Written by Charles Wookey
Last month, the IPPR Commission on Economic Justice released its ‘Prosperity and Justice: A Plan for a New Economy’ report, outlining a 10-part proposal that would “hard-wire” justice into the economic system, rather than treating it as “an afterthought”. Such a fundamental structural shift would be on the scale of the post-war Labour government, and the Thatcherite marketisation of the 1980s. The Commission admits as much and argues that the scale of the economy’s problems makes such a shift necessary.
The Commission’s diagnosis of the state of the economy is compelling: the fact that wages are no longer mapped against economic growth, and the lack of investment both from investors and within business, particularly in skills and training, is evidence of the prevailing short-termist approach. It offers a well-researched and comprehensive set of prescriptions. I just had a slight unease about the framing of the argument in terms of “the economy” as an isolated system.