Ed Miliband says he wants "a new, more responsible, productive capitalism" and claims that there are "hard-headed" economic arguments for why we should change to a system that reflects the British values of "responsibility, fairness, concern for each other".
He said this to an audience at a Social Market Foundation conference this afternoon. Unfortunately, it doesn't seem that many people outside the room were paying much attention. In an otherwise relatively quiet news day, this was a chance for the Labour leader to dominate the agenda. This speech won't do that, though. Speaking to a think tank audience, Miliband was in his geeky, idelogical element.
Miliband's idea has some practical measures associated with it - he proposes, among other thigns, only awarding government contracts to firms that provide apprenticeships, making it compulsory for companies to have an employee on their remuneration committee and more intervention from the government to ensure that "market failures in our finance system don’t leave British business behind".
If he can truly make the case that his value-based economy will mean that we can pay off the deficit more quickly, return the economy to growth and secure jobs, he won't have any problems securing cross-party consensus for it.
However, there wasn't much evidence of this argument here. I came away with the impression that a soft-hearted Labour leader believes more "responsible" capitalism will make the world a better place. Just insisting that something will be better for the country doesn't consitute a hard-headed argument that it will be better for the economy.
But he did say that he'll be revisiting this topic in future speeches. Like Cameron and the big society, this is clearly something that Miliband cares about personally. The challenge will be whether he can articulate it in such a way that less soft-hearted people prick up their ears.
You can read the full text of Ed Miliband's speech to the Social Market Foundation here