With so much of this, Red Pepper’s Christmas issue, examining the financial crisis, it doesn’t look like we are exactly bringing yuletide good cheer. But the holiday is also a time to reflect, recharge and prepare for the New Year. So we’re unashamedly adding to your seasonal menu some tough food for thought! We want to convey both the sense of a historic opportunity for egalitarian change, and the real and evident threat to millions of people’s livelihoods if we do not grasp it.
We have to think and act strategically: refusing those solutions from above that attempt to solve the bankers’ crisis at the expense of people entirely innocent of the crime, and campaigning from below for constructive solutions. That may not bring down capitalism, but it can begin to force decisions on the basis of social need.
There’s a lot of mental pollution to clear away first, like the idea of the ‘credit crunch’ itself – as if we’re all in it together, rich and poor. As if this financial crisis is some great equaliser: we’re all going to feel the pinch but if we swallow this wholesome ‘credit crunch’ breakfast cereal we’ll soon get better.
The solutions on offer that go beyond ‘grin and bear it’ still go nowhere near the kind of change that the depth of the crisis requires (see Hugo Radice). Read the Guardian and you sense a palpable sigh of relief at the idea of going back to Keynes, as if somehow the policies associated with past prosperity represent firm ground. The nostalgia for Keynes also represents a yearning for definitive schemes and new supermen to guide us through the global economic maze. Every minor rearrangement of the global financial deckchairs is greeted as ‘new architecture’, while Gordon Brown is confidently refashioning the role of a contemporary Keynes to fit his more clunky conservative persona.
But Stuart Holland witnessed the breaking of Keynesianism while a young adviser to Harold Wilson in the 1960s, as its once-sharp instruments of managing demand came up against two obstacles that rendered it almost powerless: the growth of the multinational corporation with inordinate power over the market, including international trade, and the re-established power of the City and finance capital after years of financial stability.
Both, ironically, were the product of the success of Keynesianism – along with the economic consequences of the second world war – in kick-starting a further phase of capital accumulation and in re-establishing the international financial system so that once again financial institutions flourished.
The growth of the corporate giants shattered Keynes’s assumption that the state needed only to influence the level of demand (through lowering taxes and/or increasing public spending) and the market could be left to itself. And the increasing power of the City created a powerful enemy of the welfare state and any attempt by the government to intervene in industry or significantly to borrow to expand.
The financial crisis that has its roots in those years is surely the moment to begin to tackle these two unaccountable sources of economic power. With the banks visibly dependent on the government and the taxpayer it becomes a logical step to turn the banks into public utilities (see Leo Panitch). To make money the servant not the master of the public, going well beyond the non-voting (and temporary) shares that the British government has taken as part of the rescue package.
Public control over the banks would give the government power to radically influence the real economy. Through its control of lending it would have real bargaining power over multinationals, to tackle the recession and require ecologically driven investments; through its capacity to create social funds (see Robin Blackburn) it could give huge support to the social and co-operative economy and the development of new forms of peer-to-peer production (see Michel Bauwen).
The key to such possibilities is democracy and movement-building, locally and globally. There is an appetite for this: for democratic control over money, to end the gross inequalities now revealed to all, to end the waste and destruction of war, to meet the housing, health and education needs of all.
The worldwide excitement over Barack Obama’s election is an expression of these long-suppressed desires. Whether we can build globally on his victory depends on our ability to tap previously hidden sources of power, to scale up the alternatives we have been developing or trying to develop on the ground, as we resist.
Hilary Wainwright argues against reclaiming populism for the left and for a leadership that supports people’s capacity for self-government
It may seem as though these apps are working for us, but we are also working for the apps, writes Kurt Iveson
It's over 100 years ago that domestic workers began to organise to demand the same rights as other workers. Yet with LSE cleaners on strike this week, historian Laura Schwartz asks: how much has really changed?
Omar Barghouti asks whether Donald Trump, in his recent break with America’s long-standing support for the two-state solution, has unwittingly revived the debate about the plausibility, indeed the necessity, of a single, democratic state in historic Palestine?
Glenn Greenwald was interviewed by Amandla Thomas-Johnson over the phone from Brazil. Here is what he had to say on the War on Terror, Trump, and the 'special relationship'
In 1972 David Widgery wrote about the bitter intensity of love in capitalism
Andrew Dolan on how the left must match the anti-establishment rhetoric of the right, but with a different politics
Emma Snaith speaks with directors Emer Mary Morris and Nina Scott about the power of theatre to encourage community resistance to estate demolitions.
In the first of a series of interviews with migrants' rights and racial justice activists from the US, Marienna Pope-Weidemann speaks to Peter Pedemonti, co-founder and director of the New Sanctuary Movement in Philadelphia
Photos from The World Transformed festival in Liverpool, by David Walters
Changing our attitude to Climate Change
Paul Allen of the Centre for Alternative Technology spells out what we need to do to break through the inaction over climate change
Introducing Trump’s Inner Circle
Donald Trump’s key allies are as alarming as the man himself
Secrets and spies of Scotland Yard
A new Espionage Act threatens whistleblowers and journalists, writes Sarah Kavanagh
#AndABlackWomanAtThat – part II: a discussion of power and privilege
In the second article of a three-part series, Sheri Carr reflects on the silencing of black women and the flaws in safe spaces
How progressive is the ‘progressive alliance’?
We need an anti-austerity alliance, not a vaguely progressive alliance, argues Michael Calderbank
The YPJ: Fighting Isis on the frontline
Rahila Gupta talks to Kimmie Taylor about life on the frontline in Rojava
Joint statement on George Osborne’s appointment to the Evening Standard
'We have come together to denounce this brazen conflict of interest and to champion the growing need for independent, truthful and representative media'
Paul O’Connell and Michael Calderbank consider the conditions that led to the Brexit vote, and how the left in Britain should respond
On the right side of history: an interview with Mijente
Marienna Pope-Weidemann speaks to Reyna Wences, co-founder of Mijente, a radical Latinx and Chincanx organising network
Disrupting the City of London Corporation elections
The City of London Corporation is one of the most secretive and least understood institutions in the world, writes Luke Walter
#AndABlackWomanAtThat: a discussion of power and privilege
In the first article of a three-part series, Sheri Carr reflects on the oppression of her early life and how we must fight it, even in our own movement
Corbyn understands the needs of our communities
Ian Hodson reflects on the Copeland by-election and explains why Corbyn has the full support of The Bakers Food and Allied Workers Union
Red Pepper’s race section: open editorial meeting 15 March
On 15 March, we’ll be holding the first of Red Pepper’s Race Section open editorial meetings.
Social Workers Without Borders
Jenny Nelson speaks to Lauren Wroe about a group combining activism and social work with refugees
Growing up married
Laura Nicholson interviews Dr Eylem Atakav about her new film, Growing Up Married, which tells the stories of Turkey’s child brides
The Migrant Connections Festival: solidarity needs meaningful relationships
On March 4 & 5 Bethnal Green will host a migrant-led festival fostering community and solidarity for people of all backgrounds, writes Sohail Jannesari
Reclaiming Holloway Homes
The government is closing old, inner-city jails. Rebecca Roberts looks at what happens next
Intensification of state violence in the Kurdish provinces of Turkey
Oppression increases in the run up to Turkey’s constitutional referendum, writes Mehmet Ugur from Academics for Peace
Pass the domestic violence bill
Emma Snaith reports on the significance of the new anti-domestic violence bill
Report from the second Citizen’s Assembly of Podemos
Sol Trumbo Vila says the mandate from the Podemos Assembly is to go forwards in unity and with humility
Protect our public lands
Last summer Indigenous people travelled thousands of miles around the USA to tell their stories and build a movement. Julie Maldonado reports
From the frontlines
Red Pepper’s new race editor, Ashish Ghadiali, introduces a new space for black and minority progressive voices
How can we make the left sexy?
Jenny Nelson reports on a session at The World Transformed
In pictures: designing for change
Sana Iqbal, the designer behind the identity of The World Transformed festival and the accompanying cover of Red Pepper, talks about the importance of good design
Angry about the #MuslimBan? Here are 5 things to do
As well as protesting against Trump we have a lot of work to get on with here in the UK. Here's a list started by Platform
Who owns our land?
Guy Shrubsole gives some tips for finding out
Don’t delay – ditch coal
Take action this month with the Coal Action Network. By Anne Harris
Utopia: Work less play more
A shorter working week would benefit everyone, writes Madeleine Ellis-Petersen
Mum’s Colombian mine protest comes to London
Anne Harris reports on one woman’s fight against a multinational coal giant
Bike courier Maggie Dewhurst takes on the gig economy… and wins
We spoke to Mags about why she’s ‘biting the hand that feeds her’