Some thoughts I posted on Twitter last night, best read from the bottom up:
My point is simple, and given I have another agenda for the day, is short. It is that the economy we had - which was based on a pretence that the private sector could answer all questions, generate all employment and supposedly generate all wealth - was always fictional in the sense that this was not what actually happened. But, more than that, whatever anyone believed about that era, it has no answers to the questions that we face now.
Our government, which is outsourcing without tendering processes and without penalty clauses for contractual non-performance as the crisis progresses, clearly realises that. They are not even pretending that there is a market in operation any more. But they are replacing the market with cronyism. There is a need to replace the market with new, genuine, public-private partnerships, with a bias to the public. Only that can work now.
Will the government deliver this new partnership? I doubt it.
And that is the essence of the economic problem that we face. This crisis cannot be solved competitively in the sense that market dogma has suggested. A new philosophy is required. And we are ill-equipped to address that need.