Economic Democracy, Not Austerity or Keynesian "Growth"

Thursday, 10 May 2012 11:59  
By Richard D Wolff, Truthout | News Analysis 

Recent defeats of Dutch, Greek and French governing parties show rising opposition to their austerity policies. Across Europe and North America, similar oppositions mount. Bailing out large financial and other corporations with borrowed money has been the almost universal government plan for coping with global capitalist crisis. The result - rising government deficits and debts - was followed by "austerity policies" to reduce those deficits and debts. After suffering a crisis and then bailouts that bypassed them to favor major corporations, people now face austerity cutbacks of government jobs and services to offset the bailouts' costs. As opposition mounts, will it seek Keynesian "growth" or go beyond capitalism to economic democracy?