
Leading Marxian economist Andrew Glyn (pictured left) – who in the seventies and eighties worked closely with the Militant Tendency and the National Union of Mineworkers – died shortly before Christmas. Today’s
Financial Times carries this obituary by David Soskice:
Andrew Glyn, perhaps the leading leftwing economist in the UK for the past 30 years, died on December 22 aged 64, shortly after the diagnosis of a brain tumour.
In his influential first book with Bob Sutcliffe, British Capitalism, Workers and the Profits Squeeze (1972), he lifted leftwing economics out of sectarian Marxist theory into the language of modern economics and political economy.
An excellent macroeconomist and econometrician, Glyn communicated to a broad range of economists and a wide non-specialist audience. He had a deep knowledge of and respect for official statistical databases, using them to great effect.
He developed an interpretive framework of the past half-century of capitalism, questioning the Thatcherite and Reaganite reaction in the 1980s to the instability of advanced economies during the 1960s and 1970s.
The orthodox explanation for those disorders was that labour markets had malfunctioned. The recommendations of flexible and competitive labour markets translated, microeconomically, into a limited welfare state and the diminution of the power of trade unions and employee representation. At the macroeconomic level, the orthodox view called for independent central banks, to ensure low inflation.
The first prong of Glyn’s argument was that the recommended changes had little to do with reducing unemployment. In Capitalism Unleashed (2006) he used orthodox models and econometric techniques to show that employee representation, strong welfare states and employment protection did not necessarily raise unemployment. He demonstrated that some advanced economies with low inequality were as successful as the US, and mounted a prescient critique of unbridled financial capitalism.
The second prong was to ask why states pushed these reforms through. Glyn’s argument was that low unemployment was not the goal. Instead the state’s aim was to guarantee a friendly environment for business. Without that it would be impossible to run a private capitalist system.
Glyn came from the Glyn Mills banking family. His father, the late Lord Wolverton, had been chairman of Alexander Discount. He was educated at Eton, but developed early a strong sense of injustice and social responsibility. Since he was popular at school and loved by his father, his was no psychological revolt against his background. He read politics, philosophy and economics at New College, Oxford, then went to Nuffield College. He was elected at 26 to a fellowship at Corpus Christi.
Glyn was unambitious and warm with the highest sense of responsibility. He was straightforward about his views, never pushing them.
His selflessness, enthusiasm for ideas and capacity for taking pleasure in life made him the ideal friend and tutor. These qualities helped him to build a successful personal and intellectual partnership with Wendy Carlin, his second wife, also an academic economist, and with his four children.