ABSTRACT
Labour's professed aim is to develop ongoing change through reform of most of the key elements that influence the performance and competitiveness of the economy. We have focused on the key local and regional economic development policy initiatives. In addition, there are reforms of company law, competition law, regulatory systems, constitutional structures, employment rights, minimum wage, citizens rights and other areas. The key criterion for evaluation that has been professed to run through the reforms is the pragmatic one of 'what matters is what works'. In this sense the ongoing project developed by Labour requires learning-by-doing and feedback to develop further change or refinement of policy. To achieve this its core needs a pluralist and consultative process, but this has been sought within a structure of leadership that keeps the general trajectory flowing in a particular direction. The difficulty with this approach is determining what is an appropriate direction. Whilst the concept of a 'third way', between state and market, may be a useful generalised political tool, it has not provided a coherent philosophy and does not offer particularly strong guidance on how to make detailed decisions on individual policies. It is more like a new form of state-led corporatism and has the same potential pitfalls.
