Financial Democratization and the Transition to Socialism*

"The critical step in this real utopia is the rejection of the conventional account of the role of financial institutions in market economies." https://t.co/bdNZ80bkpg

"The proposal here is that governmental authority would be used to build up a network of decentralized, nonprofit financial institutions that would significantly improve the allocation of credit with positive results for economic welfare." https://t.co/bdN

As long as we believe that financial institutions simply connect savers with investors, we can't challenge their institutionalized power. But when we see that they have been granted a privilege by the government to create credit, we can. https://t.co/vOKkC

"The proposal here is that governmental authority would be used to build up a network of decentralized, nonprofit financial institutions that would significantly improve the allocation of credit with positive results for economic welfare." https://t.co/bdN