In a speech in Dagenham, east London, Mr Corbyn will say he would ensure full employment by creating one million jobs building new infrastructure.
He also wants stronger employment rights and an NHS free of any private sector involvement.
Mr Corbyn is due to face challenger Owen Smith later in the first hustings of the Labour leadership campaign.
The debate in Cardiff is one of a series planned across the UK during the contest, which ends on 24 September.
During his speech in London, Mr Corbyn is expected to reiterate his claim that the UK's economic model is "broken" and outline how the country can respond.
Mr Corbyn will say: "We could all be living richer lives in a sustainable, more prosperous and more caring society" - BBC political correspondent Chris Mason reports.
"Labour will pledge to rebuild and transform Britain with a bold Â£500bn programme of investment," the Labour leader is expected to add.
In an interview in The Guardian, his rival Owen Smith says Labour is "teetering on the edge of a precipice" and "could be bust apart and disappear."
Mr Smith's pitch at this evening's hustings will be that he can unite Labour and turn it into what he calls "a radical government in waiting," the BBC's Chris Mason says.
Meanwhile, a group of Labour Party members is launching a legal challenge over restrictions on who can vote in the party's leadership battle.
The group is attacking Labour's decision to enfranchise full members only if they joined the party on January 12 this year or earlier, arguing that they also have a right to vote in the contest as "a term of contract".
The decision to exclude them was made under revised rules introduced by the party's national executive committee (NEC) in July.
To be able to vote, anyone who joined after 12 January had to pay an extra Â£25 to become a "registered supporter".
Labour leader Jeremy Corbyn is expected to set out 10 pledges "to rebuild and transform Britain" later.