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
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).