Chris Dillow speculates on how Labour (or a left-wing party) could make itself popular with the electorate:
1) A citizens’ basic income. A party that gives an unconditional income to all will also become the defender of that income. Just as Labour still gets support for creating the NHS – as it is identified with it – so it could become identified with an income for all.
This would also remove the disincentives to work that’re often built in to the present system.
2) Worker ownership. Thatcher’s success lay in giving people stakes in their houses, at the expense of rent foregone by the tax-payer. Why not emulate this by giving them stakes in the companies they work for, at the expense of shareholders?
When a company is taken over by another company, maybe the workers could get a proportion of the fee, say 5%.
3) Creating assets from nothing. David Miliband was onto something when he proposed issuing carbon permits to all, which would create net income for the poor who emitted little carbon. But we could extend the principle, by creating new Shiller-style securities such as GDP derivatives or long-term house price futures.
The problem with this is it would create unnecessary bureaucracy.