Capitalists are right about one thing. They don’t plan the economy. In capitalist mythology this miraculously leads to innovation. But in reality private finance through the Fed, monopoly markets and lobbying have little to do with innovation.
Michael Hudson and Radhika Desai trace how Central Bank’s ‘independence’ is anything but that and why asset inflation replaced industrial policy, They close by saying that genuine democratic planning would prioritize everything including wages, production and public investment over economic bubbles.
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