Yes, I can't say I've high hopes about the exact model being genuinely worker led or internally democratic, which is one of the many reasons I'm ambivalent about state ownership. I expect another quango, or things carrying on much as before, just with government holding the capital. (But who knows: pleasant surprise from a party always welcome.) It should, at least, see profits reinvested, which is more than enough to make it a lesser evil.
I’ve been reading the 1974 manifesto today (as you do). It has this to say on state ownership:
“The British people, both as workers and consumers, must have more control over the powerful private forces that at present dominate our economic life. To this end we shall:
7. Sustain and expand industrial development and exports and bring about the re-equipment necessary for this purpose through the powers we shall take in a new INDUSTRY ACT and through the Planning Agreement system which will allow Government to plan with industry more effectively.
8. Wherever we give direct aid to a company out of public funds we shall in return reserve the right to take a share of the ownership of the company.
In addition to our plans set out in point 5 above for taking into common ownership land required for development, we shall substantially extend PUBLIC ENTERPRISE by taking mineral rights. We shall also take shipbuilding, shiprepairing and marine engineering, ports, the manufacture of airframes and aeroengines into public ownership and control. But we shall not confine the extension of the public sector to the loss-making and subsidised industries. We shall also take over profitable sections or individual firms in those industries where a public holding is essential to enable the Government to control prices, stimulate investment, encourage exports, create employment, protect workers and consumers from the activities of irresponsible multi-national companies, and to plan the national economy in the national interest. We shall therefore include in this operation, sections of pharmaceuticals, road haulage, construction, machine tools, in addition to our proposals for North Sea and Celtic Sea oil and gas. Our decision in the field of banking, insurance and building societies is still under consideration. We shall return to public ownership assets and licences hived-off by the present government, and we shall create a powerful National Enterprise Board with the structure and functions set out in
Labour's Programme 1973.
9. We intend to socialise existing nationalised industries. In consultation with the unions, we shall take steps to make the management of existing nationalised industries more responsible to the workers in the industry and more responsive to their consumers' needs.
10. Regional development will be further encouraged by new public enterprise, assistance to private industry on a selective basis, and new REGIONAL PLANNING MACHINERY, along the lines set out in
Labour's Programme 1973. We will retain and improve the Regional Employment Premium. Revenues from North Sea oil will be used wherever possible to improve employment conditions in Scotland and the regions elsewhere in need of development.
11. We shall develop an active manpower policy with a powerful NATIONAL LABOUR BOARD. In the longer term, redundant workers must have an automatic right to retraining; redundancy should then lead not to unemployment, but to retraining and job changing.”
In terms of clarity, ambition and purposive left social democratic politics this stands in contrast to the current manifesto. Socialisation, control of profit making sectors, planning, trade union and worker involvement etc. Note also the ambition to apply controls - quietly dropped by McDonnell
And, of course, Labour actually won the election albeit with a small majority.
As I think Danny LR commented, given the other option on offer it’s clear which is best regardless of the limits of Labour’s actual plan. But, those who think Labour are being outlandishly radical (or even radical in absolute terms, rather than the narrowed horizons of now) might want to read this and reflect.
