PES Manifesto

Arguments for Socialism!

Published Tuesday, September 16, 2008 at 16:22
by carl0s (803 views and 1 comments)

Current events illustrate systemic and institutional problems with how the world economy is organised. As European socialists, we form the single biggest opposition to a re-run of the Great Depression. We're already backing comprehensive healthcare and social security. We support trades unions in their attempts to protect negotiating rights and stop a dash to the bottom of the wage ladder. Most of all we will try to prevent a wave of repossessions from throwing families onto the street.

But what can we do about the financial markets - how can we ensure stability in the economy? Or are we resigned to cycles of mad speculation?  How should we ensure that banking is for the benefit of all, rather than speculators?

We know that nationalisation works, as the US and UK governments have opted for this as the last resort for banks on the brink of collapse. Now it's up to us to think about how social ownership can form a platform for future, sustainable banking systems, where leverage is controlled and tightly managed. And most of all, where the promise of a "fast buck" for doing nothing takes second place to the wider requirements of people.

Should the EU itself be the institution which directs the socialisation of banking? Or can it be left to national governments? After all, we are talking about trillions of euros of bad debt cascading through the system. Surely it requires more than one nation state?

Let's not forget what happened after 1929 - and where we were, ten years later.

Tags: economy, employment