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Robin Blackburn: Disaster down to the vices of financialisation, not the burden of welfare

Clara Heyworth20 October 2010

Echoing the thoughts of many (but not yet enough for why are they not out shouting in the streets?), Robin Blackburn opens his recent article "For a Public Utility Finance System" with this crucial statement:

It is truly astonishing that a crisis caused by the bankers has to be solved at the expense of nurses, teachers, pensioners, students and the unemployed.

In addition to advocating the general share levy that Blackburn defends in his book Age Shock, the key conclusion of this essential article is:

The banks—large and small—could be obliged to issue shares equivalent to 40 per cent of their annual profits, to a regional network of social funds. Using these funds as their security the regional funds could then draw up—in association with local elective bodies—a ten year programme of productive investment, embracing both public and private ventures.

And in case we wondered whether this kind of measure is intended as a transitional demand:

The classic device of 20th century socialism was the nationalisation of industry. In the 21st century the key institution may well prove to be the publicly-owned and controlled financial fund.

Visit New Left Project to read the article in full (highly recommended.)

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