By Robert A. Vella
The result of the international financial crisis of 2008 is plainly evident. The world’s financial elite perpetrated a grand profit-making scheme which, through its eventual collapse, caused a serious economic downturn that undermined middle class prosperity and robbed individual nation-states of the tax revenues necessary to maintain egalitarian society. Some assert it was deliberately planned. Some claim it was triggered by a combination of reckless greed and irresponsible oversight. Others insist it occurred as a natural result of capitalism, which they see as fundamentally flawed. Regardless, the end result was the same.
In the aftermath of the Great Recession, a new socioeconomic paradigm has emerged commonly referred to as austerity. It mandates deep spending cuts to social safety net programs, scales back worker pension guarantees, limits collective bargaining and labor union organization, eliminates government regulations that protect citizens from corporate malfeasance, privatizes public institutions…
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