Why the Everyday Economy is the Innovation Labour Needs

Abstract

AbstractThe foundational economy/everyday economy approach promises much for Labour. It is fitted for a world of crises, where control of real resources matters, and is in line with the social democratic tradition. It marks a radical break with the kind of approach which has characterised political economic policy since the 1980s (and indeed earlier). It represents an opportunity for Labour to articulate a fresh analysis, critique and policy offering. Rachel Reeves has deployed the everyday economy idea and this has found repeated expression in her speeches—and now those of Keir Starmer. And yet, the idea suggests a much more radical rethinking of policies than Labour is offering: it casts doubt on the wisdom of aiming for more growth to be achieved by unleashing start‐ups, science and technology and innovation. That represents a return to conventional opinion while the foundational/everyday approach suggests a new way forward.