The British Marxist economist Michael Roberts acknowledges that Corbyn is “a longstanding fighter for labour causes and for socialism” and that his campaign deserved the support of “all those wanting a better life for the majority”. But he doubts its Keynesian program can be realized in practice under a Corbyn government.
Its ambitious public spending plans rest on raising the corporate tax rate and ending the tax loopholes and subsidies to the private sector which are costing British taxpayers an hundreds of billions of dollars annually by some estimates. Other measures favoured by Corbyn call for a vast program of public investment to be financed by the Bank of England directed to engage in “People’s quantitative easing”; bringing the privatized railways and utilities back into public ownership, and the restoration of trade union rights.
Even should a Labour left government under Corbyn have the political will and capacity to take on the corporations, Roberts argues that its proposed reforms would cause capital flight, collapse the British economy and cause widespread unemployment. The privately-owned banks, manufacturers, and retailers are dependent on state support, without which they’re incapable of generating adequate profits, investment, and jobs.
Roberts may appear to be in aligned with the British media, mainstream economists, and Labour and well as Conservative MP’s, all of whom have predicted economic ruin should the Labour left try to implement its program. Of course, rather than joining them in counselling retreat, Roberts thinks a Corbyn government would necessarily need to move beyond Keynesianism to wider nationalization of all of the major banks and corporations - the original program of the Labour Party and other social democratic parties before their neoliberal turn.
As most recently in Greece, a British Left-wing government would immediately be confronted with retreating from or advancing its program. The outcome would depend not only the quality of the Corbyn leadership but, more decisively, on the further development of the consciousness and militancy of the British working class and its international allies if and as their conditions continue to deteriorate.
https://thenextrecession.wordpress.com/2015/09/11/corbynomics-extreme-or-moderate/