Pretty good summary of the favorite but failed policy loves of Lab and similar parties and economists over the last 50 years. They could be summed up as a belief that governments are better at picking winners, in spite of the fact that this has been almost never the case. Tesla is by no means a long term success yet while the Obama green investments were an unmitigated disaster that the private sector had red flagged for years. Closer to home the history of British Steel, Rail, Leyland, tonnage a few is ne of consistently backing the wrong horse and ineptly to boot. The net effect impoverished the region and nation even more than non intervention.

Typically her use if data is often for effect, not analysis. Having decried the build up of liquidity by US firms she fails to note that a very large part of that is due to US tax policy, a tax policy which is about form over matter. She is right that tax allowances and loopholes should be reduced, The best way would be to reduce nominal rates but eliminate nearly all deductions and allowances, with a 100% depreciation in investment upfront being one of the very few to survive. A limit on interest deduction might also work but if tax rates are 15-20% the benefit would be small anyway.

If Lab is going to rely on Stieglitz, god help them