Prabhat Patnaik, "The Meaning of Financial Liberalisation"

[Monthly Review]

As long as the economy is characterised by financial liberalisation and hence the stranglehold over the State by finance capital, any change of government effected through popular democratic intervention will make no difference to the condition of the people. Or putting it differently, any assertion of democracy necessarily requires a negation of the stranglehold of finance capital over the State (which financial liberalisation entails), and hence a reassertion of social control over finance effected through the State. (This in turn presupposes a change in the nature of the State itself).

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