Carney's Ascent

Mark Carney, former governor of the Bank of England and the Bank of Canada, is being promoted as a potential leader for the UK Labour Party, despite never having held elected office. The article argues this promotion reflects the Labour Party's shift towards the right and its increasing alignment with the financial elite. Carney's career is characterized by his close ties to the banking sector and his role in implementing austerity measures following the 2008 financial crisis. He is portrayed as a key figure in managing the fallout of the crisis in favor of protecting the interests of banks and large corporations, rather than the working class. His credentials include senior positions at Goldman Sachs and various international financial institutions. The article highlights his role in promoting "stakeholder capitalism," which it criticizes as a facade to justify the enrichment of the corporate elite while maintaining social inequality. The article suggests that Carney's potential leadership of the Labour Party signals a further abandonment of socialist principles and a deepening embrace of pro-business policies. His appeal lies in his ability to reassure the financial markets and maintain the status quo, which the article argues, comes at the expense of working-class interests. The author emphasizes that the promotion of a figure like Carney demonstrates the Labour Party's transformation into a reliable tool of the capitalist class. find the original article here: https://www.wsws.org/en/articles/2025/03/11/rxai-m11.html