From finance capital to austerity muddle

While economic growth is proving elusive, there are clear signs of stagnation and disintegration, argues Critique editor Hillel Ticktin

Following the late 1970s, with the era of Reagan and Thatcher, the bourgeoisie effectively decided to switch to finance capital. This meant deindustrialisation, exporting industry to places like China. They downgraded the relative importance of industry and promoted finance, which became dominant once again (I stress ‘once again’, because it had been so before World War II).

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