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" "Blue Labour has complete disrespect for the managerialism of New Labour and has much more honour for the workforce. If you talk about schooling, we'd like to see parents have a third of the power, teachers have a third of the power and the funders – whether it's the state or local authority – a third of the power, and negotiate a common good. New Labour sought managerial solutions in the private sector and that's what led to the banking collapse; they sought managerial solutions in the public sector which led to the erosion of the public ethos – so we will put people first, relationships first and that's a very different thing.
Maurice Glasman, Baron Glasman (born 8 March 1961) is an English political theorist, academic, social commentator, and Labour life peer in the House of Lords. He is a senior lecturer in Political Theory at London Metropolitan University and Director of its Faith and Citizenship Programme. He is best known as a founder of Blue Labour, a term he coined in 2009.
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Regional Banks that are constrained to lend within a particular area are a necessary part of the institutional ecology in that they resist the centralising power of capital, allow a more stable access to credit for regional and smaller businesses and encourage relationships and reciprocity to constrain the demand for higher rates of return that have decimated the mutual bank sector in Britain. They also offer an alternative to usurious lending, one of the great growth areas in our economy. Any serious reflection on ‘employment policies’ must confront the centralisation of capital and the state and seek to constrain both through the endowment of decentralised regional and sectoral institutions that constrain centralisation and preserve and renew traditions of virtue within the economy through resisting the commodification of human beings, nature and knowledge demanded by the maximum return on investment. It allows initiative and enterprise to be oriented towards the future.
The overriding paradox is that a democratic and vocational resistance to modernity, defined as the joint sovereignty of financial markets and public administration is the most efficient, competitive and sustainable modern position. The tragedy is that such a reasonable political position is unavailable within the mainstream of European politics, indeed there are those who argue that it would be illegal and an infringement of EU rules concerning competition.
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We believe that capitalism, and unfettered capitalism poses a threat to human existence through the commodification of the person and nature. And we believe in defending people and nature through democratic association, and confronting and constraining the domination of capital through building a balance of interests in corporate governance and public sector. We take on, we’ve taken on the banks in the city of London. That’s who we are.