Theoretically correct, and important. I was using the term here in the lay sense, as a saved sum that earns interest. The way millions now directly or indirectly have a sum of money invested in capitalist shares, is complex. I am persuaded by the arguments of David Schweickart in "Against Capitalism" that the share-holding section of the population of course benefits from capitalism. It has a very small subordinate role in a system which is dominated by finance capital.
On the other hand the insurance and pension funds, if they could be induced to have some measures of social foresight and not just an obligation to maximise earnings, could bring the total capitalist system in a country under greater social control than through the ownership of the banks and the "commandings heights" of an economy.
I really see the Babyy Bond proposal at this stage as an attempt to put the Conservatives off balance, and to open the door to some strategic thinking that Labour might pursue later. In itself it does not amount to much, and will not be introduced anyway for several years. It is not a powerful argument for voting Labour in a few weeks time.
Chris Burford
London