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18 October 2010: Robin Blackburn's call for a Public Utility Finance System published

Robin Blackburn's call for a Public Utility Finance System has been published on the New Left Project website:

"The Great Credit Crunch of 2007-10 was, it is almost universally agreed, brought about by the irresponsibility and greed of bankers. But the huge public deficits needed to prevent a melt-down of the financial system are to be paid for by slashing public spending and shrinking social protection for many decades to come. The welfare state is to be dismantled at a time when higher unemployment and an ageing population make this a certain recipe for misery. The cut-backs are a gamble that makes recovery more difficult but has one certain result – a boost to the privatization and commodification of pensions, health and education."

His conclusion:

"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. Private financial institutions are inefficient and risky, in contrast to the greater security and economy of public finance."

Read the full article and add your comments.