While much is made of the continuity between Jeremy Corbyn, John McDonnell, Diana Abbott and others with the legacy projects of the Labour left, and the absurd attempts by self - proclaimed «moderates» to conjure up the ghost of the early 1980s; the far more significant phenomenon is the discontinuity with the
establishment consensus
about austerity economics, and the development of
economic policies by John McDonnell and his team which commit a future Labour government to calibrated state intervention for a capitalist economy that works.