As the FT has reported this morning:
Ed Miliband will on Tuesday call for a government-backed “Made in Britain” mark to insert more patriotism into British economic policy, as all three parties attempt to convince a conference of industrialists of their commitment to UK manufacturing,reports the FT. Mr Miliband is trying to persuade employers that Labour is serious about helping business, although his call for patriotic branding of UK goods may rekindle memories of Harold Wilson’s “I’m Backing Britain” campaign in the 1960s.
I welcome this.
I'm unashamedly local in my outlook.
I believe that the free flow of capital is harmful - and has impoverished billions of people.
I believe that green means reducing wasteful energy spent on transport.
And I happen to think Ricardo did not get comparative advantage right: he forgot the forgot the fact that physical capital is not mobile, and nor are many people. Therefore there does not to be allowance for that 'stickiness' in world trade.
The debate on what is and is not appropriate in trade is only now really beginning. What I do know is that the idea that it's a free for all is profoundly wrong. Good for Ed Miliband for recognising that.