[Pen-l] The genie's out

["Chris Burford" <cburford@xxxxxxxxxx>]

"The genie's out. Now they've shown what can be done
The scale of intervention in the banks will create demands for similar
urgent action on jobs, industry and housing"

Seumas Milne

http://www.guardian.co.uk/commentisfree/2008/oct/09/banking.banks

This article today in the Comment is Free section of the Guardian website I
do not think should be regarded as particularly left wing.

It is really saying that, as with the environment, these are highly complex
isses, and they need coordinated social oversight and guidance.


After all it is a Marxian perspective that capitalism develops a highly
complex system of economic (re)production. The contradiction is that the
means of production are privately owned.

But unlike state centralised socialism modern methods of regulation give a
variety of complex instruments that can guide and control major social
phenomena, while leaving the individual a margin of flexibility for their
own circumstances and rights. Much as they complain rightly about their
grievances, the desire for responsible social regulation is sweeping away
the ideologies and mythologies about the magical workings of the market. The
very rational genie is out.

Chris Burford

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