Liz Truss: How Markets Discipline Sovereign States - David Harvey's Anti-Capitalist Chronicles

Prof Harvey uses the example of Liz Truss' failures to change fiscal policy to explain how financial markets exercise control over independent nations and supersede democracy.

"The stronger this relationship becomes between financial markets and politics, the stronger that relation becomes, the less we find a situation in which sovereignty is guaranteed and democracy is guaranteed. And what we have right now is a clear challenge to the perpetuation of the sovereignty of the state and also of the democracy of the state." - David Harvey

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Check out the NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff!

“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”

[TomFoolery]

"Cult of no personality what's so ever" 100%

[dr.zoidberg]

Fusion of state and capital becoming closer & closer?

I seem to remember reading about someone who had that very same stated desire... Who was it again that said their ideology was "a merger of state and corporate power?"

[loisk]

Very timely discussion what with COP27 just starting. Many environmentalists are boycotting what is viewed as being merely a large stage for corporate greenwashing.

[normalizedaudio]

One can argue that the London markets are really great. Like an immune system in a body. Who is in charge anyway? I'm just here for the cactus.

[rgzhaffie]

Irony of ironies: in the end, the UK's Tory government has little more to say about its own fiscal sovereignty than Greece's Syriza.

[davidrutherford]

Fusion of state and capital is one of the definitions of fascism. Also, I am assuming, despite the anti-democratic reality, that he was against Truss' tax cutting agenda that bond markets found disagreeable.

[bluewater]

In the United States we have a political doctrine known as the separation of church and state. I have an off shoot idea based on that notion.

How about a separation of business and state?

[HillbillyHippyOG]

Who owns the vast majority of the stock market? Never let the stock market’s reaction sway your decision to do what is right.✌🏼

[marvintpandroid]

They tried going full libertarian and the markets knew it wouldn't work.