Trust the good old Wall St. Journal to make matters clear. They are truly concerned about the smashing victory of Jeremy Corbyn as leader of the British Labour Party. In today’s editorial, they remark on Corbyn’s “socialism and anti-Americanism,” and comment (correctly) that “Mr. Corbyn makes Vermont Senator Bernie Sanders look moderate in comparison.”
They recognize the longer term threat:
“Mediocre economic growth brought about by bad economic ideas has a way of making bad ideas more popular, not less. This is the lesson of 20th-century Argentina and 21st-century Greece.
“That means that even if Mr. Corbyn never takes power, Corbynism could become the dominant ideology of a party that someday will. An unopposed Conservative Party could become prone to infighting and scandal. Mr. Corbyn could also bring back into the fold left-wing Scottish voters who abandoned Labour for the Scottish National Party in the last election. Throw in an ill-timed recession, and a Labour comeback is far from impossible.”
They conclude by calling on the Tories – and their counterparts on this side of the Atlantic – to step up the propaganda for “a smaller state and greater individual opportunity.” They conclude: “If free-market ideas are to be durable, those ideas have to be tested and taught.”
The problem is that after all these years of these “free market ideas” being “taught” – that is, after all the years of “free” market propaganda – these ideas have also been tested. They have proven to be a disaster for the overwhelming majority. That’s why Syriza won the election in Greece and Corbyn did in Britain. That’s also why workers in the US need their own political party as a first step in combating this “free” market shipwreck.
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