Does Wall Street Lead to Socialism?
It is fun to push Brad Setser’s words to suggest that socialism (not real socialism, but the way the public understands it — public ownership) may be the ultimate outcome of finance capital.
Brad Setser (December 06, 2007)
“It wasn’t all that long ago that Wall Street — Citi bankers included — were scouring the emerging world for state-owned companies that could be sold to private investors in the US and Europe. Now the world’s investment bankers seem to be scouring the US and Europe for private assets that can be sold to government investment funds and state-owned companies in the emerging world.
Privatization is out. Selling private companies – or big chunks of a private company — to another country’s government (partial renationalization?) is in.”