Party and from the unfettered market individualism of the Conservatives under Margaret Thatcher’s leadership.
In order to forge that synthesis, Owen decided to refine the concept of a ‘socialmarketeconomy’ which he had first tried to develop in a lecture delivered in 1981. Over the course of the previous years he had gradually become convinced that many of the state collectivist ideas promoted by the Labour Party in the fields of economic and industrial policy – such as state ownership, centralised economic planning, extensive state
Over more than thirty years of reform and opening, the Chinese Communist Party has pursued the gradual marketization of China’s economy alongside the preservation of a resiliently authoritarian political system, defying long-standing predictions that ‘transition’ to a market economy would catalyse deeper political transformation. In an era of deepening synergy between authoritarian politics and finance capitalism, Communists constructing capitalism offers a novel and important perspective on this central dilemma of contemporary Chinese development. This book challenges existing state–market paradigms of political economy and reveals the Eurocentric assumptions of liberal scepticism towards Chinese authoritarian resilience. It works with an alternative conceptual vocabulary for analysing the political economy of financial development as both the management and exploitation of socio-economic uncertainty. Drawing upon extensive fieldwork and over sixty interviews with policymakers, bankers, and former party and state officials, the book delves into the role of China’s state-owned banking system since 1989. It shows how political control over capital has been central to China’s experience of capitalist development, enabling both rapid economic growth whilst preserving macroeconomic and political stability. Communists constructing capitalism will be of academic interest to scholars and graduate students in the fields of Chinese studies, social studies of finance, and international and comparative political economy. Beyond academia, it will be essential reading for anyone interested in the evolution of Chinese capitalism and its implications for an increasingly central issue in contemporary global politics: the financial foundations of illiberal capitalism.
socialmarketeconomies. Part two discusses more recent times when social democrats have
had to confront the emergence of new, strong, and challenging social protest
movements against a background of Europeanisation and globalisation, neoliberal policy orthodoxies and the consequences of the huge post-2008 global
Big tents and counter-societies
Social democracy emerged out of a nineteenth century explosion of social protest
powered by indignant minorities demanding voice, votes, and rights in politics
and markets, often in stridently anti
David Owen; Social Democratic Party; A Future That Will Work; Leighton Andrews; social market economy; The Time Has Come; SDP/Liberal Alliance; Joint Commission on Defence and Disarmament; Polaris nuclear submarines; Social and Liberal Democrats
This book explores the development of liberal thought within the British Liberal Party and its successor, the Liberal Democrats. A thorough updating of The Revival of British Liberalism: From Grimond to Clegg (2011), it begins with the accession of Jo Grimond at the time of the Suez crisis in 1956 and charts the liberal resurgence in the second half of the twentieth century through to the major setbacks of the 2015 General Election and the 2016 referendum on UK membership of the European Union. Drawing on interviews with leading politicians and political thinkers, the book examines liberal ideas against the background of key historical events and controversies, including the period of coalition government with the Conservatives. A comprehensive account of British liberalism throughout the last 60 years, it will be essential reading for students, scholars and political practitioners alike.
state structures to advance its agenda
of public ownership, welfare and defending trade union privileges. But this
would always be under the threat of dissolution because the process of garnering
wide consent has not been undertaken. Unlike Scandinavian capitalism or the
German socialmarketeconomy whose roots went deep into civil society, the
Labour Party engaged in no such effort – it had neither the responsive state
structures nor, more importantly, the accompanying culture of common purpose
with which to work. With shallower roots, it was always possible for
a previous work, González commented that he identified Europe with progress,
and with modernity in the political and economic sphere: ‘Entering Europe
meant consolidating democracy and also opting for a more open economic
model, a socialmarketeconomy (i.e. accompanied by a welfare state), as designed
and implemented by both social democrats and Christian Democrats, and, in
short, a more open, modern and fair society’.
Use of this modernisation/Europeanisation motif enabled the party to broaden
its electoral appeal at a time when social democracy was on the
consequences, in terms of the resultant mass unemployment, deindustrialisation, and run-down of public services during that period. This in turn generated a widespread suspicion about, or even hostility towards, economic liberalism in the minds of many Liberals and Social Democrats.
Instead, however, of pursuing what Grimond called ‘that old political nirvana, the middle ground’ with its ‘semi-dirigiste policies’, 7 David Owen, as Leader of the SDP after 1983, chose to promote the concept of a socialmarketeconomy that would combine market realism
in itself eliminated the ‘black market’ and alleviated shortages of goods – and the concept of the socialmarketeconomy as an economic system, developed by Ludwig Erhard on the basis of economic ideas put forward by economists such as Alfred Müller-Armack. Measures to establish a socialmarketeconomy were implemented when Erhard was responsible for economic policy on the Economic Council and, after the 1949 Bundestag election, when he served as economics minister in the Adenauer government. The socialmarketeconomy attempts to cultivate a free market economy
The well-being of Europe’s citizens depends less on individual consumption and more on their social consumption of essential goods and services – from water and retail banking to schools and care homes – in what we call the foundational economy. Individual consumption depends on market income, while foundational consumption depends on social infrastructure and delivery systems of networks and branches, which are neither created nor renewed automatically, even as incomes increase. This historically created foundational economy has been wrecked in the last generation by privatisation, outsourcing, franchising and the widespread penetration of opportunistic and predatory business models. The distinctive, primary role of public policy should therefore be to secure the supply of basic services for all citizens (not a quantum of economic growth and jobs). Reconstructing the foundational has to start with a vision of citizenship that identifies foundational entitlements as the conditions for dignified human development, and likewise has to depend on treating the business enterprises central to the foundational economy as juridical persons with claims to entitlements but also with responsibilities and duties. If the aim is citizen well-being and flourishing for the many not the few, then European politics at regional, national and EU level needs to be refocused on foundational consumption and securing universal minimum access and quality. If/when government is unresponsive, the impetus for change has to come from engaging citizens locally and regionally in actions which break with the top down politics of ‘vote for us and we will do this for you’.