“To my mind, globalization is first and foremost the detachment of markets and capital and money from the oversight of regulatory democracy. That way financial markets can avoid regulations and any of the friction involved in, for example, paying taxes where they make profits.”
What’s the story to be told about a new economics, that carries the same sort of rhetorical power that market fundamentalism has managed to in the last several decades?
The narrative is that the responsibility of a democratic government is to address and meet the interest of the domestic economy—of people living within the boundaries of the nation. I think a really important point to discuss is this: That for a government to make policy—on pension, on healthcare or taxation—requires boundaries. The American government cannot make policy for the British people when it comes to taxation. American tax policy is bound by American boundaries. Money and finance abhor boundaries and want to exceed them. We have to tame capital and finance and insist that they too are subject to the boundaries of policymaking. Subordinating the finance sector to the interest of the real economy must be the slogan of movements in the future.