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No more market failure: the economic case for nationalisation

While labour's manifesto has often been deemed radical, its economic policies would be far better at addressing the flaws in the current system.

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Labour leader Jeremy Corbyn campaigning in West Kirby. Andy Miah/Flickr. Some rights reserved.Yesterday’s general election saw the Labour Party make significant gains across the country and robbed the Conservatives of their parliamentary majority. This was in no small part due to the transformational nature of Labour’s manifesto. Where Labour’s proposals were fully costed, not a single pound sign managed to sneak its way into the Tory equivalent.

Corbyn’s Labour outlined measures which would begin to get to grips with some of the country’s core economic troubles. The unveiling of the manifesto precipitated an immediate jump in opinion polls, helping cut the Tory lead to single digits. Yesterday’s electoral swing in Labour’s favour can be taken as a clear sign large sections of the British public are desperately seeking an alternative to a failed economic orthodoxy.

 During an election campaign political debate inevitably heightens in intensity. We’re more likely than ever to discuss politics with friends, family and colleagues who may usually prefer to stay off the topic. It’s hard to argue about economics with your nan in the heat of the moment. If Gary at work says the government can’t keep ‘spending on the country’s credit card’, it’s hard to counter such a fatuous argument with a pithy one liner.