What is to be Done with the Banks? Radical Proposals for Radical Changes
Socialising the banking and insurance sector must be part of a much broader program of further measures which would trigger the adoption of a transition to a new, post-capitalist and post-productive model. Such a program, which needs to be European-wide but which may first be put into practice in one or several countries, would include abandonment of austerity policies, cancellation of illegitimate debt, implementation of an overall tax reform with heavy taxation of capital, an overall reduction in working hours with compensatory hiring and maintaining of wage levels, socialisation of the energy sector, measures for ensuring gender parity, development of public services and social benefits and the implementation of a strongly determined environmental transition policy.
At this point in history, socialisation of the entirety of the banking system is an urgent economic, social, political and democratic necessity.
[Read article at CADTM website]
Reading Development 