Taming of Finance in Times of Austerity
From stimulus to consolidation?
It was not long ago that we could say, “We are all Keynesians now.” The financial sector and its free-market ideology had brought the world to the brink of ruin. Markets clearly were not self-correcting. Deregulation had proven to be a dismal failure. The “innovations” unleashed by modern finance did not lead to higher long-term efficiency, faster growth, or more prosperity for all. A comment by Joseph E. Stiglitz
Instead, they were designed to circumvent accounting standards and to evade and avoid taxes that are required to finance the public investments in infrastructure and technology – like the Internet – that underlie real growth, not the phantom growth promoted by the financial sector ...
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