I've been hearing that the Conservatives are "good" for "the economy." Really? Where did that idea come from? Before making that assumption, let's consider what a "good economy" might look like.
The Good Economy
FROM: http://clients.squareeye.c
What is the economy for? Too often the economy (narrowly defined) is wrongly assumed to be an end in itself. The good economy should advance the good life and help us to create a good society. It is not merely a means to pay for these things – a good economy should itself embody and actualise our values of social justice, quality of life, mutual responsibilities, democratic accountability and environmental sustainability.
The good economy provides for public goods as well as private consumption. Generating tax revenues to pay for excellent public services is a leading purpose and benefit of prosperity, not a drag to be minimised and apologised for. The good economy promotes social justice. Inequality and poverty are redressed through progressive taxation to fund redistributive benefits and services, which are universal and free at the point of use unless there are compelling reasons otherwise. Women, minorities and disadvantaged groups are treated equally and people are fairly treated in the marketplace.
The good economy is a caring economy. It provides living wages, secure pensions and affordable housing for all. It supports a progressive shortening of working hours, with productivity gains taken as time as well as income, as happened through much of the twentieth century but has stalled since the 1980s. It offers everyone the opportunity to enjoy the fulfilments of both work and caring, rather than having too much of one or the other. It supports the household, care and voluntary economies.
The good economy is a democratised and accountable economy. It promotes good working conditions, democratic workplaces, more work time flexibility and more employee control over work. It contains responsible corporations held to account through legal and fiduciary duties and frameworks. It has a more collectivist framework for decisions, not a purely market choice driven approach. It is embedded in a social Europe and international governance mechanisms, and helps promote sustainability, pro-poor development and democracy worldwide.
The good economy is environmentally sustainable. Tax and pricing structures make conserving energy and resources profitable, and waste costly. Smart regulation prevents damage before it happens, rather than trying to clean it up afterwards, and creates opportunities for green businesses.
The good economy outperforms the deregulated ‘feral’ economy in traditional economic terms. By preventing businesses from causing social and environmental damage, it removes the need for expensive remedial programmes, allowing better use of public resources while still improving the public realm. Public interest decisions improve the long-term viability of businesses and their resilience to trade and environmental shocks. Contented and secure workers bring more to their work, are better able to meet its challenges, and more ready to be innovative and enterprising.
But the good economy measures its success not primarily in terms of monetary growth, commercial competitiveness, or narrow efficiency, but in terms of human well-being, longer-term resilience and security, and environmental sustainability. It is one in which people want to live and work, and where companies invest with confidence.
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