That is part (or full) of the title of the book by Yanis Varoufakis, former Greek Finance Minister. I would like to get hold of it. I have read his ‘Global Minotaur’. I liked it. The review of his book by Prof. J.W. Mason (a Marxist-economist, I am told) is quite well written. Makes one want to buy and read the book. J.W. Mason is Assistant Professor of Economics at John Jay College – CUNY.
The private memo sent by the European Central Bank to Italy, the advice that the Italian Prime Minister got from the German Finance Minister Wolfgang Schäuble to end collective bargaining and then the question that Christine Lagarde posed on Pharma sale de-regulation to Yanis Varoufakis are rather revealing. Notwithstanding all the tall talk of having learnt their lessons from the global crisis, of heightened sensitivity for the marginalised local population, the real agenda is laid bare in these situations.
I was also looking for a blog post that my friend Gulzar Natarajan had written on how many of these social enterprise investment funds incorporate in tax havens. Very simple. Consistency between practice and precepts or between words and deeds is missing. Credibility eroded. Backlash occurs and non-establishment candidates win. No point in blaming them. Elites bring this upon themselves and the public. Elites will survive. The public has it tough under both regimes.
At another level, this is also about the sovereign right to choose its economic agenda, the sequence and timing of implementation. Reminded of the paper, ‘Refocusing the IMF’ by Martin Feldstein published in ‘Foreign Affairs’ (March/April 1998). He said that IMF had no business dictating economic policy agenda to sovereigns.
(Postscript: I could not understand Professor J.W. Mason’s interview on the stock market. I do not quite fully understand why Marxist-economists believe that the Federal Reserve is helping the working class by not raising interest rates. To a degree, I can understand that. By raising rates just as wage growth gets going, the Federal Reserve snuffs at the nascent trend of higher income share going to workers. But, the failure lies not in that but in not raising rates early enough. The damage the Federal Reserve causes to the incomes of the working class with its monetary policy framework that underpins asset prices far exceeds the damage that it causes them with its belated tightening).