Jeremy Corbyn calls for new economics to tackle 'grotesque inequality'

[Ghost Dog]

http://www.theguardian.com/politics/2016/may/21/jeremy-corbyn-labour-economy-re-industrialisation-digital-age

Jeremy Corbyn said the UK needed a serious debate about wealth creation, as he called for a new style of economics to tackle Britain’s “grotesque inequality”.

Closing a Labour state of the economy conference in central London on Saturday, the party’s leader said: “Wealth creation is a good thing: we all want greater prosperity. But let us have a serious debate about how wealth is created, and how that wealth should be shared.” ...

... “We want to see a genuinely mixed economy of public and social enterprise, alongside a private sector with a long-term private business commitment, that will provide the decent pay, jobs, housing, schools, health and social care of the future. Labour will always seek to distribute the rewards of growth more fairly. But to deliver that growth demands real change in the way the economy is run,” Corbyn said...

... There was a need to change the way capitalism in Britain worked, he told the audience: “Previous Labour governments were content to only think about how to redistribute income. Today, technological change means we have to think more closely about ownership.

“I’ve spoken before of moving beyond the Tory right to buy and creating a Labour right to own. This can be at the centre of our offer to Britain – a radical decentralisation of economic power and authority back to working people and local communities.”

http://www.theguardian.com/politics/2016/may/21/jeremy-corbyn-labour-economy-re-industrialisation-digital-age

Two points. 1. Need to consider what is 'wealth'. More than just money. A wealthy society should be a healthy society, physically and mentally. 2. Economics must take into account environmental 'externalities' for long term sustainability.

The full speech at Labour's site:

http://press.labour.org.uk/post/144706064579/leader-of-the-labour-party-jeremy-corbyn-mps

.. An economy based on a new settlement with the corporate sector that, yes … involves both rights and responsibilities.
Labour will always seek to distribute the rewards of growth more fairly … But, to deliver that growth demands real change in the way the economy is run.
Change that puts the interests of the public, the workforce and the wider economy … ahead of short-term shareholder interest.
Wealth creation is a good thing: we all want greater prosperity.
But let us have a serious debate about how wealth is created … And how that wealth should be shared.
It is a co-operative process between workers, public investment and services, and, yes … often very innovative and creative individuals and businesses.
So if wealth creation is a shared process … then the proceeds must be shared too.
Technology is changing the way we work … Digital technology and robotics are transforming jobs and whole sectors of the economy.
Globalisation means that greater international trade is altering where jobs are based … and where workers are in demand.
Work for many has become insecure … and we want to change that because we believe that a happier, more secure workforce is a more productive workforce....

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