The Guardian view on Corbynomics: more creativity please | Editorial

The Labour party should be congratulated for its progressive economic ideas. But as Tory MPs prepare to drop austerity and start spending, the opposition needs to be bolder

The Labour party has long attempted to remodel society under the banner of equality. In that sense, the party’s current leadership is no different from earlier incarnations. Jeremy Corbyn and his shadow chancellor, John McDonnell, offered a bold manifesto at last year’s election, one which made it clear that they are agreed, in ambition if nothing else, with their nemesis Margaret Thatcher that “economics are the method; the object is to change the soul”. Since then Mr Corbyn and Mr McDonnell have sketched out, admittedly in dry policy documents, a number of instruments of their revolution. But they have shied away from making a coherent public case for notions of progressive values, radical democracy and collective action. That is a mistake, not least because a programme that seeks to transform Britain must conquer minds as well as spirits.

It has been left to others to make the argument. Last week in Renewal, an academic journal, two leftwing thinkers – Martin O’Neill and Joe Guinan – outlined the size and scope of Corbynomics. They credit Karl Polanyi, an Austrian economic sociologist, for inspiring Mr Corbyn’s policies. Polanyi warned that capitalist systems quickly become dominated by markets, where values are framed by cash. The result is the “annihilation (of) the natural substance of society”. He argued, perceptively, instead that cooperation was more important to humans than competition. If reciprocity was considered, then the notion of what was valuable could be broadened to better represent society’s health.

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Ignore the Millionaire Mindset; Try the Billionaire Behavior Set Instead

Never Mind the Millionaires. Here’s Advice From Billionaires. The richest offer life lessons about how they got where they are. Bloomberg, May 25, 2018         Last month, I described an email that promised vast riches if I would adopt “The Millionaire Mindset.” This is the sort of silly wishful thinking I hate:…

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The Rochdale feelgood index: can you judge a town’s wellbeing from tweets?

A boomtown of the Industrial Revolution, it now uses machine learning to gauge the residents’ emotional state

When Rochdale is in the news it tends to be for the wrong reasons, such as associations with child sex exploitation and urban decay. Yet, in its heyday, Rochdale was one of the most prosperous places on earth. The town hall – a magnificent example of Victorian gothic – exudes civic pride. But it was built a long time ago, when Britain was the workshop of the world, cotton was king and the north of England was more prosperous than the south.

Related: Nottingham has lowest household disposable income in UK

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10 Sunday Reads

My easy like Sunday morning reads: • Fees Matter When Picking Funds — but They Aren’t Everything (Institutional Investor) • The gun industry claims to be a big job creator. Here’s why you shouldn’t believe it (LA Times) • How China’s 36th-Best Car Company Saved Volvo (Bloomberg) • Corporate tax rates and economic growth since 1947 (Economic Policy Institute) • Your Smartphone…

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