On the bbc r4s series on Capitalism today they discussed financialization with two guest who both just happened to be rabid anti capitalist 'thinkers'. Because financialization is a complex issue it lends itself to gross misrepresentation particularly by those who hate markets and freedom and prefer a command economy -because they have such a great long track record of success do they not?!
Without a rudimentary grasps of financialization the layman is at the mercy of the 'experts' who invariably have an ideological axe to grind but in the absence of some pre-knowledge of the field the public are in danger of being bamboozled by the tendentious caricatures of left wing economic journalists who proliferate in the liberal mainstream media.
I do not pretend to understand the complexities of financialisation but I know a hideous distortion and misrepresentation when I hear it and can offer a few general observations as follows. The Left only recognise one real form of work and that is physical labour, the financial field to them is characterized as rent seeking which they also bizarrely refer to as unearned income, anything that appreciates in value without the owner actually engaging in physical activity to increase its value.With such a narrow definition of earned wealth anything outside it is dismissed as illegitimate and to be made illegal by state dictat and replaced by state run banks predicated on socialist egalitarian principles.
What is argued for and advocated on the abovementioned programme is effectively state control of the economy and this was presented as if it had never been attempted before -and all of this in the guise of discussing capitalism and it's future! It is clear that if such thinking prevails whatever capitalism has it is not a future and we are all Venezuela bound.
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