Democratizing finance is the means by which we can
democratize our economy
What
if our financial system were organized to the benefit of the many
rather than simply empowering the few? Robert Hockett and Fred Block
argue that an entirely different financial system is both desirable
and possible. They outline concrete steps that could get us there.
Financial systems move the worlds savings from investment to
investment, chasing the highest rates of return. They run on profit.
But what if investment went to the enterprises or institutions that
provided things that the majority of people would prioritize?
Democratizing
Finance includes six responses that seek to amend, elaborate, and
challenge the arguments developed by Hockett and Block. Some of the
core arguments put forward by other contributors include calls for
the rapid elimination of private financial entities, the dilemmas of
the politics associated with financial reforms, and the fate of
parallel proposals advanced in the US in the 1930s.