To Drive Technological Progress, We Need Worker Power

The UK economy suffers from low economic growth and stubbornly poor productivity, resulting in stagnant living standards and exposing working people to a spiraling cost of living crisis. Successive governments have tried unsuccessfully to solve the “productivity paradox” by cutting taxes in an attempt to entice business to innovate. To understand why this has failed — and how to fix it — requires a fundamental rethink of how technological innovation is brought about under capitalism that recognizes how increasing the collective power of workers is the key driver of progress.

In the Spring Statement 2022, Chancellor of the Exchequer Rishi