Neo-liberalism is no longer working for Wales - we need to write our own economic story

By and large I would agree with Cyffin's article with a few caveats: 1. The economy is not a "a staggeringly complex system". That is just a story we are told to keep us in the dark and not ask too many questions - like - why are we struggling to make ends meet when we have never had so much technologically-driven productive capacity in the history of the human race? 2. Neo-liberalism, or more accurately, Financialisation, is neither far-right, far left, nor anything in between. It is not a political ideology. It is the capture of the entire political class by the "1%" who fabricate and control our money supply as debt. Globalisation is a means by which the 1% keep their debt-based Ponzi scheme chugging along. 3. The Brexit voting majority in Wales were largely composed of the poorest and most exploited people living in the Valleys. Far from being an endorsement of neo-liberalism, it was its rejection. No where are the values of neo-liberalism more enshrined than in the Troika - the European Union Commission, the European Central Bank, and the International Monetary Fund. These 3 institutional bullies are responsible for enforcing austerity on much of southern Europe ensuring a continuing transfer of wealth from the many to the few. The story that could replace Neo-liberalism in Wales is Economic Democracy.

Fair to seek to write in response. The concept of economic freedom through slavishly adherence to the totem pole of consumerism, drives the wheels that choke us. The throw away society, latest fashion, high debt, low wage economy. Job done for Wales that has all but lost its means of production and become a socio, faltering, undemocratic economy, a back water Country and canon fodder. Time to wake up or a third world status approaches. And deserved.

I do not actually understand what he is saying to honest. If he’s saying the answer lay in the Left of Corbyn and Michael Foot, Welsh independence as a window front to tell us all will be different now, I simply do not agree. We need alternative, decentralised, radical and Liberal forms of capitalism and spreading private wealth. Because as nations from Venezuela to Vietnam to Bolivia and Belarus have taught us: private property is the basis of freedom, tolerance, openess, democracy and civil rights.

I do agree with the confusion of description of neo ..... The fundamental to any successful economic model doesn't lie whether it's left of, or right of, or the outright free market proponents. It needs a stable Government that puts the democratic will of decision making nearest where the impact of them rests, and in hands of a competent home based culture where people's health and well being are out at the forefront of its policies. The policies must be organic, inclusive and appropriate to its cultural as well as social heritage. I would add the infusion of local specific practices of community engagement and improvement. In short a philosophy of a decentralised organismic bodies, crossing cultural divisions and with the focus on economic renewal and participation in daily living. Oh dear the old parish and town councils and over arching large County Borough Councils with a fully equipped and legislature Welsh Government. Remember, small is beautiful. It works and people feel engaged if not all dreams can be made real. Nothing but straightforward governance based on an anti corruption, an open democracy, freedom of thought and action to the outright belief in the rights and prospects of all residents in Wales with 'one Country for all' politics. Ymlaen.

I've read this article through a few times now, trying to make sense of the author's point, but there are so many misconceptions in it that it's hard to know where to start... "Every week this narrative was preached from the pulpit. The story was: ‘God anointed the King, who gave the lands to the Lords, who state I must work for them.'" Well, no; generally speaking in mediaeval times nothing at all was preached from the pulpit as far as we know - it was the ritual that counted, not the words. It's certainly possible to argue that the Church should have done more to oppose feudalism, but you can't argue that the Church created it. "This [i.e. Capitalism] said ‘private ownership of land, money and goods with trade would bring wealth and liberty.’" And it was absolutely right. Ask any one of the hundreds of millions of people in India, China, South America and the ore fortunate parts of Africa who have been lifted out of poverty through capitalism in the last 30 years, when everything that had been tried before had failed. "...those who challenged it, such as Marx, were dismissed as dangerous and mad." If only that were true. Instead he was taken seriously by far too many people who should have known better, leading to the violent deaths of tens of millions people and the impoverishment over at least two generations of hundreds of millions more (see above). "The ‘post-war consensus’ of partial nationalisation, high taxation, an active Keynesianism, and the welfare state triumphed until Thatcher’s revolution" Hardly: I'm just about old enough to remember the 1970s (I was a small child at the time) and it was a time when the post-war consensus had failed on a scale which led to industrial collapse, hyperinflation and civil unrest. "...the 2008 financial crisis and the resulting global depression." Actually since 2008 global GDP growth has continued to surge ahead, with jobs being created in Western economies at an unprecedented rate. "...The longest on squeeze on real pay since Napoleon’s 1750s" Well yes, that's perfectly true, and entirely down to mass immigration. Without it, just imagine what that surge in demand for labour would have done to real pay rates. And before anyone tries to call me a racist, that would have been every bit as true if the immigrants had all been Cymry glân gloyw coming home from Patagonia. "Meanwhile, the Labour Welsh Government have seemed powerless, or unwilling, to stand up for Wales." Spot on. Now we're starting to agree at last. .... At the end of the day, there's only one economic recipe that's been shown time and time again to lift nations out of poverty and generate confidence, prosperity and national well-being, whether in Asia (just about everywhere except North Korea), Europe (everywhere that used to Communist except for Belarus, which still is), South America (most particularly Chile and Colombia) or even Africa (for example Angola): independence, reduced taxes and government regulation, private property rights, and free-market capitalism. The principal obstacle to the same thing happening in Wales is the Labour party, and their little helpers in Plaid Cymru. The sooner that both of those are swept away and replaced by people who understand economics and love this country, the sooner we can put our sorry past behind us.

Ah yes cause 100 years + of socialism has done wonders for Wales hasn't it? And the EU is neoliberal, but most people on this website seem to love it. So, which is it?

Is “the economy a staggeringly complex system” as Cyffin Thomas writes in this piece or are “the solution to Wales’ economic woes mind-bogglingly simple”? [Simon Gruffydd Foster, Nation Cymru Opinion 23.1.18] Consider: Nation Cymru Opinion, 4.12.17 “A hard border at Holyhead would be a disaster for Wales” Q: For every euro an Irish producer pays a haulier to transport his products through Wales how many cents actually enters the Welsh economy and who benefits? What if the Irish exporter chose a Breton or other continental port instead of a Welsh one? Less traffic on Welsh roads means less congestion, pollution and less road maintenance and a customs and inspection regime at Welsh ports would create jobs in Wales. So how much poorer would Wales in reality be? The pathways of flow of money in and out and through the Welsh economy, how much get sequestered in savings, property, infrastructure and other assets is complex “staggeringly” so, perhaps , but technology is fast approaching the point where monitoring and analysis becomes possible Armed with this information, government could make better informed economic interventions and procurement decisions and see how to target deprived regions, communities or groups. Voters could better evaluate these initiatives and the politicians who sponsor them. What might be the effects on the Welsh economy and wealth distribution of a progressive tax regime in which an individual’s or corporation’s quantified cumulative spending, borrowing or investing beneficial to the Welsh economy could be (partially) offset against taxes or paid as a credit to lower earners? Some concerns about this occur to me (in no particular order) 1. Like Mrs May’s decision to hold an election in June, this idea came to me after walking in the Welsh hills 2. Would it work- would it boost the Welsh economy and raise the standard of living of the poor? 3. Isn’t this just (hated) neo-liberalism “The politics of failure of failure have failed – let’s make them work again.” Isn’t this just trickle-down digitized? 4. Government computer projects suffer massive cost overruns and end in failure- and this has the potential to be the mother of them all! 5. Big Brother 6. Security of personal information 7. Verification-i) how could one check the value added to the Welsh economy from a transaction was correct? ii) how could you verify that the thousands of transactions you made every year were correctly recorded and you were getting the correct return for buying Welsh ? 8. Creation of shell companies in Wales or other scams to extract wealth for extraterritorial companies or individuals. 9. Independence (which Wales doesn't have!!!) would be a prerequisite for a Welsh Government to set this up!

For all the variations in the economic lexicon, there's one over riding feature of today 's economics and that's the domination of Global international corporations, that wield excessive power and influence. Add to this the rise of self employment in Wales and the creation of little kingdoms, I fear that our politics have changed irreversibly. Moving outside the EU will enhance this economic status of undemocratic and beyond the control of any Govt.