Lavery, S. (2019) New Labour’s ‘hybrid’ political economy. In: British Capitalism After the Crisis. Series: Building a sustainable political economy: SPERI research & policy. Springer, pp. 79-108. ISBN 9783030040468 (doi: 10.1007/978-3-030-04046-8_4)
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Abstract
The pre-crisis conjuncture was an era of relatively sustained and stable capitalist expansion. In this period, New Labour advanced a distinctive ‘hybrid’ political economy. On the one hand, New Labour advanced a finance-led accumulation strategy which bolstered Britain’s growth model of privatised Keynesianism. On the other hand, New Labour advanced a distinctive ‘One Nation’ hegemonic project which sought to channel material concessions to its social base. This led to a large increase in public expenditure and a (limited) redistribution of resources to social groups who might otherwise have been excluded from privatised Keynesian expansion. This regime of development temporarily stabilised British capitalism in the pre-crisis conjuncture. In the aftermath of the 2008 crisis, it would quickly unravel.
| Item Type: | Book Sections |
|---|---|
| Additional Information: | Print ISBN: 9783030040451 |
| Status: | Published |
| Glasgow Author(s) Enlighten ID: | Lavery, Dr Scott |
| Authors: | Lavery, S. |
| College/School: | College of Social Sciences > School of Social and Political Sciences > Economic and Social History |
| Publisher: | Springer |
| ISBN: | 9783030040468 |
| Published Online: | 30 December 2018 |
| Related URLs: |
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