Has neoliberalism failed? An alternative strategy for reindustrialisation

‘Britain is broken, its economy unbalanced and frayed. We import too much, make too little and underpay millions… Neoliberalism’s promise that deregulation would deliver prosperity failed: industry was hollowed out, communities split and child poverty soared. Without change, the slide continues.’ So say Costas Lapavitsas, Larry Elliott and Doug Nicholls in their new book, Reindustrialise Britain: A Strategy for Wealth Creation.

The book puts forward a concrete, costed programme for real economic renewal: rebuilding the foundations of industry, expanding manufacturing and lifting productivity through skilled work, investment and domestic capacity. It outlines a practical route to generating real wealth rather than recycling financial gains. To deliver it requires sovereignty to plan and invest, and democratic power to mobilise the necessary workers, skills and institutions.

But while the book is very clearly that the plan is not an attempt to return to the 1970s, it is also a clear challenge to mainstream economic commentators. They might argue that there has been no austerity overall, but that too much state expenditure has gone on day-to-day expenditure rather than building infrastructure. While manufacturing can provide well-paid, skilled jobs, so do financial services. Why elevate making things over providing services? Far from free markets, the economy is more heavily regulated than ever before – and that’s the problem.

Come along to assess this blueprint for economic revival. Argue back if you disagree. Does its focus on domestic manufacture limit options or guarantee homegrown prosperity? Does its critique of neoliberalism make this solution an anathema to supporters of the free market? Could this be a must-read book for Andy Burnham and John Healey? Or does it offer all parties some new, crucial ideas for reviving the UK’s economy and the dynamism of growth?