[lbo-talk] Michael Heinrich on Capitalism and the State

Doug Henwood dhenwood at panix.com
Fri Sep 3 14:28:10 PDT 2010


On Sep 3, 2010, at 5:08 PM, Angelus Novus wrote:


> "Consequentially, the demand is raised to push back the power of corporations, which is to be realized inter alia through the nationalization of private banks (11) and structurally decisive large enterprises (9). However, during the financial crisis, the state-owned Landesbanken did not cut a better figure than the private banks."
>
> It's like American leftists are so used to the deeply rooted fake anti-statism of the U.S. right-wing, they assume that's actually how capitalism functions globally. Really, a call to nationalize the banks in Germany is some really weak tea. Being a public bank didn't stop the Landesbank Sachsen from also partaking in that sweet,sweet securitized real estate debt coming from the United States.

Well yeah, but no one on the left, such as it is, wants to nationalize banks so they can do more of the same. The idea would be to get them to act differently. It's not exactly news that the form of ownership is the only part of the battle.

Doug



More information about the lbo-talk mailing list