When there are real contradictions between what is required to prevent further and deepening crisis within the economy and the democratic will of the majority in a country what would you consider to be the best outcome?
For instance, the decisions of key firms and actors within the economy causes a crisis, whether it is considered a result of fundamental contradictions in the economy or an incapacity for markets to accurately predict or manage "systemic risk" isnt really important at this point, a choice has to be made as to whether these firms will be rescued at tax payer expense or permitted to fail, in the process immiserating tax payers to a greater extent, at least in theory, than they would be by a tax funded rescue package.
The economy "demands" the public spending to protect the private interests responsible for the crisis but the democratic will is resistant to the idea. Not one aspect of the idea, for instance cutting public services and public spending OTHER than the spending which constitutes a rescue for key firms and actors in the economy (which I consider a seperate idea, possibly deserving of a seperate thread), but the whole/complete idea.
For instance, the decisions of key firms and actors within the economy causes a crisis, whether it is considered a result of fundamental contradictions in the economy or an incapacity for markets to accurately predict or manage "systemic risk" isnt really important at this point, a choice has to be made as to whether these firms will be rescued at tax payer expense or permitted to fail, in the process immiserating tax payers to a greater extent, at least in theory, than they would be by a tax funded rescue package.
The economy "demands" the public spending to protect the private interests responsible for the crisis but the democratic will is resistant to the idea. Not one aspect of the idea, for instance cutting public services and public spending OTHER than the spending which constitutes a rescue for key firms and actors in the economy (which I consider a seperate idea, possibly deserving of a seperate thread), but the whole/complete idea.