If societies focus just on market exchange, economic anthropologist Karl Polanyi said, resistance inevitably follows. Preston is a laboratory of Corbynomics. Under an agreement with the local council, large public institutions such as the university bias their procurement towards providers in the local area. For Matthew Brown, the councillor who started the scheme, it is about taking back control of public resources. “It democratises the capital,” he says. If elected to Downing Street, Labour would get the government to use its colossal procurement budget for policy goals, demanding that suppliers pay the living wage or cap bosses’ pay at 20 times that of the median worker, for instance. Another part of “democratisation” involves promoting worker control over private businesses.
https://www.economist.com/britain/2018/05/17/corbynomics- would-change-britain-but-not-in-the-way-most-people-think