
IN HIS introduction to 16 essays by more than a score of contributors, shadow chancellor John McDonnell points to how the 2007-8 great financial crash shattered the core myths of neoliberalism, namely that markets are the best possible basis on which to organise an economy and that wealth would trickle down from the top once barriers to corporate profit-making — notably state regulation and trade-union strength — were removed.
[[{"fid":"11880","view_mode":"inlineright","fields":{"format":"inlineright","field_file_image_alt_text[und][0][value]":false,"field_file_image_title_text[und][0][value]":false},"link_text":null,"type":"media","field_deltas":{"1":{"format":"inlineright","field_file_image_alt_text[und][0][value]":false,"field_file_image_title_text[und][0][value]":false}},"attributes":{"class":"media-element file-inlineright","data-delta":"1"}}]]What has happened since then, he argues, is that company profits have soared while problems of poverty and homelessness have grown as a consequence of austerity.
A deeper analysis would also have to acknowledge that while corporate profits have indeed continued to boost the income and wealth of the capitalist class in Britain, the long-term tendency of the rate of profit to fall has driven the turn to neoliberalism and financialisation.



