in the garment industry for women in Bangladesh.)
Guinan and Hanna’s chapter makes an argument that some of the policy proposals go beyond social-democracy and constitute radical change, by altering the forms of ownership in the economy. The suggestions here are positive ones, but don’t really seem to go far enough — ownership seems like only part of the problem of capitalism, and a market economy with less concentrated ownership of land and industry will still be a capitalist one.
The final chapter (Guy Standing) also caught my attention, negatively — it seemed like a brief summary of several of his books, without a particularly strong unifying thread. First was his claim that Marx’s class “dualism” is no longer valid; he didn’t really seem to justify this, and though I’m no Marx expert, Standing’s description of ‘precariat’ versus ‘salariat’ versus elites does not seem to contradict Marx (if one remembers that some of the working class have always seen their interests as being aligned with those of the elites even when this is not actually the case). Standing’s policy proposal appears to be a set of taxes on the ‘commons’, feeding into a sovereign wealth fund that would pay a universal basic income.
Guinan and Hanna’s chapter makes an argument that some of the policy proposals go beyond social-democracy and constitute radical change, by altering the forms of ownership in the economy. The suggestions here are positive ones, but don’t really seem to go far enough — ownership seems like only part of the problem of capitalism, and a market economy with less concentrated ownership of land and industry will still be a capitalist one.
The final chapter (Guy Standing) also caught my attention, negatively — it seemed like a brief summary of several of his books, without a particularly strong unifying thread. First was his claim that Marx’s class “dualism” is no longer valid; he didn’t really seem to justify this, and though I’m no Marx expert, Standing’s description of ‘precariat’ versus ‘salariat’ versus elites does not seem to contradict Marx (if one remembers that some of the working class have always seen their interests as being aligned with those of the elites even when this is not actually the case). Standing’s policy proposal appears to be a set of taxes on the ‘commons’, feeding into a sovereign wealth fund that would pay a universal basic income.
January 13, 2019
Ekonómovia, spolupracujúci s dnešným vedením Labour v UK napísali knihu o rôznych aspektoch ekonomického programu strany. Veľmi veľa veci otáznych, alebo takých s ktorými vyslovene nesúhlasím, ale celý počin a snaha o komunikáciu nápadov veľmi sympatická. Dobré čítanie pre všetkých čo majú záujem o hlbší, ale zas nie úplne odborný prienik do súčasného ľavicového ekonomickéhi zmýšlania. Väčšina tém relevatná aj pre SR.
Displaying 1 - 13 of 13 reviews