As in previous economic crises, the more far-sighted wing of the global corporate elite regards austerity as a failure, and is now gingerly looking to social democratic parties and Keynesian state intervention to revive mass purchasing power and dampen popular discontent in the advanced capitalist countries.
“The save-capitalism-from-itself crowd hopes Labour and other leftists can cure some of globalisation’s pathologies, social and economic”, writes British historian Richard Power Sayeed in today’s Guardian.
Ultimately, the ever evolving balance of class forces in the UK and elsewhere will dictate whether a Corbyn government would be more responsive to pressures from above than from below.