Pour Mieux Sauter

So there was only one problem with the organization of political economy in the period after 1970; it was always, eventually, going to end in disaster. Other than that it was a great idea.

This is from an excellent (and very funny analysis) of where we are now and how we got there, and also how we might get out of it, titled Jump, You Fuckers, by Dan Hind, author of The Threat to Reason. Every paragraph is a winner in my book, but these three appeal presently:

In Britain [this, applies equally to Ireland- HG] it now seems that the financial sector is going to be taken over by the state. We are now, as citizens, facing incalculable risks. If we come through to a recovery, then we must ensure that we are never again put in such danger by the actions of financiers and their public servants the politicians.

This is not to argue for state socialism, by the way. The choice is not simply between state control and  private capitalism. The structure of companies has an important bearing on the opportunities for financial speculation. Employee ownership reduces them to zero. A system revised at the level of transnational capital flows must also be reformed at the level of the enterprise. State bailouts should be followed by employee buyouts as a matter of course.

As Richard Wolff points out, employee ownership and control, with oversight of management being seen as normal part of working life, will make a reformed global financial system more durable, by giving knowledge and economic power to those with an interest in defending it. Employee ownership ensures a more even distribution of wealth within companies and, by offering workers an alternative, it forces companies that remain privately held to pay their employees better.Trade unions need to be given enhanced powers to ensure that workers are able to secure a greater share of the wealth that they, after all, create.



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