Economics for the Many

The book "Economics for the Many" presents the possibilities of building a fairer, more democratic, and sustainable economy in Britain. It offers ideas and strategies for achieving this through contributions from participants in Shadow Chancellor of the Exchequer John McDonnell's New Economics conferences. The book covers topics such as housing, public ownership, fairer international trading systems, industrial policy, and tackling tax avoidance and regional imbalances.

\n Format: Paperback / softback
\n Length: 256 pages
\n Publication date: 18 September 2018
\n Publisher: Verso Books
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Big challenges lie ahead for our society: increased automation of work, and the threat of catastrophic climate change. But so, too, are the huge possibilities presented by new technology and better ways of organizing 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, the possibility has opened up to build an economy in Britain that is radically fairer, radically more democratic, and radically more sustainable. But we need ideas and strategies on how to get there.

Economics for the Many, edited and introduced by Shadow Chancellor of the Exchequer, John McDonnell, features contributions from the participants in McDonnell's New Economics conferences, including Faiza Shaheen, Barry Gardiner, Prem Sikka, Ann Pettifor, Paul Mason, Rebecca Long-Bailey, and covers topics from housing, public ownership, and fairer international trading systems to industrial policy for the 21st century and how to tackle tax avoidance and regional imbalances. Together, the essays in this volume lay out the vision for a new economics; one that works for the many, not the few.

The book's introduction sets the stage for the discussions that follow, highlighting the urgent need for a new economic paradigm that serves the interests of the many rather than the few. McDonnell emphasizes the devastating impact of neoliberalism on working people and the planet, and argues that a shift towards a more equitable and sustainable economy is necessary to address these challenges.

The first essay in the book, titled "The Case for Public Ownership," by Barry Gardiner, explores the potential benefits of public ownership in various sectors, such as healthcare, education, and energy. Gardiner argues that public ownership can help to reduce inequality, increase efficiency, and promote social justice. He also discusses the challenges of implementing public ownership, such as the need for political will and the potential resistance from private interests.

The second essay, titled "Housing for the Many," by Faiza Shaheen, examines the housing crisis in Britain and the need for a comprehensive national strategy to address it. Shaheen argues that the current housing market is rigged in favor of private developers and landlords, and that this has led to a shortage of affordable housing and rising homelessness. She proposes a range of measures, including public investment in new housing, rent control, and the creation of a national housing agency to ensure that everyone has access to safe and affordable housing.

The third essay, titled "Fairer International Trading Systems," by Prem Sikka, explores the role of trade in shaping economic outcomes and the need for a more equitable global trading system. Sikka argues that the current system is rigged in favor of multinational corporations and that this has led to job losses, wage stagnation, and environmental degradation. He proposes a range of measures, including the implementation of trade agreements that prioritize worker rights, environmental protection, and social welfare, as well as the creation of a global trade union to represent workers' interests.

The fourth essay, titled "Industrial Policy for the 21st Century," by Ann Pettifor, examines the challenges facing the British economy in the 21st century and the need for a new industrial policy to address them. Pettifor argues that the traditional model of industrial policy, which focused on promoting private sector growth and deregulation, has failed to deliver sustainable economic growth and has led to rising inequality and environmental degradation. She proposes a range of measures, including public investment in research and development, the creation of new industries, and the promotion of worker ownership and collective bargaining.

The fifth essay, titled "Tackling Tax Avoidance and Regional Imbalances," by Paul Mason, explores the role of tax avoidance and regional imbalances in shaping economic outcomes and the need for a more effective tax system. Mason argues that the current tax system is unfair and inefficient, and that this has led to a concentration of wealth in the hands of a few and a lack of investment in public services and infrastructure. He proposes a range of measures, including the implementation of a progressive tax system, the closure of tax havens, and the redistribution of wealth through measures such as a wealth tax and a basic income scheme.

The final essay, titled "Building a New Economics: Ideas and Strategies," by Rebecca Long-Bailey, examines the challenges and opportunities for building a new economics in Britain. Long-Bailey argues that the political and economic landscape in Britain has changed dramatically in recent years, and that this presents an opportunity to build a new economics that is radically fairer, radically more democratic, and radically more sustainable. She proposes a range of measures, including the creation of a new economic strategy that focuses on job creation, social justice, and environmental sustainability, as well as the establishment of a new economic institution that can oversee and regulate the economy.

In conclusion, Economics for the Many is a powerful and thought-provoking collection of essays that offers a vision for a new economics that works for the many, not the few. The book highlights the urgent need for a shift towards a more equitable and sustainable economy, and provides a range of ideas and strategies for achieving this goal. The contributions from the participants in McDonnell's New Economics conferences are insightful and inspiring, and the book serves as a valuable resource for anyone interested in understanding the challenges and opportunities of building a new economics in Britain.

\n Weight: 384g\n
Dimension: 232 x 165 x 19 (mm)\n
ISBN-13: 9781788732239\n \n