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We have now lived long in the dark shadow of the Great Recession unleashed by the financial crisis of 2007-8 and ordinary people’s acceptance of so-called conventional economic wisdom is turning to rejection.

The mantra that there is a market solution for everything and anything is now wearing incredibly thin.

Let's face it, it was financial deregulation which brought us to the edge of the abyss.

This came from the same neoliberal toolbox that led to the privatisation of vital public services and which saw the current government oppose stiff EU tariffs to combat dumping by Chinese steel producers.

In our railways, it has led to the highest fares in Europe whilst privateers reap handsome profits at passenger and taxpayer expense.

(Image: Phil Harris / Daily Mirror)

Unlike our political class, the British electorate has never been really taken in by the notion that there is no alternative to the market.

We know voters – irrespective of party allegiance - overwhelmingly oppose the privatisation of our NHS, want our railways back in public ownership and polling over the last few days shows they also favour nationalising our steel industry to end a crisis exacerbated by Cameron's futility.

It's not difficult to see why the public won't be taken in by the notion of a neoliberal Nirvana any time soon.

Osborne promised the march of the makers but sadly, we are increasingly making nothing much.

You can't have a thriving manufacturing base without a strong indigenous steel industry.

To suggest otherwise is complete nonsense.

Yet, the lob-sidedness of our economy continues to tilt at a frightening pace.

We continue consuming too much and investing far too little.

This in turn means that our balance of trade deficit in goods is ballooning completely out of control.

The structural deficiencies of our economy are not just galling, they are dangerously unsustainable.

Of course, not everyone is a loser in the neoliberal era.

(Image: PA)

As millions, upon millions, struggle to make ends meet, Britain's billionaires have seen their net worth more than double since 2009.

What’s there not to like if you’re one of them?

However, the defining battle of our time will be combating ever-growing inequality and the neoliberal toolbox is completely incapable of dealing with this greatest of challenges.

Our Shadow Chancellor, John McDonnell is right to want to move us on from this failed experiment.

Labour's flirt with neoliberalism must now be confined to history - giving people a real choice at the next General Election.

We badly need a new economy.

One that ensures we face the challenges of global warming by producing the technologies and goods which combat carbon emissions.

One that marries the need to tackle our growing environmental crisis to measures which end our deep economic woes.

One that ends the dogma which claims market solutions are always best but leads to the obscenity of the German state running our railways in the North and in Wales and in Scotland it's the Dutch state running our railways.

We must move on from the failed notion that trickle down economics eradicates inequality as we witness a flood upwards.

We must end the scandal that has seen paying taxes becoming a choice for multinational corporations and the richest within our society.

And yes, we must now mobilise the power of our state through investment, procurement, an active industrial policy and public ownership when required, to secure an economy that works for the 99%!

Manuel Cortes is the general secretary of the TSSA union.