Participatory Socialist Economics: The Vision of British Labour

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A Socialist Project e-bulletin ... No. 1677 ... October 1, 2018
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Participatory Socialist Economics: The Vision of British Labour

Hilary Wainwright

Shadow chancellor John McDonnell can usually barely breathe a word about nationalisation without setting off a media frenzy, so it’s strange that his most interesting comments yet on the subject passed with so little comment. Speaking in February about the Labour Party’s proposed new economics, McDonnell said: "We should not try to recreate the nationalised industries of the past … We cannot be nostalgic for a model whose management was often too distant, too bureaucratic."

Instead, he said, a new kind of public ownership would be based on the principle that "nobody knows better how to run these industries than those who spend their lives with them."

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