The list of characteristics of the good life suggested by Lord Skidelsky include neither work nor politics and that indicates that there is a problem… - Maurice Glasman, Baron Glasman

The story of the Northern Counties Building Society is instructive. Established in 1850 in the North East by dispossessed workers who pooled their funds to retrieve a home in the world it grew steadily over the years. It was part of the local economy and society, that most precious civic inheritance, a trusted financial institution. In 1965 it merged with another local institution, the Rock Building Society to become Northern Rock Building Society. It demutualised in 1997 and became Northern Rock, which sponsored Newcastle United and became the fifth biggest lender in the UK market. An institution that was founded by local people for local people and had partnered its region in good times and bad for a hundred and forty seven years, that had weathered four serious depressions and emerged stronger from each could not last through New Labour’s period in Government.

One of the crucial problems we have as a party is that we have brought our leadership in from much too narrow a group. Basically Oxbridge graduates, in particular economics graduates, politics graduates, social scientists and lawyers. We need to reconnect to working-class communities, we have to reconnect to ethnic minority communities and bring up real leaders from within the people we represent.

The institutional settlement of post-war West Germany has endured because it generated value. They retained pre-modern artisan organisations and turned them into the foundation of their contemporary economic success. They entangled and constrained capital in a myriad form of national, sectoral and localised arrangements and they emerge from the crash, virtually alone, with a productive economy and a functioning democracy, with greater equality than us and more meaningful work.