Britain Corbynomics the many vs the few

Marxist Analysis · 2026-05-13

Core Argument¶

The article argues that the economic programme of Jeremy Corbyn and John McDonnell — "Corbynomics" — while representing a genuine and welcome break from decades of pro-austerity, pro-business consensus, is fundamentally insufficient because it remains within the framework of capitalism. The central thesis is that a left Labour government, if it attempts merely to reform or manage capitalism through Keynesian borrowing, taxation of the rich, or compensated nationalisation, will be crushed by the same capitalist forces that destroyed Syriza in Greece and Hollande in France. The only viable alternative is a break with capitalism itself: uncompensated nationalisation of the major monopolies and banks, workers' control, and a socialist planned economy.

Theoretical Grounding¶

The analysis is grounded in the classical Marxist understanding of the state and the capitalist mode of production. It draws on the following theoretical traditions:

The capitalist state as an instrument of class rule: The article rejects the notion that a government can serve both capital and labour simultaneously. The state under capitalism is not a neutral arbiter but is structurally dependent on the accumulation process and the confidence of financial markets.
The critique of Keynesianism within capitalism: Drawing on Marx's analysis of the contradictions of capital, the article argues that Keynesian demand management cannot resolve the underlying crisis of overaccumulation and falling profitability. Borrowing from financial markets merely postpones the reckoning while subjecting the government to the discipline of those markets.
The experience of reformist governments: The analysis is informed by the historical record of left and social-democratic governments — from Harold Wilson's Labour government in the 1960s to Syriza in Greece and Hollande in France — all of which were forced into austerity by the structural power of capital.
The distinction between formal and real ownership: The article critiques the "John Lewis model" of worker share ownership as a form of collective capitalism that leaves the logic of the market intact. This draws on Marx's distinction between ownership and control, and the understanding that cooperatives within capitalism remain subject to the law of value and competition.

The article sits firmly within the Trotskyist tradition of the Revolutionary Communist International, which argues that the working class cannot achieve its emancipation through the reform of capitalism but must break with it entirely. It is a polemic against the left-Keynesian current within the Corbyn movement, represented by figures like Paul Mason and Ann Pettifor.

Conjunctural Relevance¶

The article was written in September 2018, at a specific conjuncture:

The Tory government was in crisis over Brexit, with Theresa May's Chequers plan collapsing and the possibility of a snap general election looming. The article anticipates the prospect of a Corbyn-led Labour government coming to power.
The failure of austerity was becoming undeniable: The collapse of Carillion (a major outsourcing company) in January 2018, the renationalisation of the East Coast Mainline, and the crisis in local councils like Northamptonshire had all discredited the Tory narrative of fiscal responsibility.
Support for nationalisation was at historic highs: Over 75% of the public supported renationalisation of rail and utilities, and half supported public ownership of banks. The demand to restore Clause IV of Labour's constitution (committing to common ownership) was gaining traction among grassroots members.
The Greek experience was fresh in memory: Syriza's capitulation in July 2015, after winning the Oxi referendum, was a defining moment for the European left. The article uses this as a warning of what happens when a radical-sounding government attempts to negotiate with capital rather than expropriate it.
The world economy remained in a prolonged slump: A decade after the 2008 crash, the "new normal" of stagnation, low growth, and attacks on living standards continued. The article warns that a new global slump was on the horizon, which would intensify the pressure on any left government.

Where the Argument Continues¶

This article is part of a broader body of work by the Revolutionary Communist International analysing the Corbyn project and the limits of left reformism. The argument continues in:

Other articles on marxist.com from the same period, including analyses of the 2017 general election, the Labour Party conference, and the role of the Blairite right. These develop the tactical line of critical support for Corbyn while building revolutionary organisation within and outside the Labour Party.
Against the Stream episodes (the RCI's weekly video programme) from 2018-2019, which tracked the Corbyn government-in-waiting and the growing sabotage by the Parliamentary Labour Party right wing.
Broader Marxist texts on the state and revolution: The article implicitly points toward Lenin's State and Revolution and Trotsky's The Transitional Program as the theoretical basis for understanding why a break with the capitalist state apparatus is necessary.
The RCI's analysis of Syriza and Podemos, which forms a parallel case study of how radical-sounding parties are absorbed and neutralised by the logic of capitalist state management.

Connections¶

Paul Mason's Postcapitalism (2015) and his subsequent shift to Keynesianism: The article directly engages with Mason's trajectory from self-described Marxist to advocate of "borrowing to invest," treating this as symptomatic of the political pressure on left intellectuals.
Ann Pettifor's The Production of Money (2017): Pettifor's argument that a Labour government can work with the City of London is critiqued as naive about the structural antagonism between labour and capital.
The experience of Syriza: The article draws heavily on the Greek case, which is analysed in depth in other RCI texts. The key text here is the RCI's analysis of the Syriza betrayal, which argues that Tsipras's capitulation was not a personal failure but the logical outcome of attempting to reform capitalism within the eurozone.
Harold Wilson's memoirs: The quote from Wilson about the Bank of England governor is used to demonstrate that even mild reformism faces sabotage by financial capital. This connects to the broader Marxist literature on the "structural dependence of the state on capital."
Largo Caballero: The reference to the Spanish Civil War prime minister ("you can't cure cancer with an aspirin") situates the argument within the tradition of revolutionary Marxism's critique of Popular Frontism and class-collaborationist governments.

Key Quotes¶

"At the end of the day, austerity is not simply a 'political choice'. It flows from the nature of the crisis-ridden capitalist system itself. The whole world economy has been stuck in a slump for a decade now, since the crash of 2008 ushered in a 'new normal' of stagnation and cuts."
"Keynesianism does not – and will not – work. The government cannot simply 'borrow' at will. It must go to the financial markets to find the money for any large-scale investment. But what City banker or Wall Street financier is going to lend to a left-wing government that is pledging to nationalise and improve workers' wages and conditions?"
"No matter how much the shadow chancellor meets with big business to reassure them, the capitalists will never trust a left Labour government. They will continue to regard a Labour government as an existential threat to them and their interests."
"In reality, giving shares to workers is not 'collective ownership'. The capitalists, in this scenario, would remain very firmly in control. Indeed, workers in companies such as John Lewis do not have any real say in the running of the business."
"Even fully worker-owned cooperatives are still subject to the laws of the capitalist market – i.e. forced by competition to produce at a lower cost than their more ruthless rivals. At best, such worker-owned companies would only be tiny islands of socialism in a sea of capitalism."
"The answer to capitalist crisis and blackmail is socialist planning. You cannot plan what you do not control; and you do not control what you do not own. This is why we need to nationalise the major monopolies and banks – with no compensation to the fat cats."