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The Stakeholding Society: Writings on Politics and Economics

ISBN: 978-0-7456-2078-7
296 pages
January 1999, Polity
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For over a decade Will Hutton has been one of Britain's leading progressive voices. He has been at the centre of every significant economic and political debate that has reshaped and reimagined the British centre-left: the mounting calls for a democratic constitutional settlement, the criticisms of the short-termism of the domestic and international financial systems, the idea of a stakeholding society. In The State We're In he combined all three in a passionate and powerful diagnosis of Britain's problems and the possibility of a just and democratic renewal.

This collection brings together the full range of Hutton's work as a journalist, pamphleteer and essayist, advocate and critic, and shows the spectrum of issues with which he has engaged. Yet Hutton has remained true to his best journalistic instincts. He has proved to be not only an acute thinker but an engaged writer and effective popularizer.

Brought together, his work over the last ten years represents the emergence of a new politics and new political imagination in Britain. Founded on a coherent critique of neo-liberal economic orthodoxy and monetarist practice, and a sophisticated reassessment of neo-Keynesianism, Hutton has put the politics back into political economy. The case he makes for new economic institutions, the regulation of global capital markets, the refounding of British industry, has always been matched by the complementary requirements of a new politics which is consensual, democratic, open and innovative and which must be pursued as much in Brussels and the regions and nations of the UK as at Westminster.

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Editor's Note.

Introduction.

Part I: Enlivening the Dismal Science: The Limits to Economic Orthodoxy:.

New Economics Hits at Market Orthodoxy.

Monetarist Mantra has Lost its Magic.

An End to the Rule of Fish Market Economics.

Equality is the Casualty of an Unhealthy Market.

Priceless Assets Amount to Folly.

Wealth or Happiness may be in Store.

Part II: The Keynesian Revival: New Arguments for Growth and Employment:.

Back by Popular Demand.

Who's Whistling the Best Tunes Now?.

Follow Spitfire, Not Concorde.

Trade with a Tangible Return to Well-Being.

Part III: London Babylon: The City, Finance and the British Economy:.

Money before Machines.

Why Rover was Driven out of UK Hands.

A City without Controls has Resulted in a Capital Market out of Control.

Jobs and Growth Mean Regulation.

The Sad Story of British Biotech.

Part IV: Ownership Matters: Short-Termism, Stakeholding and Corporate Governance:.

Raising the Stakes.

Time for Labour to Put some Spine into its Stakeholding Idea.

Stake that Claim.

Only Working Together will Save the Economy.

Tony and the Tories: This is what we Mean.

Healing Community Requires Reform rather than Rhetoric.

Darkness at the Heart of Privatization.

Part V: Taming Mammon: The Growth and Regulation of the Global Economy:.

Reviving Bretton Woods. Crisis in Mexico should Puncture the Conservatives' Complacency.

Job Worries Contain Message of Import. Myth that Sets the World to Right.

Restrain these Corporate Godzillas.

Part VI: European Dilemmas: From ERM to EMU:.

The Chancellor, the Banker, and Deaf Ears in Bath.

Black Wednesday Massacre.

Nothing but the Actualité?.

Winds over the West.

The Cost of Going it Alone in Europe.

Imperial Echo Defies Logic.

X Marks the Spot for Start of Euro Race.

Hot Money Goes Euro.

Part VII: The Political Economy of Penury: Taxation and Public Spending in the UK:.

Taxing Question should be a Matter or More, not Less.

A Tax that Needs to Go Up, not Down.

We All Lose out in the Tories' Lottery Game.

Cashing in on the North Sea Bubble.

Millennium Fiasco that is a Monument to Failure.

Part VIII: An Age of Insecurity?.

Polarization, Poverty and the Fraying of our Social Fabric.

High-Risk Strategy.

What Comes after the Gold Rush.

Why the Poor Remain Silent.

Why a Minimum Wage Offers Maximum Returns for All.

Investing in Social Capital can Help Counter the Spate of Evil.

Priceless Gifts within Everybody's Reach.

Happiness that Money Truly Cannot Buy.

Part IX: Lessons from Elsewhere: Alternative Models of Capitalism:.

Tory Fantasy of Far Eastern Promise.

Britain Falls Short of the Mark.

Germany Defies Prophets of Doom.

Shock that Threatens Downtown America.

Age of Anxiety as Communism Collapses.

That's the Thing about Paper Tigers: They Burn.

Sun, Sea, Wine and Loneliness Down Under.

Part X: The State We're In: Constitutional Struggles and Economic Revival:.

Royal Reform Key to Real Recovery.

Moment of Truth for the Rentier State.

Time to Sever the Thin Blue Line.

A Mad Way to Run a Country.

Snow White Ideology and the 30 Million Dwarfs.

It is Broke, and It Needs Fixing.

A Princess, a Funeral and a Nation's Sadness.

Part XI: The Times they are Changing? New Labour's First Year:.

Break the Locks on Labour's War Chest.

Labour must Stop Ducking the Issue of Inequality.

Scotland has to Seize the Day - for All Our Sakes.

Blair is Forcing us to Make the Hardest Choice.

Blair's Big Tent is now Blowing in the Wind.

Didn't he Do Well? Well ... Did he?.

Afterword.

Index.
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Will Hutton is Editor in Chief of The Observer. He is one of Britian's most distinguished journalists and the author of The State We're In (1995, Vintage) and The State to Come (1997, Vintage).
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  • A punchy collection of political writings by one of Britain's most distinguished journalists
  • Brings together Hutton's work over the last ten years, covering major issues in current political and economic affairs
  • Lays down and defends Hutton's original and influential conception of a stakeholding society
  • Outstanding contribution to British political debate.
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'Will Hutton believes that economic activity and decisions should be made compatible with the well-being of human society by using the power of democracy. His special talent is to explain lucidly why that should happen, to show rationally how it can happen, and to do both tirelessly. The Stakeholding Society proves that again. Other political and economic commentators provide analysis. Hutton offers real answers too.' Neil Kinnock, European Commissioner, Leader of the Labour Party 1983-92

'Will Hutton belongs to the great tradition of the scholar-journalist. His range is extraordinarily wide; his writing is fresh and hard-hitting; above all, he has a marvellous capacity to make unexpected connections and provoke new thinking. Hutton is a pathfinder in the world-wide search for a new political economy marrying the dynamism of the capitalist market economy with the core social-democratic values of justice and solidarity. This book is an important signpost to a new left-of-centre politics.' Professor David Marquand, Principal of Mansfield College, Oxford

'Will Hutton's The State We're In has had more influence on the policy debate than any other book published in the 1990s, challenging the assumptions of the Thatcher era and helping to shape a new climate. The essays and articles contained in The Stakeholding Society take the argument an exciting stage further. Readable, rigorous, bursting with the intellectual energy that is Hutton's hallmark as a journalist and thinker, this book will stimulate and infuriate and become-in its turn -a catalyst for change.' Ben Pimlott, Warden of Goldsmith's College, London


'Will Hutton is the authentic intellectual voice of the British left. Anyone interested in the ideas which are shaping the transformation of Thatcherism into Blair's new Britain should read this book.' Anatole Kaletsky, The Times

'The Stakeholding Society elegantly showcases Hutton's not inconsiderable skills as the informed journalist ... Hutton's work has the rare qualities of passion and thoughtful reason. His popularity as an accessible advocate of profound change in capitalism ... is highly recognisable from this collection.' International Journal of Employment Studies

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