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

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

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

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

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

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

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

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

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

Some perspectives on post-neoliberal world (3) “…any government which had 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