Socialist Criticism of the Financial Sector from 1986

Beastrabban\'s Weblog

The present savage cuts to the welfare state by the Tories and their Coalition partners are legitimated by an appeal to the massive debt created by the financial crisis of four years ago. The root cause of this was ultimately the wholesale deregulation of the financial sector by Thatcher’s government, a policy that was carried on by Major’s, Blair’s and Brown’s administrations, and which the Coalition today promotes even further. The conspiracy/ parapolitics magazine, Lobster, has also carried a number of articles showing how the Tories’ preference for the financial sector has severely damaged British manufacturing industry. This was clear from as long ago as 1986, when the book Socialist Enterprise: Reclaiming the Economy, by Diana Gilhespy, Ken Jones, Ton Manwaring, Henry Neuberger, and Adam Sharples, was published. Looking through it recently, I found this passage criticising the rise of the financial sector and the harmful effect it…

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