Anticipating accommodations, accommodating anticipations: The appeasement of capital in the "modernization" of the British Labour Party, 1987-1992

Politics and Society

Volumn 25, Issue 2, 1997, Pages 234-256

  Hay, Colin ^a  

^a NONE

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EID: 0031286137     PISSN: 00323292     EISSN: None     Source Type: Journal    
DOI: 10.1177/0032329297025002005     Document Type: Article

References (102)

1. 1. Mark Wickham-Jones, "Anticipating Social Democracy, Preempting Anticipations: Economic Policy-Making in the British Labour Party, 1987-1992," Politics & Society 23, no. 4 (December 1995): 465-94.
2. 2. Adam Przeworski and Michael Wallerstein, "Structural Dependence of the State on Capital," American Political Science Review 82, no. 1 (March 1988): 11-30; see also Adam Przeworski, The State and the Economy under Capitalism (New York: Harwood Academic, 1991).
3. 2. Adam Przeworski and Michael Wallerstein, "Structural Dependence of the State on Capital," American Political Science Review 82, no. 1 (March 1988): 11-30; see also Adam Przeworski, The State and the Economy under Capitalism (New York: Harwood Academic, 1991).
4. 3. Wickham-Jones, "Anticipating Social Democracy," 466.
5. 4. Przeworski and Wallerstein, "Structural Dependence of the State on Capital"; Przeworski, The State and the Economy under Capitalism.
6. 4. Przeworski and Wallerstein, "Structural Dependence of the State on Capital"; Przeworski, The State and the Economy under Capitalism.
7. 5. Przeworski and Wallerstein, "Structural Dependence of the State on Capital," 14-5, 20-1.
8. 6. See especially Fred Block, "The Ruling Class Does Not Rule: Notes on the Marxist Theory of the State," in Revising State Theory: Essays in Politics and Postindustrialism (Philadelphia: Temple University Press, 1987); for a commentary, see Colin Hay, "Marxism and the State: Flogging a Dead Horse?" in Marxism and Social Science, ed. Andrew Gamble, David Marsh, and Tony Tant (London: Macmillan, forthcoming).
9. 6. See especially Fred Block, "The Ruling Class Does Not Rule: Notes on the Marxist Theory of the State," in Revising State Theory: Essays in Politics and Postindustrialism (Philadelphia: Temple University Press, 1987); for a commentary, see Colin Hay, "Marxism and the State: Flogging a Dead Horse?" in Marxism and Social Science, ed. Andrew Gamble, David Marsh, and Tony Tant (London: Macmillan, forthcoming).
10. 7. Block, "The Ruling Class Does Not Rule," 55-7; Fred Block, "Beyond Relative Autonomy: State Managers as Historical Subjects," in Revising State Theory (Philadelphia: Temple University Press, 1987), 62, 66-7; Kenneth Finegold and Theda Skocpol, State and Party in America's New Deal (Madison: University of Wisconsin Press, 1995), 196-9.
11. 7. Block, "The Ruling Class Does Not Rule," 55-7; Fred Block, "Beyond Relative Autonomy: State Managers as Historical Subjects," in Revising State Theory (Philadelphia: Temple University Press, 1987), 62, 66-7; Kenneth Finegold and Theda Skocpol, State and Party in America's New Deal (Madison: University of Wisconsin Press, 1995), 196-9.
12. 7. Block, "The Ruling Class Does Not Rule," 55-7; Fred Block, "Beyond Relative Autonomy: State Managers as Historical Subjects," in Revising State Theory (Philadelphia: Temple University Press, 1987), 62, 66-7; Kenneth Finegold and Theda Skocpol, State and Party in America's New Deal (Madison: University of Wisconsin Press, 1995), 196-9.
13. 8. On the state as a custodian of the general interest of capital, see Colin Hay, "Marxism and the State." On the state as an "ideal collective capitalist," see Friedrich Engels, Anti-Dühring (1878; reprint, Moscow: Progress Publishers, 1947), 338; Elmar Altvater, "Notes on Some Problems of State Interventionism," Kapitalistate 1, 97-108 and 2, 76-83 (1973); Claus Offe, "Structural Problems of the Capitalist State," in German Political Studies, ed. K. von Beyme (Beverly Hills, CA: Sage, 1974), 40.
14. 8. On the state as a custodian of the general interest of capital, see Colin Hay, "Marxism and the State." On the state as an "ideal collective capitalist," see Friedrich Engels, Anti-Dühring (1878; reprint, Moscow: Progress Publishers, 1947), 338; Elmar Altvater, "Notes on Some Problems of State Interventionism," Kapitalistate 1, 97-108 and 2, 76-83 (1973); Claus Offe, "Structural Problems of the Capitalist State," in German Political Studies, ed. K. von Beyme (Beverly Hills, CA: Sage, 1974), 40.
15. 8. On the state as a custodian of the general interest of capital, see Colin Hay, "Marxism and the State." On the state as an "ideal collective capitalist," see Friedrich Engels, Anti-Dühring (1878; reprint, Moscow: Progress Publishers, 1947), 338; Elmar Altvater, "Notes on Some Problems of State Interventionism," Kapitalistate 1, 97-108 and 2, 76-83 (1973); Claus Offe, "Structural Problems of the Capitalist State," in German Political Studies, ed. K. von Beyme (Beverly Hills, CA: Sage, 1974), 40.
16. 8. On the state as a custodian of the general interest of capital, see Colin Hay, "Marxism and the State." On the state as an "ideal collective capitalist," see Friedrich Engels, Anti-Dühring (1878; reprint, Moscow: Progress Publishers, 1947), 338; Elmar Altvater, "Notes on Some Problems of State Interventionism," Kapitalistate 1, 97-108 and 2, 76-83 (1973); Claus Offe, "Structural Problems of the Capitalist State," in German Political Studies, ed. K. von Beyme (Beverly Hills, CA: Sage, 1974), 40.
17. 9. Wickham-Jones, "Anticipating Social Democracy," 487.
18. 10. Ibid., 468-70.
19. 11. For current purposes (and current purposes alone), I will here follow William Connolly's suggestion that "policy x is more in A's [real] interest than policy y, if A were he [sic] to experience the results of both x and y, would choose x." William E. Connolly, "On 'Interests' in Politics," Politics & Society 2, no. 3 (1972): 459-77, 472.
20. 12. Wickham-Jones, "Anticipating Social Democracy," 488.
21. 13. Ibid., 467.
22. 14. Ibid., 466.
23. 15. Przeworski, The State and the Economy Under Capitalism, 95.
24. 16. For alternative interpretations, see Colin Hay, "Labour's Thatcherite Revisionism: Playing the 'Politics of Catch-Up,'" Political Studies 42, no. 4 (December 1994): 700-7; Martin J. Smith, "Understanding the 'Politics of Catch-Up': The Modernisation of the Labour Party," Political Studies 42, no. 4 (December 1994): 708-15; Mark Wickham-Jones, "Recasting Social Democracy: A Comment on Hay and Smith," Political Studies 43, no. 4 (December 1995): 698-702.
25. 16. For alternative interpretations, see Colin Hay, "Labour's Thatcherite Revisionism: Playing the 'Politics of Catch-Up,'" Political Studies 42, no. 4 (December 1994): 700-7; Martin J. Smith, "Understanding the 'Politics of Catch-Up': The Modernisation of the Labour Party," Political Studies 42, no. 4 (December 1994): 708-15; Mark Wickham-Jones, "Recasting Social Democracy: A Comment on Hay and Smith," Political Studies 43, no. 4 (December 1995): 698-702.
26. 16. For alternative interpretations, see Colin Hay, "Labour's Thatcherite Revisionism: Playing the 'Politics of Catch-Up,'" Political Studies 42, no. 4 (December 1994): 700-7; Martin J. Smith, "Understanding the 'Politics of Catch-Up': The Modernisation of the Labour Party," Political Studies 42, no. 4 (December 1994): 708-15; Mark Wickham-Jones, "Recasting Social Democracy: A Comment on Hay and Smith," Political Studies 43, no. 4 (December 1995): 698-702.
27. 17. On "market research socialism," see Colin Leys, "Still a Question of Hegemony," New Left Review 181 (1990): 119-28. On the "politics of catch-up," see Hay, "Labour's Thatcherite Revisionism," and Colin Hay, Re-Stating Social and Political Change (Buckingham: Open University Press, 1996), 162-6.
28. 17. On "market research socialism," see Colin Leys, "Still a Question of Hegemony," New Left Review 181 (1990): 119-28. On the "politics of catch-up," see Hay, "Labour's Thatcherite Revisionism," and Colin Hay, Re-Stating Social and Political Change (Buckingham: Open University Press, 1996), 162-6.
29. 18. See, in particular, Paul Hirst, Associative Democracy: New Forms of Economic and Social Governance (Cambridge: Polity, 1994), 94; Paul Reynolds and David Coates, "Conclusion," in Industrial Policy in Britain, ed. David Coates (London: Macmillan, 1996), 259-60.
30. 18. See, in particular, Paul Hirst, Associative Democracy: New Forms of Economic and Social Governance (Cambridge: Polity, 1994), 94; Paul Reynolds and David Coates, "Conclusion," in Industrial Policy in Britain, ed. David Coates (London: Macmillan, 1996), 259-60.
31. 19. For evidence of this macroeconomic policy convergence between the parties, see Gordon Brown, How Can We Conquer Unemployment? (London: Labour Party, 1994), Speech to 1995 Labour Party Conference (London: Labour Party, 1995); see also Economist, 6 April 1996, 15; Richard Heffernan, "Accounting for New Labour: The Impact of Thatcherism, 1979-1995," in Contemporary Political Science 1996, ed. Iain Hampsher-Monk and Jeffrey Stanyer (Belfast: Political Studies Association, 1996); David Sanders, "New Labour, New Machiavelli: A Cynic's Guide to How a Labour Government should Manage its Economic Policy after the next General Election." Paper presented to the Political Studies Association annual conference, University of Glasgow, April 1996.
32. 19. For evidence of this macroeconomic policy convergence between the parties, see Gordon Brown, How Can We Conquer Unemployment? (London: Labour Party, 1994), Speech to 1995 Labour Party Conference (London: Labour Party, 1995); see also Economist, 6 April 1996, 15; Richard Heffernan, "Accounting for New Labour: The Impact of Thatcherism, 1979-1995," in Contemporary Political Science 1996, ed. Iain Hampsher-Monk and Jeffrey Stanyer (Belfast: Political Studies Association, 1996); David Sanders, "New Labour, New Machiavelli: A Cynic's Guide to How a Labour Government should Manage its Economic Policy after the next General Election." Paper presented to the Political Studies Association annual conference, University of Glasgow, April 1996.
33. 19. For evidence of this macroeconomic policy convergence between the parties, see Gordon Brown, How Can We Conquer Unemployment? (London: Labour Party, 1994), Speech to 1995 Labour Party Conference (London: Labour Party, 1995); see also Economist, 6 April 1996, 15; Richard Heffernan, "Accounting for New Labour: The Impact of Thatcherism, 1979-1995," in Contemporary Political Science 1996, ed. Iain Hampsher-Monk and Jeffrey Stanyer (Belfast: Political Studies Association, 1996); David Sanders, "New Labour, New Machiavelli: A Cynic's Guide to How a Labour Government should Manage its Economic Policy after the next General Election." Paper presented to the Political Studies Association annual conference, University of Glasgow, April 1996.
34. 19. For evidence of this macroeconomic policy convergence between the parties, see Gordon Brown, How Can We Conquer Unemployment? (London: Labour Party, 1994), Speech to 1995 Labour Party Conference (London: Labour Party, 1995); see also Economist, 6 April 1996, 15; Richard Heffernan, "Accounting for New Labour: The Impact of Thatcherism, 1979-1995," in Contemporary Political Science 1996, ed. Iain Hampsher-Monk and Jeffrey Stanyer (Belfast: Political Studies Association, 1996); David Sanders, "New Labour, New Machiavelli: A Cynic's Guide to How a Labour Government should Manage its Economic Policy after the next General Election." Paper presented to the Political Studies Association annual conference, University of Glasgow, April 1996.
35. 19. For evidence of this macroeconomic policy convergence between the parties, see Gordon Brown, How Can We Conquer Unemployment? (London: Labour Party, 1994), Speech to 1995 Labour Party Conference (London: Labour Party, 1995); see also Economist, 6 April 1996, 15; Richard Heffernan, "Accounting for New Labour: The Impact of Thatcherism, 1979-1995," in Contemporary Political Science 1996, ed. Iain Hampsher-Monk and Jeffrey Stanyer (Belfast: Political Studies Association, 1996); David Sanders, "New Labour, New Machiavelli: A Cynic's Guide to How a Labour Government should Manage its Economic Policy after the next General Election." Paper presented to the Political Studies Association annual conference, University of Glasgow, April 1996.
36. 20. That the spectre of the Winter of Discontent continues to haunt the party, acting as the symbolic epitome of all that must be expurgated if Labour is to exorcise the demons of the past, is tellingly revealed in Peter Mandelson and Richard Liddle's (grossly inaccurate, yet telling) comment that "Old Labour couldn't even bury the dead." See Mandelson and Liddle, The Blair Revolution: Can New Labour Deliver? (London: Fontana, 1996); for a somewhat different account of the Winter of Discontent, see Colin Hay, "Narrating Crisis: The Discursive Construction of the Winter of Discontent," Sociology 30, no. 2 (May 1996): 253-77.
37. 20. That the spectre of the Winter of Discontent continues to haunt the party, acting as the symbolic epitome of all that must be expurgated if Labour is to exorcise the demons of the past, is tellingly revealed in Peter Mandelson and Richard Liddle's (grossly inaccurate, yet telling) comment that "Old Labour couldn't even bury the dead." See Mandelson and Liddle, The Blair Revolution: Can New Labour Deliver? (London: Fontana, 1996); for a somewhat different account of the Winter of Discontent, see Colin Hay, "Narrating Crisis: The Discursive Construction of the Winter of Discontent," Sociology 30, no. 2 (May 1996): 253-77.
38. 21. See in particular Tony Blair, Let Us Face the Future: The 1945 Anniversary Lecture (London: Fabian Society, 1995), Socialism (London: Fabian Society, 1994).
39. 21. See in particular Tony Blair, Let Us Face the Future: The 1945 Anniversary Lecture (London: Fabian Society, 1995), Socialism (London: Fabian Society, 1994).
40. 22. This threefold conception of the requirements of a coherent (state) project is adapted from John Dunn's similar attempt to outline "the demands which it is reasonable to make of a political theory." John Dunn, The Politics of Socialism: An Essay in Political Theory (Cambridge: Cambridge University Press, 1984), 1-2; see also Hay, Re-Stating, 157, n. 16, 174-6.
41. 22. This threefold conception of the requirements of a coherent (state) project is adapted from John Dunn's similar attempt to outline "the demands which it is reasonable to make of a political theory." John Dunn, The Politics of Socialism: An Essay in Political Theory (Cambridge: Cambridge University Press, 1984), 1-2; see also Hay, Re-Stating, 157, n. 16, 174-6.
42. 23. For a powerful statement of this position, see Ellen Meiksins Wood, Democracy Against Capitalism: Renewing Historical Materialism (Cambridge: Cambridge University Press, 1995).
43. 24. See in particular Robert Wade, "Globalisation and Its Limits: Reports of the Death of the National Economy Are Greatly Exaggerated," in National Diversity and Global Capitalism, ed. Suzanne Berger and Ronald Dore (Ithaca, NY: Cornell University Press, 1996), 80-1; Daniel Drache, "From Keynes to K-Mart: Competitiveness in a Corporate Age," in States Against Markets: The Limits of Globalisation, ed. Robert Boyer and Daniel Drache (London: Routledge, 1996); Paul Hirst and Grahame Thompson, "Globalisation and the Future of the Nation State," Economy & Society 24, no. 3 (August 1995): 408-42; "Globalisation, Foreign Direct Investment and International Governance," Organisation 1, no. 2 (1994): 277-303; Globalisation in Question (Cambridge: Polity, 1996), 115-20.
44. 24. See in particular Robert Wade, "Globalisation and Its Limits: Reports of the Death of the National Economy Are Greatly Exaggerated," in National Diversity and Global Capitalism, ed. Suzanne Berger and Ronald Dore (Ithaca, NY: Cornell University Press, 1996), 80-1; Daniel Drache, "From Keynes to K-Mart: Competitiveness in a Corporate Age," in States Against Markets: The Limits of Globalisation, ed. Robert Boyer and Daniel Drache (London: Routledge, 1996); Paul Hirst and Grahame Thompson, "Globalisation and the Future of the Nation State," Economy & Society 24, no. 3 (August 1995): 408-42; "Globalisation, Foreign Direct Investment and International Governance," Organisation 1, no. 2 (1994): 277-303; Globalisation in Question (Cambridge: Polity, 1996), 115-20.
45. 24. See in particular Robert Wade, "Globalisation and Its Limits: Reports of the Death of the National Economy Are Greatly Exaggerated," in National Diversity and Global Capitalism, ed. Suzanne Berger and Ronald Dore (Ithaca, NY: Cornell University Press, 1996), 80-1; Daniel Drache, "From Keynes to K-Mart: Competitiveness in a Corporate Age," in States Against Markets: The Limits of Globalisation, ed. Robert Boyer and Daniel Drache (London: Routledge, 1996); Paul Hirst and Grahame Thompson, "Globalisation and the Future of the Nation State," Economy & Society 24, no. 3 (August 1995): 408-42; "Globalisation, Foreign Direct Investment and International Governance," Organisation 1, no. 2 (1994): 277-303; Globalisation in Question (Cambridge: Polity, 1996), 115-20.
46. 24. See in particular Robert Wade, "Globalisation and Its Limits: Reports of the Death of the National Economy Are Greatly Exaggerated," in National Diversity and Global Capitalism, ed. Suzanne Berger and Ronald Dore (Ithaca, NY: Cornell University Press, 1996), 80-1; Daniel Drache, "From Keynes to K-Mart: Competitiveness in a Corporate Age," in States Against Markets: The Limits of Globalisation, ed. Robert Boyer and Daniel Drache (London: Routledge, 1996); Paul Hirst and Grahame Thompson, "Globalisation and the Future of the Nation State," Economy & Society 24, no. 3 (August 1995): 408-42; "Globalisation, Foreign Direct Investment and International Governance," Organisation 1, no. 2 (1994): 277-303; Globalisation in Question (Cambridge: Polity, 1996), 115-20.
47. 24. See in particular Robert Wade, "Globalisation and Its Limits: Reports of the Death of the National Economy Are Greatly Exaggerated," in National Diversity and Global Capitalism, ed. Suzanne Berger and Ronald Dore (Ithaca, NY: Cornell University Press, 1996), 80-1; Daniel Drache, "From Keynes to K-Mart: Competitiveness in a Corporate Age," in States Against Markets: The Limits of Globalisation, ed. Robert Boyer and Daniel Drache (London: Routledge, 1996); Paul Hirst and Grahame Thompson, "Globalisation and the Future of the Nation State," Economy & Society 24, no. 3 (August 1995): 408-42; "Globalisation, Foreign Direct Investment and International Governance," Organisation 1, no. 2 (1994): 277-303; Globalisation in Question (Cambridge: Polity, 1996), 115-20.
48. 25. For an interesting attempt from the Left to defend the thesis that there is no alternative within contemporary capitalism to neoliberalism, see Wood, Democracy Against Capitalism; for a powerful rebuttal of the arguments advanced by the right to defend such a view, see Robert Boyer and Daniel Drache, eds., States Against Markets: The Limits of Globalisation (London: Routledge, 1996); Hirst and Thompson, Globalisation.
49. 25. For an interesting attempt from the Left to defend the thesis that there is no alternative within contemporary capitalism to neoliberalism, see Wood, Democracy Against Capitalism; for a powerful rebuttal of the arguments advanced by the right to defend such a view, see Robert Boyer and Daniel Drache, eds., States Against Markets: The Limits of Globalisation (London: Routledge, 1996); Hirst and Thompson, Globalisation.
50. 25. For an interesting attempt from the Left to defend the thesis that there is no alternative within contemporary capitalism to neoliberalism, see Wood, Democracy Against Capitalism; for a powerful rebuttal of the arguments advanced by the right to defend such a view, see Robert Boyer and Daniel Drache, eds., States Against Markets: The Limits of Globalisation (London: Routledge, 1996); Hirst and Thompson, Globalisation.
51. 26. John Zysman, Governments, Markets and Growth: Financial Systems and the Politics of Industrial Change (Ithaca, NY: Cornell University Press, 1983), 63; Albert Hirschmann, Exit, Voice and Loyalty (Cambridge, MA: Harvard University Press, 1970).
52. 26. John Zysman, Governments, Markets and Growth: Financial Systems and the Politics of Industrial Change (Ithaca, NY: Cornell University Press, 1983), 63; Albert Hirschmann, Exit, Voice and Loyalty (Cambridge, MA: Harvard University Press, 1970).
53. 27. See, for instance, Will Hutton, The State We're In, rev. ed. (London: Viking, 1996); Perry Anderson, English Questions (London: Verso, 1992); Zysman, Governments, Markets and Growth; Michel Albert, Capitalism vs. Capitalism (New York: Four Walls Eight Windows, 1993); Stephen Woolcock, "Competition among Forms of Corporate Governance in the European Community: The Case of Britain," in National Diversity and Global Capitalism, ed. Berger and Dore; Peter A. Gourevitch, "The Macropolitics of Microinstitutional Difference in the Analysis of Comparative Capitalism," in National Diversity and Global Capitalism, ed. Berger and Dore; David Coates, ed., Industrial Policy in Britain (London: Macmillan, 1996); Keith Cowling and Roger Sugden, eds., A New Economic Policy for Britain: Essays on the Development of Industry (Manchester, England: Manchester University Press, 1990); Paul Hirst, "The Politics of Industrial Policy," in Reversing Industrial Decline? Industrial Structure and Policy in Britain and Her Competitors, ed. Paul Hirst and Jonathan Zeitlin (Oxford: Berg, 1989); Robert Pollin, "Financial Structures and Egalitarian Economic Policy," New Left Review 214 (1995): 26-61.
54. 27. See, for instance, Will Hutton, The State We're In, rev. ed. (London: Viking, 1996); Perry Anderson, English Questions (London: Verso, 1992); Zysman, Governments, Markets and Growth; Michel Albert, Capitalism vs. Capitalism (New York: Four Walls Eight Windows, 1993); Stephen Woolcock, "Competition among Forms of Corporate Governance in the European Community: The Case of Britain," in National Diversity and Global Capitalism, ed. Berger and Dore; Peter A. Gourevitch, "The Macropolitics of Microinstitutional Difference in the Analysis of Comparative Capitalism," in National Diversity and Global Capitalism, ed. Berger and Dore; David Coates, ed., Industrial Policy in Britain (London: Macmillan, 1996); Keith Cowling and Roger Sugden, eds., A New Economic Policy for Britain: Essays on the Development of Industry (Manchester, England: Manchester University Press, 1990); Paul Hirst, "The Politics of Industrial Policy," in Reversing Industrial Decline? Industrial Structure and Policy in Britain and Her Competitors, ed. Paul Hirst and Jonathan Zeitlin (Oxford: Berg, 1989); Robert Pollin, "Financial Structures and Egalitarian Economic Policy," New Left Review 214 (1995): 26-61.
55. 27. See, for instance, Will Hutton, The State We're In, rev. ed. (London: Viking, 1996); Perry Anderson, English Questions (London: Verso, 1992); Zysman, Governments, Markets and Growth; Michel Albert, Capitalism vs. Capitalism (New York: Four Walls Eight Windows, 1993); Stephen Woolcock, "Competition among Forms of Corporate Governance in the European Community: The Case of Britain," in National Diversity and Global Capitalism, ed. Berger and Dore; Peter A. Gourevitch, "The Macropolitics of Microinstitutional Difference in the Analysis of Comparative Capitalism," in National Diversity and Global Capitalism, ed. Berger and Dore; David Coates, ed., Industrial Policy in Britain (London: Macmillan, 1996); Keith Cowling and Roger Sugden, eds., A New Economic Policy for Britain: Essays on the Development of Industry (Manchester, England: Manchester University Press, 1990); Paul Hirst, "The Politics of Industrial Policy," in Reversing Industrial Decline? Industrial Structure and Policy in Britain and Her Competitors, ed. Paul Hirst and Jonathan Zeitlin (Oxford: Berg, 1989); Robert Pollin, "Financial Structures and Egalitarian Economic Policy," New Left Review 214 (1995): 26-61.
56. 27. See, for instance, Will Hutton, The State We're In, rev. ed. (London: Viking, 1996); Perry Anderson, English Questions (London: Verso, 1992); Zysman, Governments, Markets and Growth; Michel Albert, Capitalism vs. Capitalism (New York: Four Walls Eight Windows, 1993); Stephen Woolcock, "Competition among Forms of Corporate Governance in the European Community: The Case of Britain," in National Diversity and Global Capitalism, ed. Berger and Dore; Peter A. Gourevitch, "The Macropolitics of Microinstitutional Difference in the Analysis of Comparative Capitalism," in National Diversity and Global Capitalism, ed. Berger and Dore; David Coates, ed., Industrial Policy in Britain (London: Macmillan, 1996); Keith Cowling and Roger Sugden, eds., A New Economic Policy for Britain: Essays on the Development of Industry (Manchester, England: Manchester University Press, 1990); Paul Hirst, "The Politics of Industrial Policy," in Reversing Industrial Decline? Industrial Structure and Policy in Britain and Her Competitors, ed. Paul Hirst and Jonathan Zeitlin (Oxford: Berg, 1989); Robert Pollin, "Financial Structures and Egalitarian Economic Policy," New Left Review 214 (1995): 26-61.
57. 27. See, for instance, Will Hutton, The State We're In, rev. ed. (London: Viking, 1996); Perry Anderson, English Questions (London: Verso, 1992); Zysman, Governments, Markets and Growth; Michel Albert, Capitalism vs. Capitalism (New York: Four Walls Eight Windows, 1993); Stephen Woolcock, "Competition among Forms of Corporate Governance in the European Community: The Case of Britain," in National Diversity and Global Capitalism, ed. Berger and Dore; Peter A. Gourevitch, "The Macropolitics of Microinstitutional Difference in the Analysis of Comparative Capitalism," in National Diversity and Global Capitalism, ed. Berger and Dore; David Coates, ed., Industrial Policy in Britain (London: Macmillan, 1996); Keith Cowling and Roger Sugden, eds., A New Economic Policy for Britain: Essays on the Development of Industry (Manchester, England: Manchester University Press, 1990); Paul Hirst, "The Politics of Industrial Policy," in Reversing Industrial Decline? Industrial Structure and Policy in Britain and Her Competitors, ed. Paul Hirst and Jonathan Zeitlin (Oxford: Berg, 1989); Robert Pollin, "Financial Structures and Egalitarian Economic Policy," New Left Review 214 (1995): 26-61.
58. 27. See, for instance, Will Hutton, The State We're In, rev. ed. (London: Viking, 1996); Perry Anderson, English Questions (London: Verso, 1992); Zysman, Governments, Markets and Growth; Michel Albert, Capitalism vs. Capitalism (New York: Four Walls Eight Windows, 1993); Stephen Woolcock, "Competition among Forms of Corporate Governance in the European Community: The Case of Britain," in National Diversity and Global Capitalism, ed. Berger and Dore; Peter A. Gourevitch, "The Macropolitics of Microinstitutional Difference in the Analysis of Comparative Capitalism," in National Diversity and Global Capitalism, ed. Berger and Dore; David Coates, ed., Industrial Policy in Britain (London: Macmillan, 1996); Keith Cowling and Roger Sugden, eds., A New Economic Policy for Britain: Essays on the Development of Industry (Manchester, England: Manchester University Press, 1990); Paul Hirst, "The Politics of Industrial Policy," in Reversing Industrial Decline? Industrial Structure and Policy in Britain and Her Competitors, ed. Paul Hirst and Jonathan Zeitlin (Oxford: Berg, 1989); Robert Pollin, "Financial Structures and Egalitarian Economic Policy," New Left Review 214 (1995): 26-61.
59. 27. See, for instance, Will Hutton, The State We're In, rev. ed. (London: Viking, 1996); Perry Anderson, English Questions (London: Verso, 1992); Zysman, Governments, Markets and Growth; Michel Albert, Capitalism vs. Capitalism (New York: Four Walls Eight Windows, 1993); Stephen Woolcock, "Competition among Forms of Corporate Governance in the European Community: The Case of Britain," in National Diversity and Global Capitalism, ed. Berger and Dore; Peter A. Gourevitch, "The Macropolitics of Microinstitutional Difference in the Analysis of Comparative Capitalism," in National Diversity and Global Capitalism, ed. Berger and Dore; David Coates, ed., Industrial Policy in Britain (London: Macmillan, 1996); Keith Cowling and Roger Sugden, eds., A New Economic Policy for Britain: Essays on the Development of Industry (Manchester, England: Manchester University Press, 1990); Paul Hirst, "The Politics of Industrial Policy," in Reversing Industrial Decline? Industrial Structure and Policy in Britain and Her Competitors, ed. Paul Hirst and Jonathan Zeitlin (Oxford: Berg, 1989); Robert Pollin, "Financial Structures and Egalitarian Economic Policy," New Left Review 214 (1995): 26-61.
60. 27. See, for instance, Will Hutton, The State We're In, rev. ed. (London: Viking, 1996); Perry Anderson, English Questions (London: Verso, 1992); Zysman, Governments, Markets and Growth; Michel Albert, Capitalism vs. Capitalism (New York: Four Walls Eight Windows, 1993); Stephen Woolcock, "Competition among Forms of Corporate Governance in the European Community: The Case of Britain," in National Diversity and Global Capitalism, ed. Berger and Dore; Peter A. Gourevitch, "The Macropolitics of Microinstitutional Difference in the Analysis of Comparative Capitalism," in National Diversity and Global Capitalism, ed. Berger and Dore; David Coates, ed., Industrial Policy in Britain (London: Macmillan, 1996); Keith Cowling and Roger Sugden, eds., A New Economic Policy for Britain: Essays on the Development of Industry (Manchester, England: Manchester University Press, 1990); Paul Hirst, "The Politics of Industrial Policy," in Reversing Industrial Decline? Industrial Structure and Policy in Britain and Her Competitors, ed. Paul Hirst and Jonathan Zeitlin (Oxford: Berg, 1989); Robert Pollin, "Financial Structures and Egalitarian Economic Policy," New Left Review 214 (1995): 26-61.
61. 27. See, for instance, Will Hutton, The State We're In, rev. ed. (London: Viking, 1996); Perry Anderson, English Questions (London: Verso, 1992); Zysman, Governments, Markets and Growth; Michel Albert, Capitalism vs. Capitalism (New York: Four Walls Eight Windows, 1993); Stephen Woolcock, "Competition among Forms of Corporate Governance in the European Community: The Case of Britain," in National Diversity and Global Capitalism, ed. Berger and Dore; Peter A. Gourevitch, "The Macropolitics of Microinstitutional Difference in the Analysis of Comparative Capitalism," in National Diversity and Global Capitalism, ed. Berger and Dore; David Coates, ed., Industrial Policy in Britain (London: Macmillan, 1996); Keith Cowling and Roger Sugden, eds., A New Economic Policy for Britain: Essays on the Development of Industry (Manchester, England: Manchester University Press, 1990); Paul Hirst, "The Politics of Industrial Policy," in Reversing Industrial Decline? Industrial Structure and Policy in Britain and Her Competitors, ed. Paul Hirst and Jonathan Zeitlin (Oxford: Berg, 1989); Robert Pollin, "Financial Structures and Egalitarian Economic Policy," New Left Review 214 (1995): 26-61.
62. 27. See, for instance, Will Hutton, The State We're In, rev. ed. (London: Viking, 1996); Perry Anderson, English Questions (London: Verso, 1992); Zysman, Governments, Markets and Growth; Michel Albert, Capitalism vs. Capitalism (New York: Four Walls Eight Windows, 1993); Stephen Woolcock, "Competition among Forms of Corporate Governance in the European Community: The Case of Britain," in National Diversity and Global Capitalism, ed. Berger and Dore; Peter A. Gourevitch, "The Macropolitics of Microinstitutional Difference in the Analysis of Comparative Capitalism," in National Diversity and Global Capitalism, ed. Berger and Dore; David Coates, ed., Industrial Policy in Britain (London: Macmillan, 1996); Keith Cowling and Roger Sugden, eds., A New Economic Policy for Britain: Essays on the Development of Industry (Manchester, England: Manchester University Press, 1990); Paul Hirst, "The Politics of Industrial Policy," in Reversing Industrial Decline? Industrial Structure and Policy in Britain and Her Competitors, ed. Paul Hirst and Jonathan Zeitlin (Oxford: Berg, 1989); Robert Pollin, "Financial Structures and Egalitarian Economic Policy," New Left Review 214 (1995): 26-61.
63. 28. On the "City-Bank-Treasury nexus," see Geoffrey Ingham, Capitalism Divided? The City and Industry in British Social Development (London: Macmillan, 1984); Colin Leys, "The Formation of British Capital," New Left Review 160(1986): 114-20.
64. 28. On the "City-Bank-Treasury nexus," see Geoffrey Ingham, Capitalism Divided? The City and Industry in British Social Development (London: Macmillan, 1984); Colin Leys, "The Formation of British Capital," New Left Review 160(1986): 114-20.
65. 29. See Andrew Gamble, Britain in Decline, 2d ed. (London: Macmillan, 1994); Hay, Re-Stating; Bob Jessop, "The Transformation of the State in Post-War Britain," in The State in Western Europe, ed. Richard Scase (New York: St Martin's Press, 1980); Sidney Pollard, The Wasting of the British Economy (London: Croom Held, 1980).
66. 29. See Andrew Gamble, Britain in Decline, 2d ed. (London: Macmillan, 1994); Hay, Re-Stating; Bob Jessop, "The Transformation of the State in Post-War Britain," in The State in Western Europe, ed. Richard Scase (New York: St Martin's Press, 1980); Sidney Pollard, The Wasting of the British Economy (London: Croom Held, 1980).
67. 29. See Andrew Gamble, Britain in Decline, 2d ed. (London: Macmillan, 1994); Hay, Re-Stating; Bob Jessop, "The Transformation of the State in Post-War Britain," in The State in Western Europe, ed. Richard Scase (New York: St Martin's Press, 1980); Sidney Pollard, The Wasting of the British Economy (London: Croom Held, 1980).
68. 29. See Andrew Gamble, Britain in Decline, 2d ed. (London: Macmillan, 1994); Hay, Re-Stating; Bob Jessop, "The Transformation of the State in Post-War Britain," in The State in Western Europe, ed. Richard Scase (New York: St Martin's Press, 1980); Sidney Pollard, The Wasting of the British Economy (London: Croom Held, 1980).
69. 30. Hay, "Narrating Crisis."
70. 31. Hirst, Associative Democracy, 130-1.
71. 32. See Keith Cowling and Roger Sugden, "Industrial Strategy: Guiding Principles and the European Context," in Europe's Economic Challenge: Analyses of Industrial Strategy an Agenda for the 1990s, ed. Patrizio Bianchi, Keith Cowling, and Roger Sugden (London: Routledge, 1994), 39; Reynolds and Coates, "Conclusion," 260; Hay, "Labour's Thatcherite Revisionism," 705-7; Hay, Re-Stating, 175-6.
72. 32. See Keith Cowling and Roger Sugden, "Industrial Strategy: Guiding Principles and the European Context," in Europe's Economic Challenge: Analyses of Industrial Strategy an Agenda for the 1990s, ed. Patrizio Bianchi, Keith Cowling, and Roger Sugden (London: Routledge, 1994), 39; Reynolds and Coates, "Conclusion," 260; Hay, "Labour's Thatcherite Revisionism," 705-7; Hay, Re-Stating, 175-6.
73. 32. See Keith Cowling and Roger Sugden, "Industrial Strategy: Guiding Principles and the European Context," in Europe's Economic Challenge: Analyses of Industrial Strategy an Agenda for the 1990s, ed. Patrizio Bianchi, Keith Cowling, and Roger Sugden (London: Routledge, 1994), 39; Reynolds and Coates, "Conclusion," 260; Hay, "Labour's Thatcherite Revisionism," 705-7; Hay, Re-Stating, 175-6.
74. 32. See Keith Cowling and Roger Sugden, "Industrial Strategy: Guiding Principles and the European Context," in Europe's Economic Challenge: Analyses of Industrial Strategy an Agenda for the 1990s, ed. Patrizio Bianchi, Keith Cowling, and Roger Sugden (London: Routledge, 1994), 39; Reynolds and Coates, "Conclusion," 260; Hay, "Labour's Thatcherite Revisionism," 705-7; Hay, Re-Stating, 175-6.
75. 33. On which, see Hay, Re-Stating, 135-7.
76. 34. On stakeholding, see Hutton, The State We're In; for critical dissections of the concept, see Andrew Gamble and Gavin Kelly, "Stakeholder Capitalism and One Nation Socialism," Renewal 4, no. 1 (January 1996): 23-32; Colin Hay, "A State of Disarray? Huttonomics, New Labour and the Contemporary British Impasse," Renewal 4, no. 3 (July 1996): 40-50; and, in a more extended form, "A Sorry State? Diagnosing the British Affliction," Socialism and Democracy 21 (August 1996).
77. 34. On stakeholding, see Hutton, The State We're In; for critical dissections of the concept, see Andrew Gamble and Gavin Kelly, "Stakeholder Capitalism and One Nation Socialism," Renewal 4, no. 1 (January 1996): 23-32; Colin Hay, "A State of Disarray? Huttonomics, New Labour and the Contemporary British Impasse," Renewal 4, no. 3 (July 1996): 40-50; and, in a more extended form, "A Sorry State? Diagnosing the British Affliction," Socialism and Democracy 21 (August 1996).
78. 34. On stakeholding, see Hutton, The State We're In; for critical dissections of the concept, see Andrew Gamble and Gavin Kelly, "Stakeholder Capitalism and One Nation Socialism," Renewal 4, no. 1 (January 1996): 23-32; Colin Hay, "A State of Disarray? Huttonomics, New Labour and the Contemporary British Impasse," Renewal 4, no. 3 (July 1996): 40-50; and, in a more extended form, "A Sorry State? Diagnosing the British Affliction," Socialism and Democracy 21 (August 1996).
79. 34. On stakeholding, see Hutton, The State We're In; for critical dissections of the concept, see Andrew Gamble and Gavin Kelly, "Stakeholder Capitalism and One Nation Socialism," Renewal 4, no. 1 (January 1996): 23-32; Colin Hay, "A State of Disarray? Huttonomics, New Labour and the Contemporary British Impasse," Renewal 4, no. 3 (July 1996): 40-50; and, in a more extended form, "A Sorry State? Diagnosing the British Affliction," Socialism and Democracy 21 (August 1996).
80. 35. Charlie Jeffery, "Towards a 'Third Level' in Europe? The German Länder in the European Union," Political Studies 44, no. 2 (June 1996): 253-66.
81. 36. Labour Party, Winning for Britain: Labour's Strategy for Industrial Success (London: Labour Party Industry Forum, 1994); for a more recent elaboration on these ideas, see Regional Policy Commission, Renewing the Regions: Strategies for Regional Economic Development (Sheffield: PAVIC).
82. 36. Labour Party, Winning for Britain: Labour's Strategy for Industrial Success (London: Labour Party Industry Forum, 1994); for a more recent elaboration on these ideas, see Regional Policy Commission, Renewing the Regions: Strategies for Regional Economic Development (Sheffield: PAVIC).
83. 37. Robin Cook's "promotion" to the position of shadow foreign secretary is clearly not unrelated. It has had the effect, despite Blair's claim to the contrary at the time, of weakening significantly his influence over Labour's economic policy.
84. 38. Regional Policy Commission, Renewing the Regions 7, 33-6.
85. 39. It should be noted that the promotion of regional (and metropolitan) development agencies and indeed regional tiers of government would greatly facilitate the procurement of European Union Structural Funds which are often dependent upon regional submissions. Such submissions are, in the context of metropolitan and regional fragmentation and interlocal rivalries, often difficult to formulate. See Colin Hay and Bob Jessop, "The Governance of Local Economic Development and the Development of Local Economic Development." Paper presented at the American Political Studies Association annual conference, Chicago, August 1995; S. J. Martin and G. R Pearce, "European Regional Development Strategies: Strengthening Meso-Government in the UK?" Regional Studies 27, no. 7 (1993): 681-6; for a more general discussion, see Gerry Stoker, Brian Hogwood, and Udo Bullman, "Do We Need Regional Government?" Talking Politics 9, no. 2 (1996): 191-5.
86. 39. It should be noted that the promotion of regional (and metropolitan) development agencies and indeed regional tiers of government would greatly facilitate the procurement of European Union Structural Funds which are often dependent upon regional submissions. Such submissions are, in the context of metropolitan and regional fragmentation and interlocal rivalries, often difficult to formulate. See Colin Hay and Bob Jessop, "The Governance of Local Economic Development and the Development of Local Economic Development." Paper presented at the American Political Studies Association annual conference, Chicago, August 1995; S. J. Martin and G. R Pearce, "European Regional Development Strategies: Strengthening Meso-Government in the UK?" Regional Studies 27, no. 7 (1993): 681-6; for a more general discussion, see Gerry Stoker, Brian Hogwood, and Udo Bullman, "Do We Need Regional Government?" Talking Politics 9, no. 2 (1996): 191-5.
87. 39. It should be noted that the promotion of regional (and metropolitan) development agencies and indeed regional tiers of government would greatly facilitate the procurement of European Union Structural Funds which are often dependent upon regional submissions. Such submissions are, in the context of metropolitan and regional fragmentation and interlocal rivalries, often difficult to formulate. See Colin Hay and Bob Jessop, "The Governance of Local Economic Development and the Development of Local Economic Development." Paper presented at the American Political Studies Association annual conference, Chicago, August 1995; S. J. Martin and G. R Pearce, "European Regional Development Strategies: Strengthening Meso-Government in the UK?" Regional Studies 27, no. 7 (1993): 681-6; for a more general discussion, see Gerry Stoker, Brian Hogwood, and Udo Bullman, "Do We Need Regional Government?" Talking Politics 9, no. 2 (1996): 191-5.
88. 40. It is important at this stage to note that regional development agencies were a crucial aspect of the Labour Industry Forum's strategy document Winning for Britain, and Labour has retained a nominal (if diluted) commitment to them in more recent economic policy statements. Regional Investment Banks were also mooted in Winning for Britain, though this always vaguely expressed commitment has since been dropped. According to sources within the Policy Directorate, any remaining commitments to effective regional development agencies are likely to be dropped in the revised version of Winning for Britain currently being prepared.
89. 41. On the reform of regional financial institutions, see Fred Block, "Capitalism without Class Power," Politics & Society 20, no. 3 (1992): 277-303; "A Second Paradox of Thrift: Investment Strategies and the Future," in As If the Future Mattered: Translating Social and Economic Theory into Human Behaviour, ed. Neva R. Goodwin (Ann Arbor, Michigan: University of Michigan Press, 1996); Cowling and Sugden, "Industrial Strategy"; Hirst, Associative Democracy, 122-47; Hirst and Thomspon, Globalisation, 150-1; James Campen, "Banks, Communities and Public Policy," in Transforming the U.S. Financial System, ed. Gary A. Dymski, Gerald Epstein, and Robert Pollin (Armonk, NY: M. E. Sharpe, 1993).
90. 41. On the reform of regional financial institutions, see Fred Block, "Capitalism without Class Power," Politics & Society 20, no. 3 (1992): 277-303; "A Second Paradox of Thrift: Investment Strategies and the Future," in As If the Future Mattered: Translating Social and Economic Theory into Human Behaviour, ed. Neva R. Goodwin (Ann Arbor, Michigan: University of Michigan Press, 1996); Cowling and Sugden, "Industrial Strategy"; Hirst, Associative Democracy, 122-47; Hirst and Thomspon, Globalisation, 150-1; James Campen, "Banks, Communities and Public Policy," in Transforming the U.S. Financial System, ed. Gary A. Dymski, Gerald Epstein, and Robert Pollin (Armonk, NY: M. E. Sharpe, 1993).
91. 41. On the reform of regional financial institutions, see Fred Block, "Capitalism without Class Power," Politics & Society 20, no. 3 (1992): 277-303; "A Second Paradox of Thrift: Investment Strategies and the Future," in As If the Future Mattered: Translating Social and Economic Theory into Human Behaviour, ed. Neva R. Goodwin (Ann Arbor, Michigan: University of Michigan Press, 1996); Cowling and Sugden, "Industrial Strategy"; Hirst, Associative Democracy, 122-47; Hirst and Thomspon, Globalisation, 150-1; James Campen, "Banks, Communities and Public Policy," in Transforming the U.S. Financial System, ed. Gary A. Dymski, Gerald Epstein, and Robert Pollin (Armonk, NY: M. E. Sharpe, 1993).
92. 41. On the reform of regional financial institutions, see Fred Block, "Capitalism without Class Power," Politics & Society 20, no. 3 (1992): 277-303; "A Second Paradox of Thrift: Investment Strategies and the Future," in As If the Future Mattered: Translating Social and Economic Theory into Human Behaviour, ed. Neva R. Goodwin (Ann Arbor, Michigan: University of Michigan Press, 1996); Cowling and Sugden, "Industrial Strategy"; Hirst, Associative Democracy, 122-47; Hirst and Thomspon, Globalisation, 150-1; James Campen, "Banks, Communities and Public Policy," in Transforming the U.S. Financial System, ed. Gary A. Dymski, Gerald Epstein, and Robert Pollin (Armonk, NY: M. E. Sharpe, 1993).
93. 41. On the reform of regional financial institutions, see Fred Block, "Capitalism without Class Power," Politics & Society 20, no. 3 (1992): 277-303; "A Second Paradox of Thrift: Investment Strategies and the Future," in As If the Future Mattered: Translating Social and Economic Theory into Human Behaviour, ed. Neva R. Goodwin (Ann Arbor, Michigan: University of Michigan Press, 1996); Cowling and Sugden, "Industrial Strategy"; Hirst, Associative Democracy, 122-47; Hirst and Thomspon, Globalisation, 150-1; James Campen, "Banks, Communities and Public Policy," in Transforming the U.S. Financial System, ed. Gary A. Dymski, Gerald Epstein, and Robert Pollin (Armonk, NY: M. E. Sharpe, 1993).
94. 41. On the reform of regional financial institutions, see Fred Block, "Capitalism without Class Power," Politics & Society 20, no. 3 (1992): 277-303; "A Second Paradox of Thrift: Investment Strategies and the Future," in As If the Future Mattered: Translating Social and Economic Theory into Human Behaviour, ed. Neva R. Goodwin (Ann Arbor, Michigan: University of Michigan Press, 1996); Cowling and Sugden, "Industrial Strategy"; Hirst, Associative Democracy, 122-47; Hirst and Thomspon, Globalisation, 150-1; James Campen, "Banks, Communities and Public Policy," in Transforming the U.S. Financial System, ed. Gary A. Dymski, Gerald Epstein, and Robert Pollin (Armonk, NY: M. E. Sharpe, 1993).
95. 42. Hirst, Associative Democracy, 87.
96. 43. For discussions on the feasibility of regional pension funds and the "regionalisation" of the investment activities of commercial pension funds, I am particularly indebted to Matthew Watson.
97. 44. On pension funds, municipal bonds, and the economic and social targeting of investments in the United States, see Randy Barber and Teresa Ghilarducci, "Pension Funds, Capital Markets, and the Economic Future," in Transforming the U.S. Financial System, ed. Dymski et al. 288-312; Pollin, "Financial Structures," 49-51.
98. 44. On pension funds, municipal bonds, and the economic and social targeting of investments in the United States, see Randy Barber and Teresa Ghilarducci, "Pension Funds, Capital Markets, and the Economic Future," in Transforming the U.S. Financial System, ed. Dymski et al. 288-312; Pollin, "Financial Structures," 49-51.
99. 45. For proposals for a similar reform of taxation in the United States, see James R. Crotty and Don Golstein, "Do U.S. Financial Markets Allocate Credit Efficiently? The Case of Corporate Restructuring in the 1980s," in Transforming the U.S. Financial System, ed. Dymski et al., 276; Michael Porter, "Capital Choices: National Systems of Investment," in As If the Future Mattered, ed. Goodwin, 34-6.
100. 45. For proposals for a similar reform of taxation in the United States, see James R. Crotty and Don Golstein, "Do U.S. Financial Markets Allocate Credit Efficiently? The Case of Corporate Restructuring in the 1980s," in Transforming the U.S. Financial System, ed. Dymski et al., 276; Michael Porter, "Capital Choices: National Systems of Investment," in As If the Future Mattered, ed. Goodwin, 34-6.
101. 46. Hay, Re-Stating, 175; on the politics of preference-shaping, see Patrick Dunleavy, Democracy, Bureaucracy and Public Choice (Hemel Hempstead, England: Harvester Wheatsheaf, 1981), 112-27.
102. 46. Hay, Re-Stating, 175; on the politics of preference-shaping, see Patrick Dunleavy, Democracy, Bureaucracy and Public Choice (Hemel Hempstead, England: Harvester Wheatsheaf, 1981), 112-27.