By Mary Mellor

ISBN-10: 1783717173

ISBN-13: 9781783717170

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

Sample text

In Britain the postwar Labour government introduced major programmes of welfare provision and nationalisation of key sectors of the economy including the Bank of England. Despite both government debt and deficit being very high at the time, postwar growth saw these falling rapidly and the 1950s are often seen as a golden era of a mixed economy in which the European Model of economic partnership between labour and capital was developed. Given the excesses that led to the Great Depression the role of finance was clearly defined.

Whereas Keynes would argue that the state needed to maintain employment while the market resurrected itself, neoliberal Austerians seek a bonfire of public services. Central to this is a debate about money. Supply-side neoliberals want money to accumulate privately as savings, in order to restart the cycle of investment. This requires increased inequality so that money can heap up for the wealthy while the workers become cheaper. For Keynes, the fallacy of this view was the assumption that heaped up money would automatically lead to investment.

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.

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Debt or Democracy: Public Money for Sustainability and Social Justice by Mary Mellor

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