What is it? Corbynomics – taking its name from the leader of the Labour Party – is the term being used to describe a range of proposed measures for dealing with Britain’s economic crisis and ending austerity. These include expanding state investment, promoting higher wages, regulating banks and other financial institutions and undertaking a programme of nationalisation. Its origins lie in the ‘alternative economic strategy’ put forward by the Labour left in the 1970s and 1980s. It also harks back to the New Deal and the Keynesianism of post-second world war reconstruction. This programme is a far cry from socialism but even within its own progressive reformist terms currently stands no chance of being implemented by any British government because the conditions for class consensus – social democracy – no longer exist.
So why is this idea being dragged out of its coffin now at a time when capitalism is exposed as the rotten stagnating system it is?
- There is a global crisis, with convulsions on the world’s stock exchanges, ‘emerging market’ debt reaching $24.4 trillion, and mergers and acquisitions at an all-time high of over $5 trillion in 2015.
- The working class is under attack and is losing its housing, education, health and community infrastructure.
- British imperialism – in the service of the arms trade and in defence of the multinational corporations and international profit – is waging war and devastation on millions of people all round the world.
Far from winning workers to opposition to British imperialism, the idea that a Corbynomic parliamentary programme can be successfully implemented ties them ideologically to the interests of British imperialism and promotes the idea that economic control can be gradually taken away from the capitalist class.
The British ‘left’ correctly talks of greedy bankers, corrupt developers, mean landlords, racist immigration laws and illegal wars, but these are all just symptoms. The time has come to stand against the cause – the capitalist system. As Marx says in the Communist Manifesto, ‘Capital is not a personal, it is a social power’.
Don’t hollow out the anti-capitalist slogan
There can be no radical change without a challenge to the power of the capitalist state which operates to protect the rights of capital. This is well understood by those sections of the working class and oppressed people who are fighting for their rights. As soon as the struggle for social justice commences it meets the power of the state acting in defence of the capitalist class. Whether residents of the Heygate Estate or refugees from imperialist war zones, state power must be confronted and the working class must struggle for its own interests. The fight against war, racism and austerity must be a fight against capitalism.
A Corbynomics of the House of Commons, a Corbynomics that stands on a platform of reform and electioneering will achieve nothing, is nothing and will go nowhere.
Organise, educate, agitate!
Build struggles from the grassroots. Join in campaigns with the Revolutionary Communist Group – set up new campaigns – hold meetings – never be silent – don’t let the ruling class divide us – an injury to one is an injury to all.
