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Elizabeth Warren's project is to remake capitalism. What can British politicians learn from her? [View all]
Both Labour and the Lib Dems would do well to study her crusading manifestohttps://www.theguardian.com/commentisfree/2019/nov/03/elizabeth-warren-project-to-remake-capitalism-what-can-british-politicians-learn-from-her
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Warren, champion of vigorous stakeholder capitalism and a recast US social contract, challenges the businesses that signed the declaration to back her, something Sanders, an outright socialist and enemy of business, cannot do. If Warren wins the nomination, she is projected by many pollsters to be able to beat Donald Trump.
It is true that for some years Sanders has won an astonishing degree of support in a US where socialism is seen as the credo of the antichrist. He is the US’s Jeremy Corbyn, a builder of a youthful social movement whose imagination is fired by his sweeping indictment of what unfettered capitalism is doing to US society and his championing of transformative, across-the-board, state-led change. He ran Hillary Clinton close in the Democratic primaries four years ago and, even at 78, just recovering from a minor heart attack, is doing well again.
But not well enough, as Warren is overtaking him. Capitalism certainly needs a reset and its worst proclivities prevented, she argues passionately; but equally, when it works as it can be made to, it is still the most impressive instrument we have to create wealth. “Markets are what make us rich,” she says. “They are what creates opportunity.”
The role of government is not to subsume markets. Rather, it is to set vigorous regulatory frameworks that attack monopoly, promote competition and outlaw noxious practices. It can also empower countervailing forces, notably trade unions and public agencies to support high-risk new technologies and create a social contract that as far as possible takes the sting and risk out of ordinary people’s lives – from healthcare to pensions.
...
Warren, champion of vigorous stakeholder capitalism and a recast US social contract, challenges the businesses that signed the declaration to back her, something Sanders, an outright socialist and enemy of business, cannot do. If Warren wins the nomination, she is projected by many pollsters to be able to beat Donald Trump.
It is true that for some years Sanders has won an astonishing degree of support in a US where socialism is seen as the credo of the antichrist. He is the US’s Jeremy Corbyn, a builder of a youthful social movement whose imagination is fired by his sweeping indictment of what unfettered capitalism is doing to US society and his championing of transformative, across-the-board, state-led change. He ran Hillary Clinton close in the Democratic primaries four years ago and, even at 78, just recovering from a minor heart attack, is doing well again.
But not well enough, as Warren is overtaking him. Capitalism certainly needs a reset and its worst proclivities prevented, she argues passionately; but equally, when it works as it can be made to, it is still the most impressive instrument we have to create wealth. “Markets are what make us rich,” she says. “They are what creates opportunity.”
The role of government is not to subsume markets. Rather, it is to set vigorous regulatory frameworks that attack monopoly, promote competition and outlaw noxious practices. It can also empower countervailing forces, notably trade unions and public agencies to support high-risk new technologies and create a social contract that as far as possible takes the sting and risk out of ordinary people’s lives – from healthcare to pensions.
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More at the link, including this great nugget: "Warren is today’s embodiment of the great reforming US tradition of the Roosevelts, the Kennedys and Lyndon Johnson."
This Guardian columnist "gets" it!
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
9 replies
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