As Britain’s recently reelected Conservative government prepares to pass £12 billion in welfare cuts, under the ruse of a “stability” budget, the Labour Party is looking to fill the spot at the top of the party leadership, while at the same time conducting an inquiry into the reasons for the election failure.

Jacobin recently sat down with Marxist economist and sociologist Bob Jessop to better understand the long-term tendencies and ideological narratives inside the main UK parties, tracing the history and relationship between the concepts of “New Labour,” “one-nation,” and “Thatcherism.” Jessop also discussed the possibilities for the reinvention of the Left in Britain — inside or outside the Labour Party.

Famous for his contributions to state theory as well as research into varieties of contemporary capitalism, Jessop also talked about the strategy the Left should apply when world capital is on the offensive and the role of nation-states is shifting.