Legislating for a more responsible capitalism

Further to Friday's post on accountability - I recently read a thought provoking paper by Stephen Hockman QC entitled - "Legislating for Responsible Capitalism". You can access the paper here. Tonight he's due to address the Society of Labour Lawyers (of which he is the current Chair), but sadly other commitments mean that I won't be able to attend.

There's a lot of unhappiness about the way some companies - which enjoy legal protection [limited liability for their owners - ability to bring legal action to protect the company's rights - and the assistance of the courts and police] - are abusing their powers. There has been anger at the way a small group within a company can arrange to pay huge salaries to their top managers, while their workers are spied upon; lose benefits (pension rights; holidays); work longer hours - their customers are ripped off - and in the case of banks, cost the public heavily rescuing the system.

Don't get me wrong - I am not against Capitalism - with proper safeguards, it can be efficient and beneficial. It can bring, and has brought, great benefits to individuals and society as a whole. There is more scope for democracy and liberty than with alternative systems. BUT IT IS NOT PERFECT. Sadly history repeats itself - and the lessons learned from previous failures of capitalism are soon forgotten. I remember as a young man reading Galbraith, who pointed out the recurring cycle of scandal and failure: followed by regulation to address the weaknesses revealed; following by
forgetfulness; followed by increasing demands for a 'bonfire of regulations' and "freedom" for capitalists; followed by relaxation of the rules; followed by the INEVITABLE new scandal and failure. As I read (and hear - I do watch C-SPAN & some US TV thanks to satellites & the Internet) the current bunch of extreme-Conservatives pushing their agenda - I am reminded of the same follies in the 1920s. Thankfully FDR was able to 'save capitalism from itself' (let's not forget Keynes; Beveridge and Aneurin Bevan) and prosperity returned. But our current crop of Extreme-Conservatives (from Paul Ryan to George Osborne and Michael Gove) are determined to free capitalism to fail again. I hope they get thrown out before they succeed - it would be a bit to lose all the benefits of capitalism because they were too stupid to allow safeguards to keep it working well.

I recommend Hockman's paper - well worth reading and thinking about.

Michael Foot on the Labour Party post world war II

Labour after the Second World War - by a superb academic - and Labour Party Leader, Michael Foot

Who's honoured at Westminster?

I sometimes take small tours around the Palace of Westminster. The Palace is a fascinating building - but very much a product of its time (as I discovered late last week when I needed to use the bathroom - two sets were out of action so I had to hike to the 1st Floor (which in Westminster's strange pattern is above the Ground Floor, the Principal Floor - and any basements)).

Last Friday was the 175th anniversary of the Great Fire of Westminster - only Westminster Hall survived from the medieval palace. The Palace we know was built in the thirty years after the fire. [trivia facts for the day - its existing buildings containing nearly 1,200 rooms, 100 staircases and well over 3 kilometres (2 miles) of passages.]

On my tours I point out the many statues and paintings which honour some of the characters who played a part in the history of this building and institution. Prime Ministers and Lord Chancellors are well represented - some individuals who are long (and deservedly) forgotten - and some heroes of the struggle for a parliamentary democracy based on the rule of law.

The nobles who forced King John to sign the Magna Carta are honoured in the House of Lords - where their statues look down upon the current Peers. The great men who played a role in the battle against Charles I and his attacks upon Parliament are honoured - John Hampden can be found in St Stephen's Hall. Also in St Stephen's (built on the site where the House of Commons met in the 17th to 19th centuries) are statues of Charles James Fox - a supporter of the American Revolution; and Lord Somers - who presided over the drafting of the Bill of Rights. In the Lower Waiting Room (beyond Central Lobby close to the Members Dining Room) there are statues of John Bright - the campaigner against the Corn Laws; Keir Hardie; Oliver Cromwell and the founder of the National Health Service (actually his bust has been removed for restoration), Nye Bevan.

Spoof Speech by Nye Bevan

A friend sent me this hilarious video - where the voice of Nye Bevan has been replaced by a pretty good impression.

Nye Bevan was the visioniary Labour MP and cabinet minister responsible for establishing the NHS. He is one of my personal heroes. (My A-Level project was a study of his life and achievements). My grandmother - also born a Bevan appears on the same page in the records of births, deaths and marriages - as they were born a few days apart (although in different parts of Wales.

Despite the reverence I have towards this great man - I loved this video. Thanks Marielle for forwarding it to me.