Take over the banks!
Five years ago, the demand for the public ownership of the banks was the preserve of a small minority of socialists. Today it follows logically from the exposed venality of the banking system. There have now been three waves of banking failure in the recent past. Socialists should use these events to argue relentlessly for state ownership and democratic control of the banking system. First the advent of neoliberalism from the 1970s was premised on the renewed role of finance capital. Finance capital became in Lenin’s words “the typical ruler of the world”. It was “a power that is peculiarly...