Arab Press

بالشعب و للشعب
Thursday, Apr 25, 2024

Free market didn’t work: How a major business boss admitted the failure of capitalism

Free market didn’t work: How a major business boss admitted the failure of capitalism

‘Capitalism has failed’ was the essence of Confederation of British Industry Director General Tony Danker’s message to its annual conference – presumably motivated by being on the right side of history.
The Port of Tyne in South Shields in England’s north-east is not an obvious place for Britain’s business leaders to meet.

The area was once central to the country’s industry, but has been decimated by government policy and a callous carelessness by politicians from all sides of the political spectrum over the past five decades.

This has meant that South Shields – just like other areas such as East Durham, South Yorkshire, Staffordshire, and Nottinghamshire –has been left without hope for generations. It’s become one of those places labelled as ‘the left behind’, although a truer description would be ‘purposefully and politically left out’.

Yet it was here that the Confederation of British Industry held its three-day annual conference, unexpectedly dominating headlines on account of Boris Johnson’s disastrous speech, with the prime minister losing his place, shuffling his papers, throwing out incoherent anecdotes about Peppa Pig, and making car noises. Predictably Johnson’s bizarre behaviour dominated discussion on news programmes and Twitter.

The focus, however, should have been on the serious and pressing discussions on the industrial and economic future of Britain. Perhaps the nonsensical debates about Johnson’s relationship with an animated character were a deliberate distraction, because when Tony Danker, the director general of the CBI, addressed the floor, his words were scathing and worthy of further analysis.

Bearing in mind he is a captain of industry and the CBI a champion of free market capitalism, Danker used his speech to deliver a damning critique of it, which he said had left swathes of the country in decline, accusing successive governments of allowing “old industries to die” with communities facing “benign neglect,” adding, “We’ve had five decades where the free market has palpably failed.”

Danker criticised Thatcherism and Blairism, but also the current government’s ‘levelling up agenda’, hitting out at PM Johnson for giving “very little” detail on how he planned to boost wealth around the country.

And he attacked current and historical government policies which have left great swathes of the North and the Midlands on lower wages, with poor and low-level work that offers no pride and dignity, and results in boarded-up high streets.

I wonder why these words have not been given more prominence in the mainstream media – “capitalism has failed, says capitalist” – and instead the focus has been put on the bumbling of our hopeless PM, preventing a serious and much needed debate about industry, growth, and inequality in Britain today.

It’s interesting that Danker has started to talk about the right side of history, a contemporary concern among many in politics, whether in government or on Twitter. Everyone claims to be on the right side of history, despite the fact that it is time and historians and public reflexivity which will decide that – not columnists like Owen Jones in The Guardian.

It is coming up to 40 years since the miners went into dispute with the government about pit closures. The National Union of Miners, the miners themselves, and their wider communities knew that the battle was not over the industry alone, but a fight to the death for those communities – our dignity and our future and our class.

We lost. Our villages, towns, and cities very quickly became filled with drugs as the jobs left, and anyone who could get out did, including me. Those communities are still hanging on, but only because of the resilience of the people – because even today they are still being attacked, ignored, and vilified by politicians, the media, and an ever-increasing fearful and mediocre middle class who are terrified of the British working class.

It is the mediocre middle class in particular who desperately need to be on the right side of history, through their use of whatever fashionable identity politics they need to fight for today – to appease their conscience and attempt to justify their unearned class advantages.

And yet we have had political leaders who have been on the right side of history, and it is time that their words were remembered. Arthur Scargill, the leader of the NUM, went to war with free market capitalism, because he understood what was coming once our industries had disappeared – the power that working-class people collectively relied upon would be gone and that imbalance would lead to an ever-widening inequality gap, with the poorest becoming poorer, the middle class clinging on to their position like limpets, and the elites soaring away from the rest.

In 1984, Scargill addressed the NUM conference with a straight-talking passion and a love for the people he represented that today is absent in our politics. His words now seem prescient. “The devastation threatening our communities is dramatically and tragically compounded by the destructive monetarist policies which this Government has unleashed. With over four-and-a-half million unemployed people, Britain’s industrial base crippled by lack of investment, and the nation’s social services network being torn to shreds, there is a climate of helplessness, hopelessness and outright despair. It is our responsibility as trade unionists to fight that despair and oppose the policies which created it.”

History was written by the miners’ strike, and is now being lived painfully every day through every flippant joke and nasty sneer about ‘the stupid and racist’ working class, and in every food bank, every suicide, and every crack house that has opened up amongst our deindustrialised working class communities.

I ask you how history will judge you.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
PM Modi Announces Opening Of New CBSE Office In Dubai
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Facebook and Instagram Ban Iran's Supreme Leader
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
The Saudi Kingdom's Ultimatum to Israel: A Win-Win Peace with Saudi Arabia and the Arab World, or a Lose-Lose Continued Occupation and Endless Conflict
Biden condemns anti-Arab hate after WSJ opinion piece calls Dearborn ‘jihad capital’
Turkey Releases Seven Hostages Captured by Pro-Gaza Gunman
Arab Parliament Commends Women's Contributions to Societal Development
British and Hungarian Foreign Ministers visited Lebanese leaders to stress the importance of enacting UN Resolution 1701
Yemen's Houthis Say They Targeted British Merchant Vessel In Red Sea
Donald Trump Nominated for Nobel Peace Prize for 'Historic' Middle East Policy
US lawmakers approve F-16 jet sale to Turkey following NATO expansion support
Saudi Arabia Climbs 25 Places in World Bank's National Statistics Indicator
Tourism Growth in Saudi Arabia Fuels Advancements in the Hospitality Industry," Says Rotana Official
Houthi Rebels Request Departure of UN Staff from Yemen, Including US and UK Personnel, within a Month
Modi Inaugurates Hindu Temple on Site of Demolished Mosque in India
Over 25,000 Deaths in Gaza Amid Israeli Offensive
Escalating Clashes in Gaza as Israel Distributes Leaflets to Assist in Locating Hostages
Turkey's First Astronaut Set to Launch for International Space Station Today
Head of Palestinian Investment Fund Warns More People May Die of Hunger Than War in Gaza
Palestinian Envoy Criticizes UK for Alleged 'Double Standards' in Policies Toward Israel
Morocco to Lead UN Human Rights Council in 2024
Is artificial intelligence the solution to cyber security threats?
Egypt has been identified as the leading military force among Arab nations and ranks 15th globally
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Iranian Nobel Laureate Narges Mohammadi Receives Additional Prison Sentence
"Gazans Urge Israeli Forces to Target Hamas in Leaked Audio"
Biden States US and UK Airstrikes on Houthis Were a 'Defensive Action
Large Pro-Palestine Rally in London as Gaza Conflict Hits Day 100
South Africa Urges World Court to Halt Israeli Actions in Gaza
×