Slashing the Financialization: a Return to a Real Economy

1. Slashing the Financialization: a Return to a Real Economy Jussi Ahokas 18.9.2008 ESF - Malmö 16.5.2008

2. Content of the Presentation • Framework • The aim: ”Worker’s economy” • Dismantling the rentier capitalism • Some perspectives on post-neoliberal world 16.5.2008

3. Framework • Capitalism and class struggle • Economic class system: • Worker class • Capitalist class • Industrial capitalist • Rentiers • Neoliberalism as rentier capitalism 16.5.2008

4. The aim: ”Worker’s economy” • An economy that functions on terms of the worker class • Full utilization of economic capacity  full employment  increasing equality and welfare 16.5.2008

5. Dismantling the rentier capitalism (1) • Diminishing the social power of rentier class • Abolishing economic mechanisms that support rentier class • Creating economic mechanisms that enlarge the power of worker class 16.5.2008

6. Dismantling the rentier capitalism (2) • Dominating mechanisms in the rentier capitalism: • Over liquidity • Speculation • Free movement of capital 16.5.2008

7. Dismantling the rentier capitalism (3) • Reforming the financial and capital markets: • Global taxation on speculative capital movements • Global capital controls and regulations • Global taxation on all capital 16.5.2008

8. Some perspectives on post-neoliberal world (1) • Back to the real economy • Economic mechanisms • Global taxation • Global demand management • Public investment and production 16.5.2008

9. Some perspectives on post-neoliberal world (2) • The struggle between industrial capitalist class and worker class • New ”Golden Era” • Further diminishing significance of private capital • Welfare state 16.5.2008

10. Some perspectives on post-neoliberal world (3) • “…any government whichhad both the power and the will to remedy the major defects of the capitalist system would have the will and the power to abolish it altogether” - Joan Robinson (1936) 16.5.2008