Collective effort, not individual greed, is the only way forward

SHARING THE BURDEN | SHARE THE WEALTH

 » BY EOIN Ó MURCHÚ

Eamon Gilmore, Enda Kenny and Richard Bruton announce their job creation plan

WE LIVE in a world of free market economics. And the big theory behind all this is that if individuals are freed from ‘sectional interest’ restraints (which is how the free marketers describe state controls or trades unions) then the economy will flower.

Well, we all know that that is not true, as the current crisis graphically shows. ‘Light-touch’ regulation, as espoused by Britain’s Margaret Thatcher and America’s Ronald Reagan, and subsequently adopted by Charlie McCreevy and Bertie Ahern, has led to an unprecedented collapse in our economy. Or rather an unprecedented collapse of our banking system.

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Debts of German banks have been ‘socialised’ to the impoverishment of working people in Greece and elsewhere