By Mary Mellor
Within the wake of the worldwide monetary difficulty, lots of the dialogue has been serious about questions of debt. And the reaction, virtually uniformly, has been austerity and privatization: cuts to prone which were painted as kinds of reckless spending by way of a bloated public region. In Debt or Democracy, Mary Mellor turns the total dialog the other way up, displaying that the real query isn't really who owes what, yet who controls the production and flow of cash within the first position. while the matter is tested from that perspective, it turns into transparent that privatization, faraway from being the reply to our challenge, is the very resource of it—the subordination of public finance to personal interest.
a right away problem to standard monetary pondering, Debt or Democracy bargains a bracing new research of our financial obstacle and gives cogent, radical choices to create a extra simply and sustainable financial destiny.
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Additional resources for Debt or Democracy: Public Money for Sustainability and Social Justice
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In modern bank-led money systems the public is taking responsibility for the integrity of its public currency, while the private sector retains control and the financial benefit. The immense level of state resources made available in the bank bailout and the central role of the state in securing money systems has re-established the role of states as monetary agents. What became clear as the financial crisis unfolded was that the financial sector could not be seen as independent. Given that the privatised money supply system relies on explicit and implicit public guarantees, Martin Wolf of the UK Financial Times argues that the commercial banking system is not in the private sector at all.
Debt or Democracy: Public Money for Sustainability and Social Justice by Mary Mellor