by Matthew Lynn
State-owned railways, with gleaming trains that always run on time. Manufacturing giants that take on the big beasts of Korea and China, while employing hundreds of thousands of people. A National Investment Bank that wisely funds enterprising start-ups, taking care that they are in the right regions, and that their innovations are environmentally friendly. New airports, roads, and super-fast broadband access in every village.
Where is this paradise exactly? West Germany in the early 1980s, perhaps? Or South Korea today? In fact, it is Jeremy Corbyn’s vision of how the British economy will look by around 2025, after he and his side-kick John McDonnell have completed their five-year plan to modernise the nation.