1. Irish Political Economy for Trade Unionists and Activists 5.
Austerity, Tax Avoidance and Privatization
2. DREAM
3. INNOVATION
4. The purpose of capitalism is self-expansion capital begets
capital and it does so by monetizing social value and human labour.
This is a circuit of transformation. Immanuel Wallerstein,
Historical Capitalism (London: Verso, 2011), 15.
5. Over the last quarter of a century something fundamental
seems to have changed in the way in which capitalism works. The
tendency since 1970 has been towards greater geographical mobility
of capital.
6. Financialization refers to the increasing importance of
financial markets, financial motives, financial institutions and
financial elites in the operation of the economy and its governing
institutions, both at the national and international levels. Gerald
Epstein, Financialization, Rentier Interests, and Central Bank
Policy,2002 1970s The Monetarist revolution 1980s war on labour
1990s Credit as a substitute for wage increases 2000s Credit
solution for wage stagnation fails Present day open conflict over
monetary policy once again
7. In the case of the United States, financialization during
the 1990s led to a closer alignment of large industrial and
financial firms in the U.S., leading to a greater emphasis by Alan
Greenspan and the U.S. Federal Reserve in financial asset
appreciation as a goal of monetary policy. Gerald Epstein
(2001)
8. In the case of the United States, financialization during
the 1990s led to a closer alignment of large industrial and
financial firms in the U.S., leading to a greater emphasis by Alan
Greenspan and the U.S. Federal Reserve in financial asset
appreciation as a goal of monetary policy. Gerald Epstein (2001)
The goal of monetary expansion has been to do just enough to
stabilize financial asset prices without going far enough to
produce catch-up growth in the labor market Matthew Yglesias,
Rentiers and Financialization (2011)
9. What [the wealthy], businesses and banks share is a common
interest in supporting asset prices, a lack of interest in seeking
full employment unless it is a prerequisite for supporting asset
prices, and an aversion to any policies that can trigger wage
inflation. Ashwin Parameswares (2011)