From Corbyn: Against All Odds, by Richard Seymour, pg 22. There’s a huge opportunity for the Labour left but also a huge risk, as momentum has built for an anti-austerity platform that might no longer be relevant:
“It is not clear what will happen to the debt/speculation economy, or the ‘property-owning democracy’ where large numbers of people supplement their income by borrowing against the rising value of their homes. When even George Osborne gives up his threatened ‘emergency’ austerity budget, abandons his ‘fiscal rule’, and leading Tory candidates openly talk down austerity, one going so far as to propose a massive borrowing and spending programme, the coordinates of the old consensus are clearly disintegrating. This is one of those moments when a degree of political imagination and initiative will make a decisive impact for the next few years at least”
As Seymour goes on to observe, “in the context of a generalised crisis of politics and the established way of doing things, anyone who has some ideas about how to change things can gain a hearing.” The book on the American right I’ve just read, Thomas Frank’s Pity the Billionaire, makes a compelling case that the resurgent free-market right capitalised on precisely this opportunity, despite the fact their ideas were inane and contradictory.