Ideology and Central Banking in the Crisis: The Canadian Experience

by Michal Rozworski | Socialist Project | Click HERE to read article

‘Privatizing gains and socializing losses’ could be the motto for the neoliberal era. Alongside this and ‘there is no alternative,’ few slogans better capture the ideology that has been so successfully diffused throughout the world over the past several decades.

Five years after latest financial crisis, this motto rings true as ever. To say that the losses stemming from the crisis were large is a heroic understatement; indeed, not only were they humongous, their exact size remains a tad fuzzy. Meanwhile, across the world in the aftermath of the crisis, stock markets have rebounded, wealth and income inequalities have grown and corporations and financial institutions have returned to making healthy profits. At the same time, many countries have seen both employment and median incomes either stagnate or fall.