Book Review: “The Victory of Capital” by Ulrike Herrmann

“A society can only provide for the future by investing today in the production of tomorrow… What may be sensible economically for a private household or individual business could be harmful for the national economy, particularly when the economy staggers… The state can act as an investor, create demand and thus stimulate the economy…

With the deregulation of the financial markets, investment banks became the most profitable businesses of the world while the profits of the real economy flattened in comparison… A giant financial mountain of virtual assets piled up. Since 2000, governments and central banks concentrated on only stabilizing this mountain so it didn’t come crashing down like an avalanche and bury the real economy… The rage that bank losses are borne by taxpayers at the end is understandable…”

Ulrike Herrmann, economics editor for taz in Germany, is also the author of “Hurrah, We Can Pay!”

to read the review of Ulrike Herrmann’s “The Victory of Capital” by Wolfgang Lieb, click on

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