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| Jeremy Corbyn is favourite for Labour leadership because party has 'wimped out', says Nobel Prize winner Joseph Stiglitz | Jeremy Corbyn is favourite for Labour leadership because party has 'wimped out', says Nobel Prize winner Joseph Stiglitz |
| (5 months later) | |
| Joseph Stiglitz, the Nobel prize-winning economist, has waded in on the Labour leadership debate, arguing that centre-left parties have “wimped out” when it comes to taking on austerity. | Joseph Stiglitz, the Nobel prize-winning economist, has waded in on the Labour leadership debate, arguing that centre-left parties have “wimped out” when it comes to taking on austerity. |
| Speaking in London this weekend, Stiglitz, a Columbia University professor, stated he was “not surprised at all” that a vocal anti-austerity candidate like Corbyn was seemingly steaming ahead in the polls. | Speaking in London this weekend, Stiglitz, a Columbia University professor, stated he was “not surprised at all” that a vocal anti-austerity candidate like Corbyn was seemingly steaming ahead in the polls. |
| “I am not surprised at all that there is a demand for a strong anti-austerity movement around increased concern about inequality. The promises of New Labour in the UK and of the Clintonites in the US have been a disappointment,” argued the economist, who has 40 honorary doctorates, and at least eight honorary professorships to his name. | “I am not surprised at all that there is a demand for a strong anti-austerity movement around increased concern about inequality. The promises of New Labour in the UK and of the Clintonites in the US have been a disappointment,” argued the economist, who has 40 honorary doctorates, and at least eight honorary professorships to his name. |
| Stiglitz went on to lambast left-wing parties like Labour for failing to oppose austerity regimes, arguing they’ve “wimped out” of proposing an alternative to cuts and privatisation. | Stiglitz went on to lambast left-wing parties like Labour for failing to oppose austerity regimes, arguing they’ve “wimped out” of proposing an alternative to cuts and privatisation. |
| “Unfortunately the centre-left parties have wimped out. They have joined in saying: Oh yes, we have to have a kinder version of austerity, a milder version of austerity," he said. Only last week, the majority of Labour MPs, including all the Labour leadership hopefuls bar Corbyn, failed to vote against controversial welfare reforms. | “Unfortunately the centre-left parties have wimped out. They have joined in saying: Oh yes, we have to have a kinder version of austerity, a milder version of austerity," he said. Only last week, the majority of Labour MPs, including all the Labour leadership hopefuls bar Corbyn, failed to vote against controversial welfare reforms. |
| When it came to the causes of Corbyn’s success, Stiglitz, who based on academic citations is the fourth most influential economist in the world, explained that an anti-austerity left-wing agenda, as is being offered by Corbyn’s campaign, is representative of what many people believe. | |
| “Talking about the broader impact on the UK and elsewhere, it is very clear outside Germany that the view that austerity is bad is very widespread. I think it is the correct view. Its obviously going to lead to a stronger sentiment, people saying we have to fight austerity.” | “Talking about the broader impact on the UK and elsewhere, it is very clear outside Germany that the view that austerity is bad is very widespread. I think it is the correct view. Its obviously going to lead to a stronger sentiment, people saying we have to fight austerity.” |
| The success of Corbyn’s campaign has been compared to the Democratic presidential candidate when Obama’s term of office comes to an end. Bernie Sanders, a State Senator from Vermont, has thrown his left-wing hat into the 2016 election ring, and has been drawing bigger crowds than his rival, Hilary Clinton. Stiglitz argues a lack of economic message has paved the way for these left-wingers to present a more progressive alternative. | The success of Corbyn’s campaign has been compared to the Democratic presidential candidate when Obama’s term of office comes to an end. Bernie Sanders, a State Senator from Vermont, has thrown his left-wing hat into the 2016 election ring, and has been drawing bigger crowds than his rival, Hilary Clinton. Stiglitz argues a lack of economic message has paved the way for these left-wingers to present a more progressive alternative. |
| “It’s just very hard to say these centre-left parties – with emphasis on ‘centre’ – have been able to deliver for most people.” Said Sanders. “Their economic models have not delivered and their message is not working. So to me it’s not a surprise that you have seen, say in the United States, which obviously I know better, that [anti-austerity] progressives are getting a much stronger voice in the Democratic Party.” | |
| The results Labour leadership election will be announced on 12 September 2015. | The results Labour leadership election will be announced on 12 September 2015. |