The Awkward Corner
The proposition that industrial co-operatives can create and distribute wealth at least as well and probably better than the traditional forms of industry had already been argued from cause to probable effect. There is much more to the recent story of the industrial co-operative sector in the United Kingdom than the depressing account of the Scottish Daily News, KME and Meriden. This chapter considers the macro-economic case for the widespread and general adoption of the industrial co-operative form. It offers a way of by-passing 'the awkward corner'. This was the awkward corner that the British economy was seen, by the mid-1960s, to have reached. The corner is awkward, much more awkward than was recognised when, in 1965, Professor Joan Robinson coined the phrase. So, twenty years after Professor Robinson's observation that institutions and attitudes would have to change, the Bank sees as necessary, but does not expect to get, a change of attitudes.