Letting the Red Wall speak

This is a meetings-free week, taking advantage of the fact that people are largely willing to take no for an answer until mid-Jan, and I’ve also still got (I hope) quite a fierce email autoreply telling people to go away. It’s amazing how much more work this makes possible, even leaving time to catch up on reading. The latest book, which I started when it came out but has since been parked on the side table, is Sebastian Payne’s Broken Heartlands: A Journey Through Labour’s Lost England.

I really enjoyed this. It’s classic, careful yet evocative reportage from ‘Red Wall’ seats across the northern part of England. It starts in Gateshead, the author’s home territory, and, via a number of these once solidly Labour and now – extraordinarily – Conservative constituencies, ends up in Burnley, close to mine. It’s a very fair book: Payne lets people talk, reports what they said at decent length, and limits his own opinions to comments on prospects for the various parties in elections that lie ahead. (There’s a bit more discussion of electoral arithmetic than I wanted but that’s a quibble.)

One key message I took is not to over-generalise. There is indeed a lot of poverty in the Red Wall seats but also a lot of affluence, in the places where old heavy industry has been successfully replaced, so part of the story is the growth in numbers of ‘natural’ Conservative voters around the country. The truer generalisation is the substantial decline of public amenities around the English regions – transport, libraries, pleasant high streets. Another message – and in fact one on which the book quotes me (and many others) – is the crying need for devolution of powers within England.

A few other things struck me. One – a parenthesis in the Sedgefield chapter – was this: “nearly all the Red Wall seats had a train station closed in the infamous [Beeching] programme.” Reminded me of this marvellous paper on the Beeching cuts by Steve Gibbons. What economic, social and cultural vandalism Dr Beeching unleashed with the massive scope of his cuts: a great lesson in the imperative of taking into account network effects and spillovers in a cost-benefit framework, and the fact that some subsidies are worth every penny.

Another section was a discussion with Neil Kinnock, in which the former Labour leader observed that what has been lost is not so much collective sentiment in former industrial areas as the security that came with the social fabric of the post-war era. Kinnock said that modern individualism “is a source of choice but it’s also a source of weakness and insecurity. You’re on your own. In previous decades the one thing you weren’t, in richness and then poverty, was on your own.” I read this as Keir Starmer made security the theme of his New Year speech so presumably this will be part of Labour’s pitch for 2024.

Above all, though, Broken Heartlands is a terrific read and gives a real flavour of its territory. I’m just glad it wasn’t me out on the road in the North in the cold, wet winter of a pandemic.

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A quarter century of digital thinking

2022 is the 25th anniversary of the publication of my first book about digital technology, The Weightless World. I was browsing through it today, feeling mildly self-satisfied about its continuing relevance, including being well ahead of the curve in spotting the importance of phenomena such as intangibles, or gig work, or agglomeration patterns.

Quite a nice photo fell out of it too, of me at work writing the book in summer 1996 in a gite in Brittany. (The author photo in the back is scarily young-looking.)

IMG_2176Then, even better, I found on page 23 (UK edition) of this quotation from Marx in Das Kapital which helps explain to myself why my interest in digital and an interest in Nature and social and environmental sustainability are two sides of the same coin and so do form a coherent set of questions to study – sometimes it has felt like riding two horses that are heading in different directions:

Technology discloses man’s mode of dealing with Nature, the process of production by which he sustains his life, and thereby also lays bare the mode of formation of his social relations, and of the mental conceptions that flow from them.” (Book I, Ch 15).

Indeed, many people are I think sensing the links between digital change and sustainability challenges. We’re going to be looking more at these in the Bennett Institute in 2022.

The deep structure of the knowledge economy – or, 25 years of weightlessness

I read The Knowledge Economy by Roberto Mangabeira Unger because James Plunkett (who reviewed my Cogs and Monsters for Prospect) tweeted how struck he was by the similarities between Unger’s book and mine. I can see what he means as we are after all writing about the same phenomenon of the increasing intangibility of value in advanced economies. Indeed it’s 25 years this year since my first book The Weightless World was published, so I’ve been writing about it for a quarter century, which is pretty startling.

However, one of the strange things for me reading Unger is the way we approach the same phenomenon using different languages, so I found some of his observations hard to understand. One of those is a key term, vanguardism, which can either be insular (what we have no – bad – only the few benefit from the knowledge economy) or inclusive (good, what we want). If you read left of centre philosophy perhaps this doesn’t need explaining, but it mystified me.

In the end, the way I translated this was as referring to a system of production (to use the terminology of, say, Michael Best, particularly his older book The New Competitive Advantage but also How Growth Really Happens) – from Fordism to post-Fordism to whatever is emerging now (a prize for whoever comes up with the best ‘-ism’ term?). And there are some very interesting observations in The Knowledge Economy. For instance, Unger reckons the progressive left is too focused on demand side questions (MMT and all that, redistributive tax) and not enough on the supply side – the issue not even being ‘pre-distribution’ but something more deeply structural. 51E08vPVsIL._SY291_BO1,204,203,200_QL40_ML2_

Unger criticises the dominance of economics by marginalism, which I’m on board with, as indeed with his observation about the importance of ideas in shaping the realities of economic life. We’re in the mioddle of a period of contestation of world views for the first time since the late 1970s, although the free market Thatcher/Reganism or neoliberalism (or your preferred term) is putting up a stiff fight. But then he oddly asserts that economists are not interested in production. This would be news to all the many I/O economists and institutional economists out there. All in all, I found this an interesting read but in the end a bit abstract. If only I understood what inclusive vanguardism meant. Still, this is the joy of stepping outside your own discipline to look at it from the perspective of others.

 

 

A final installment – econ books in 2022

There are certainly books I’ll have missed in my somewhat haphazard look through the catalogues. Previous days’ posts have looked at the offerings from some university presses. Today, here is a brief round up of economics books (and any others that appeal to me) from general publishers – again, it will be less than comprehensive. But there’s still going to be plenty to read this spring & summer. Happy New Year to all!

So, in no particular order, except for the first and last:

Digital Republic is by our Bennett Institute affiliate Jamie Susskind – digital tech and politics.

A few from the Penguin stable especially Allen Lane:

The Price of Time – Edward Chancellor -a history of interest rates

The Power Law – Sebastian Mallaby – about the venture capital business

A Pipeline Runs Through It – Keith Fisher – a history of oil

British Rail by Christian Wolmar – who surely knows all there is to know about railways

Bill Gates on How To Prevent the Next Pandemic (no microchips involved)

The World for Sale by Javier Blas & Jack Farchy, about commodity trading

And a reissue of a 1944 classic, Capitalism and Slavery by Eric Williams

And some others:

The BBC: A People’s History – David Hendy (it is the BBC’s centenary year after all)

Money in One Lesson – Gavin Jackson

The Lords of Easy Money: How the Federal Reserve Broke the American Economy by Christopher Leonard, about QE, will appeal to some readers.

Also on my list, The Hong Kong Diaries – Chris Patten – because I worked with him for some time at the BBC Trust.

Last but not least, a fantastic upcoming offering from my Perspectives series with London Publishing Partnership is Stephanie Hare on tech ethics: Technology is Not Neutral.

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More to read in 2022 – OUP

I’ll do two more look-ahead posts: Oxford University Press today and a number of non-university press publishers tomorrow.

Top of the OUP list for me has to be DIsorder: Hard Times in the 21st Century by my dear colleague Helen Thompson. I read the draft – it’s fantastic, making sense of current geopolitical upheaval.

I’ll be very interested in Keith Tribe’s Constructing Economic Science: The Invention of a Disciplein 1850-1950 (although it’s a ridiculous price so I won’t be buying it.)

Given my past career, I’ll also be very interested to read Simon Potter’s history, This is the BBC: Entertaining the Nation, Speaking for Britain 1922-2022. (I have an article forthcoming in Philosophy about the need for a public service option in digital territory.)

Another history title of relevance to political economy issues is Rachel Bowlby’s Back to the Shops: The HIgh Street in History and The Future. The Digital Continent: Placing Africa in Planetary Networks of Work by Mohammad Amir Anwar and Mark Graham looks quite interesting, and is also open access. The well-known CIty guru Andrew Smithers has The Economics of the Stock Market out in March (although it doesn’t yet seem to have a page on the OUP website).

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