Much of the political commentariat is currently obsessed with the soap opera of the Labour leadership election. The peculiar dynamics of the contest itself are fascinating. It is easy to forget how quickly we’ve moved from the prospect of a continuity Blairite Labour party to a party reshaped in the image of the Corbynistas. The prominence of the language of purge and putsch is remarkable. Commentators seek to frame proceedings in a particularly unfavourable light by seeing unflattering historical resonance with the grisly history of socialism. Beyond the unfolding drama of the process everyone is seeking to grapple with the implications of a Corbyn victory, if such a thing were to occur. Does this signal the rise of unelectable hard-left anticapitalism, as many of the right proclaim – and fervently hope? Or is it a reawakening of a genuinely rejuvenating socialism, as supporters claim?
In this context, Tim Montgomerie’s recent post at the Spectator is intriguing. Montgomerie dismisses much of what is happening as so much sound and fury, signifying nothing. It poses no real threat to the existing social order. The anticapitalist sentiment that has emerged in the wake of the rise of JC emanates from the paper tigers of the hard left.
Montgomerie looks elsewhere for what he sees as the real threat to capitalism. [Read more…]