Transforming the Market: Towards a New Political Economy

Book Title

By Patrick Diamond
December 2013
Distributed by Coronet Books
ISBN: 9781906837587
106 Pages, Illustrated
$20.00 Paper original


Ever since the 2008 financial crisis, governments have struggled to restore the conditions for sustainable economic growth. In this book, Patrick Diamond warns that the policies being pursued risk repeating the errors that led to the crisis. Instead, he argues, we need to get away from the longstanding dichotomy of free-market fundamentalism vs. Keynesian interventionism and create a long-term national economic strategy which delivers fairer, greener and more sustainable growth. Diamond calls for a new politics of production: rebalancing consumption and investment; rebalancing manufacturing and financial services; rebalancing the differential growth rates of the North-East and South-East of England; and rebalancing living standards, reducing the gap between the richest and the poorest. He highlights four areas for reform to achieve this rebalancing act: Radical investment in vocational training Regional banks and regional economic strategies to ensurethat finance flows directly to local businesses Reform of corporate governance to create real value, not speculative value, by bringing together the workforce, management and shareholders for long-term investment and value-creation Pluralisation of the economy by encouraging small and medium-sized enterprises, mutuals, co-ops and social businesses 'The choice is not between Keynes and austerity: what is required is a major programme of structural reform throughout our economy to create fairer, more sustainable and more balanced economic growth.'