Socially Useless Finance?
What we already know is that we have a structurally rotten system of interconnected power elites, which does little to serve the national interest. So what does finance have to do before it’s brought down from its elevated status? We’ve followed the investigations into banking and
nothing changed. Now there’s the Libor fixing scandal but that’s turned into a story of corrupt individuals. We’re living the finance induced Great Recession but for the banks it’s business as usual.
Unless we break these links and free our politics from its dependence on the largesse of finance, reform will remain a distant dream.
Most of all, the financial crisis is a crisis of politics which allows finance to work against the common good. The debate will consider what we need to do to break finance’s stranglehold.
Aditya Chakrabortty: the Guardian’s economics lead writer and writes a regular Tuesday column in G2.
Alan Bradshaw: a RHUL-UCU Committee member and management lecturer.
Sukhdev Johal: a RHUL-UCU Committee member and management lecturer.