Mandelson on what modern social democracy means

I have just come back from a gruelling trip across the southern USA. My report - on the real economic woes underpinning the debt-ceiling crisis - will be shown on Thursday 28 July 2011 at 2230 on BBC Two.

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Media captionLord Mandelson on inadequacies in Labour's industrial policies.

In the meantime tonight I go on a journey, no less gruelling, to the north east of England with former business secretary Lord Mandelson.

He is on a mission to re-sell the idea of globalisation to a Labour multitude that has being sorely tested by it.

And he delivers a 'mea culpa' - for what he now sees were inadequacies in Labour's industrial policies. He really does deliver a mea culpa onscreen - though I could not tempt him into a Hartlepool chippy for some mushy peas, so Labour-era urban myth remain unexplored.

The biggest nightmare for Labour is: what if the Coalition are right, and cutting the state, reducing benefits and implementing austerity succeed where growing the state did not succeed: in promoting growth?

Follow me from Kings Cross station, via the Port of Tyne, Newcastle City Council and a Hartlepool FE college as I doggedly try to get Lord Mandelson to define what modern social democracy means, if trickle down economics has failed.

Oh, and we will be keeping an eye on whether what Lord Mandelson's successor, Vince Cable MP, calls "right wing nutters" if the US Congress succeed in technically bankrupting America.

(Mandelson is leading an inquiry into globalisation for the IPPR think tank, more here.)

Watch my film from the north east in full and see Lord Mandelson join Jeremy Paxman in discussion live in the studio on Newsnight on Monday 25 July 2011 at 2230 on BBC Two.