I’m reading Nicholas Shaxson’s excellent new book The Finance Curse. Here’s part of a paragraph that jumped out at me yesterday:
“..corporate bosses …and the financial sector have moved away from creating wealth FOR the economy and towards extracting wealth FROM the economy”
It’s true. But is also just one (albeit very important) aspect of the continuing legacy of greed and entitlement that is the spawn of neoliberal economics and the politics of selfishness.
Yes neoliberalism has a softer face in the current Labour led Coalition Government ,but as I posted the other day the obsession with driving down an already low public debt while ignoring the pain of rising household debt means nothing’s really changed. – And it won’t until the policy of letting the market do -whatever- the- hell – it -likes is changed.
The takers are still getting rich at the expense of the poor .The pre-election Labour/Greens “fiscal responsibility” accord has made sure of it.
Nothing “responsible” about that policy in my view.
A Progressive government would look to turn such inequality around, but the interim report of current tax review chaired by Michael Cullen reveals that there will be no change to the company tax rate and GST – which proportionally affects the poor more than the rich is to remain.
Meanwhile the rampant consumerism that this form of capitalism has encouraged is taking from the planet rather than returning what we have borrowed from it .
What would be truly “fiscally responsible” would be for capitalism to be made to serve the State and the Planet … and not the other way around.
Bryan Bruce is one of NZs most respected documentary makers and public intellectuals who has tirelessly exposed NZs neoliberal economic settings as the main cause for social issues.