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Politics and Entertainment: To begin the process of democratizing the economy step 1 is to restore the banks to their status as public utilities

More at The Real News

This is Part 2 of a three part discussion with James K. Galbraith and Leo Panitch on whether any sort of New Deal is now possible in America. This segment crystallizes for me the difference between Keynesian reformers like Galbraith and Krugman, say, and revolutionaries like Panitch. Galbraith  continues to have faith in regulation and the government institutions . . . → Read More: Politics and Entertainment: To begin the process of democratizing the economy step 1 is to restore the banks to their status as public utilities

Politics and Entertainment: To begin the process of democratizing the economy step 1 is to restore the banks to their status as public utilities

More at The Real News

This is Part 2 of a three part discussion with James K. Galbraith and Leo Panitch on whether any sort of New Deal is now possible in America. This segment crystallizes for me the difference between Keynesian reformers like Galbraith and Krugman, say, and revolutionaries like Panitch. Galbraith  continues to have faith in regulation and the government institutions that are capable of controlling economic and financial policies, claiming in effect it’s just a question of reform, of having the right personnel in those institutions and a reasonable government in power. Panitch recognizes that the problem isn’t a mere issue of personnel or government.  It’s a structural problem because these institutions are embedded in Wall Street, maintaining the financialization of the economy and undermining thereby a real industrial economy based on supply and demand. These institutions in fact serve Wall Street. 
What we need, Panitch argues – and I  could’t agree more – is to begin the process of aggressively democratizing the economy. The first step would be to restore banks to their status as public utilities, for it is the oligarchical control of banking corporations with their destructive neoliberal policies that is the root cause of all our social and economic malaise. 

. . . → Read More: Politics and Entertainment: To begin the process of democratizing the economy step 1 is to restore the banks to their status as public utilities

Politics and Entertainment: a tiny glimpse into the ways our government serves the corporate and financial world, not the people of Canada

Some Key Areas Where Neoliberal Policy Undermines both the Industrial Economy and Canadian Democracy

Under the Harper Regime, the investor class is constantly being protected at the expense of the real industrial economy, for just about all policy decisions privilege both the financial sector, with its market-driven initiatives and debt-driven growth strategies, and of . . . → Read More: Politics and Entertainment: a tiny glimpse into the ways our government serves the corporate and financial world, not the people of Canada