Firstly, I am not an economist. The Sovereign Economy idea sprang from thinking about nationalised industries. The Sovereign Economy idea may already exist somewhere, who knows. Let me know if it does.
I was working in broadcast television for nearly 40 years mainly as a documentary cameraman, with a few forays as a director. I worked mainly for a lot of mainstream UK terrestrial broadcasters. I retired from the industry around 2015-16.
For nearly 45 years I have observed the political rule of this country and have come to the conclusion that ‘ the market knows best’ philosophy has actually ruined this country.
The Sovereign Economy is a concept that will reverse the damage that, what is termed as ‘Neo-liberal’ market economics, has visited upon Great Britain and it’s people.
I awoke to the news that the Tory party had won the election in 1979, shocked and puzzled. I have since learned that lesson and have voted ever since. Finally, Labour won the 1997 election and I witnessed with increasing horror over the years of that political rule, the Labour government betray it’s most basic values to please big business and banks, and the war mongering USA.
There were newspaper articles around 1995-96 explaining how Gordon Brown was touring the banking and business institutions of the city of London, convincing them that Labour were “good for business”. Not however, ultimately good for the people of Great Britain as it eventually turned out.
So now, here we are again. The previously nationalised industries that have been privatised and run by the private sector are failing. Quality and investment are sacrificed for profit. Owners pay themselves and shareholders hugely as their employee’s wages freeze. The profits are hidden in opaque accounting practices and sent offshore to avoid paying tax. When the core industry and champion of the free market philosophy, the banks, collapsed in 2008 due to greed and malfeasance, it was the tax payer who paid their debts and saved their business.
The country and indeed the world, thanks I believe to the internet, has realised the colossal deceit that free market economics is in the hands of the very people who trumpeted it’s worthiness and benefit to society. The results are plain to see: A poorer populace divided by extreme politicians making impossible promises, dividing the nation and people.
So why is The Sovereign Economy the answer?
Because it will provide a sector of industries that will be operating without interference from the open market economy. It will not be run or need to be run for profit. This will foster stability as the drive for ever increasing profit will no longer be needed. Quality and efficiency, including economic efficiency, will replace profit. Obviously there will be no shareholders. All British citizens will effectively be the owners.
It will not need major services from the open market economy as there will be all that is needed within The Sovereign Economy. All the industries in The Sovereign Economy must adhere to a set of rules and guidelines that will foster fairness, dignity and prosperity for all who work within it.
There may be some instances where services from the open economy will be needed, that’s fine, but those services must operate under the same rules and guidelines as The Sovereign Economy and actually be able to prove it before they are allowed to provide that service.
The Sovereign Economy would be stringently and robustly protected by law. Any proven fraudulent activity would attract measures that will leave the perpetrators in no doubt that the British people will never ever tolerate a behaviour or practice that undermines what is a fundamental British value: Fairness.
So here we are. The Sovereign Economy is by no means a finished idea. That’s why this blog exists. Thats why any blog exists, to get ideas out there and evolve. Hopefully it will evolve into something more defined over time.
If you have got this far, my thanks.
Graham Day. Christmas 2018.
The Sovereign Economy 