Posts by Colin Hay & Tony Payne

Professors Colin Hay & Tony Payne, Directors of SPERI

It’s the political economy, stupid!

Colin Hay and Tony Payne

Labour desperately needs a new and compelling narrative about how it would build a different economy from the Conservatives – and time is already running out Labour’s post-election debate is only six weeks old, but it is already going wrong.  It’s not just that the choice of a new leader and deputy leader, with all the associated questions of character … Continue reading

18 June 2015 by Colin Hay & Tony Payne
Categories: Austerity, British growth crisis, Colin Hay, Inequality, Politics and policy, SPERI Comment, Tony Payne Tags: , , , ,

The ‘Brexistential’ crisis to come?

Colin Hay and Tony Payne

The prospect of the principles of ‘Civic Capitalism’ being applied in the future to a country still called Britain and still located in the European Union is a dangerously open question We write on the eve of a British general election more delicately poised than any in modern democratic history – indeed, quite conceivably, ever.  It is far from clear … Continue reading

7 May 2015 by Colin Hay & Tony Payne
Categories: Civic Capitalism, Colin Hay, Economics, Europe and the EU, Politics and policy, SPERI Comment, Tony Payne Tags:

‘Civic Capitalism’: locating the new model within the global context

Colin Hay and Tony Payne

We need to build up more intensive and sophisticated mechanisms of global governance capable of serving as the guiding intelligence of the whole global economy A new national model of civic capitalism has inevitably to be located and embedded in a global context.  The extent and the complexity of the interdependence that has steadily grown between national economies and societies … Continue reading

13 March 2014 by Colin Hay & Tony Payne
Categories: Civic Capitalism, SPERI Comment Tags: , ,

‘Civic Capitalism’: a shared commitment to reduce inequality

Colin Hay and Tony Payne

We need to recognise that stable and sustainable capitalist development can only be built upon a broader, more equal, social base One of the few positive developments since the crisis has been the increased political salience of the question of pervasive inequality.  Once the almost exclusive preoccupation of critics of contemporary capitalism, it has more recently emerged as a no … Continue reading

27 February 2014 by Colin Hay & Tony Payne
Categories: Civic Capitalism, SPERI Comment

‘Civic Capitalism’: bringing in the social dimension

Colin Hay and Tony Payne

We need to develop new social policies that foster the quality of the societies within which citizens live their daily lives under capitalism  We have focused so far in this series of posts on the political and economic aspects of the flawed, and now failed, Anglo-liberal model of capitalist development and of the ‘civic capitalist’ alternative that we have been … Continue reading

13 February 2014 by Colin Hay & Tony Payne
Categories: Civic Capitalism, SPERI Comment

‘Civic capitalism’: Towards an alternative currency of global economic success

Colin Hay and Tony Payne

We need to begin to design a new Social, Environmental and Developmental Index to replace GDP As we have been at pains to shows in this linked series of posts, the model of growth enjoyed by the British economy for the two decades before the crisis and the broader model of capitalism out of which it arose were always inherently … Continue reading

30 January 2014 by Colin Hay & Tony Payne
Categories: Civic Capitalism, SPERI Comment

‘Civic Capitalism’: sustainable development through investment

Colin Hay and Tony Payne

We need to move from private debt to public investment as the means to stimulate demand and to link deficit reduction to the promotion of growth A most urgent task for any incoming British government is to fix what is typically called the growth model.  Since the early 1990s Britain experimented with a new kind of growth model – which … Continue reading

16 January 2014 by Colin Hay & Tony Payne
Categories: British growth crisis, Civic Capitalism, SPERI Comment Tags: , , , , , , , , ,

‘Civic capitalism’: the need for sustainability

Colin Hay and Tony Payne

We need to work collectively and globally to shift the accepted currency of economic success away from its sole reliance on the convention of growth As we have sought to show, the civic capitalism we advocate is very different from the capitalism we are used to.  One of the biggest differences and one of the greatest challenges is that our … Continue reading

3 January 2014 by Colin Hay & Tony Payne
Categories: civic capitalism, SPERI Comment Tags: , , , , ,

‘Civic Capitalism’: regulation as the only antidote to unstable growth

Colin Hay and Tony Payne

We set out five principles on which to base sound economic governance and add a more practical rule of thumb One of the most important lessons of the global financial crisis is that we got – and indeed continue to get – regulation spectacularly wrong.  For far too long it was thought of simply as ‘red tape’ – an unnecessary … Continue reading

19 December 2013 by Colin Hay & Tony Payne
Categories: Civic Capitalism, SPERI Comment

‘Civic capitalism’: intervention in the market as a civic duty

Colin Hay and Tony Payne

We need regulation of the economy in the collective or public interest as a matter of routine, rather than waiting until a crisis makes us act in desperation If we are to have a new capitalism worthy of the name, it must be a different capitalism to the one we have.  As we argued in our previous post, this necessitates … Continue reading

5 December 2013 by Colin Hay & Tony Payne
Categories: Civic Capitalism, SPERI Comment

‘Civic Capitalism’: restoring democratic economic governance

Colin Hay and Tony Payne

We need to move on from the ideology that led us astray to a more consciously held, open-ended and dynamic ideology that asks not what we can do for the market but what the market can do for us Ideology, these days, is a bad word – never a term of self-description and only ever something others have.  Partly as … Continue reading

22 November 2013 by Colin Hay & Tony Payne
Categories: civic capitalism, SPERI Comment Tags: , ,

Introducing a new model of capitalism

Today we lauch a new series of SPERI Comment blogs which introduce a new model of capitalism. The first one, by SPERI Directors Colin Hay and Tony Payne,  lays out the vision behind the series: ‘It is time to move on from the mawkish (if necessary) analysis of the failings of the now infamous Anglo-liberal model of capitalism and from lamenting the … Continue reading

8 November 2013 by Colin Hay & Tony Payne
Categories: Co-directors, Publications Tags: , , , , , , , ,

‘Civic Capitalism’: introducing a new model of capitalism

Colin Hay and Tony Payne

We must start thinking about how to construct something better out of the widely analysed failings of Anglo-liberal capitalism It is time to move on from the mawkish (if necessary) analysis of the failings of the now infamous Anglo-liberal model of capitalism and from lamenting the absence of new thinking about what might replace it.  The moment has arrived when … Continue reading

8 November 2013 by Colin Hay & Tony Payne
Categories: British growth crisis, civic capitalism, Global crisis, SPERI Comment Tags:

The Great Uncertainty: Thinking through questions of time

Colin Hay and Tony Payne

The global financial crisis, the shift in the global balance of economic power and the environmental threat have unfolded over very different time horizons, but they still come to a head at the same moment In the final post in this series about what we have called ‘The Great Uncertainty’ we seek to introduce to the discussion some questions about … Continue reading

18 July 2013 by Colin Hay & Tony Payne
Categories: Great Uncertainty, SPERI Comment

The Great Uncertainty: thinking through environmental threat

Colin Hay and Tony Payne

That we find ourselves in the environmental ‘red zone’ has profound implications for how we think about growth In the penultimate blog of this series we consider the third dimension of this era of ‘Great Uncertainty’, the profound environmental challenge we face.The story of our environmental crisis is the story of a series of symbolic breaches.  On 10th May this … Continue reading

11 July 2013 by Colin Hay & Tony Payne
Categories: Climate change, Great Uncertainty, SPERI Comment

The Great Uncertainty: thinking through shifting economic power

Colin Hay and Tony Payne

The analytical problem is that economic power does not translate easily or automatically into political power In the third of these linked blog posts, we return to the general theme of ‘The Great Uncertainty’ to explore the consequences of the shift in the balance of economic power that many discern, broadly from ‘West’ to ‘East’. The issues, we suggest, are … Continue reading

25 June 2013 by Colin Hay & Tony Payne
Categories: Great Uncertainty, SPERI Comment

The Great Uncertainty: thinking through financial crisis

Colin Hay and Tony Payne

Economic dynamics must always be understood as profoundly political, open to alternatives and inherently uncertain In this, the second in a series of linked posts on what we have termed the Great Uncertainty, we turn our attention to the nature of the current financial crisis.  We explore the implications, in particular, for how we think (or should think) about the … Continue reading

28 March 2013 by Colin Hay & Tony Payne
Categories: Great Uncertainty, SPERI Comment

The Great Uncertainty

Colin Hay and Tony Payne

It is the challenging combination of a number of major processes of structural change that makes the current era so distinctive and so uncertain Labels matter in orienting our thinking about, characterising and constructing different eras in the global political economy. They are also invaluable shorthand and these days we all increasingly write, and possibly think, in shorthand. It’s also … Continue reading

30 January 2013 by Colin Hay & Tony Payne
Categories: British growth crisis, Global crisis, Great Uncertainty, Political theory, SPERI Comment