A Schäuble road to socialism?
A long article in the Socialist Economic Bulletin (15 February) and on the Labour Left website Left Futures argues that the “centrepiece” of Labour Party economic policy should be a national investment bank. This would be a publicly-owned bank, able to borrow more cheaply than commercial banks because of its government backing, and lending for infrastructure and industrial projects. The model is the KfW, the German state’s federal investment bank, set up under the Marshall Plan in the 1940s and still going strong. A safe, conservative model, maybe a useful capitalist technique, but in no way...