Sceptics rightly point out that political parties, especially those in opposition, will say almost anything to gain support in the run up to an election. This is why an autonomous discussion space like TWT is critically important. There were many in-depth debates about how to build an inclusive economy and how to create democratic public ownership. The content of the deliberations was concrete, and people saw a real opportunity for change if Labour wins the next election. Naturally, a lot of energy was spent on trainings and workshops on grassroots mobilisation and community organising. Art exhibitions, film screenings and other cultural activities made the TWT rich and attractive for a broad audience.
TWT dealt with much broader issues too, which are not (yet) necessarily priorities for the party–what to do with the banks, for instance. 2018 marks ten years since the last global financial crisis. The failures and risks of financial institutions continue to be borne by society, and necessary regulation has not happened. Extreme austerity policies and social cuts in the UK, the rest of Europe and worldwide were justified by neoliberal power. Political economist Ann Pettifor noted that the ‘financial sector has been powerful, consolidated, and guaranteed as ever’ at a TWT session on finance.
The Labour party, while talking about regional public development banks that should invest in the real economy, have not said concretely how to tackle the financial power centred on the City of London.
Michael Boberts, who worked in the City of London as an economist, was terribly angry that the banks don’t work for people and the real economy, but instead serve big corporations, financial markets, and shareholders. According to Boberts, only 5% of finance flows to the real economy, and the rest goes to financial markets and speculation. In this situation, establishing public banks is not enough. He argued that banking should be a public service, much like transport, and contended that it was not necessary to integrate all banks into one public national bank, but that the banking system should be democratically governed as a public service to force money to flow into the real economy. In the face of the extremely powerful and highly globalised finance sector, this will be an uphill battle that will require new perspectives and radical proposals for action.
Finally, Brexit. I felt the TWT consciously skirted this divisive issue while the Labour party congress, on the other hand, could not avoid it. The congress passed a motion stating, “If we cannot get a general election, Labour must support all options remaining on the table, including campaigning for a public vote.” Amid growing calls for a People’s Vote - a new referendum on Brexit - demanding a general election remains the priority, at least for the top leadership of the Labour party.
Business groups have, of course, attacked Labour’s socialist economic policies. This is no surprise, as their easy business environment and vested interests are at risk. I also heard criticisms from left-wing circles that the Labour party was neither radical enough nor international enough. In my opinion, it is very easy to critique, but one wonders if the radical left can afford to criticize, instead of supporting and uniting? Globally, what other political opportunities are there at national level where democracy and redistribution to workers are discussed to this degree? What other opportunities are this serious and credible? The current Labour party has truly created an historical opportunity to take on this extreme neoliberal system and tackle inequality. It opens new debates about what an economy for the many should look like.
I want to see the situation as an historical possibility. After all, I have seen in my lifetime the deterioration of welfare states, and my sons only know a neoliberal world. Young people today don’t know that housing could be affordable and have had few prospects except to dream of being part of the 1%.
As the British would say, I merely dare to dream about a politics centred around the interests of workers and ordinary people.