UK 2017 General Election - Labour's John McDonnell Campaigning in Derby

The video discusses a major shift in economic policy, moving away from neoliberal economics, which is based on trickle-down theory. This theory suggests that tax cuts for the wealthy and corporations will benefit the broader community, but it has been deemed unsuccessful. The video critiques this approach and suggests exploring alternative economic models.

What is the theory of trickle-down economics as mentioned in the text?

What conclusion does the text draw about the effectiveness of neoliberal economics?