10.06.08

Casino Capitalism

Posted in you've got mail at 2:11 pm by nemo

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Financial Times October 2, 2008
`1979 Moment’ for Casino Capitalism
By John Monks
At its congress in Seville in 2007, the European Trade Union Confederation
resolved to expose ‘casino capitalism’ and short-termism and press for them
to be fought by taxation, regulation and worker involvement. Now, as the
subprime crisis unravels around the world, casino capitalism has exposed
itself. Everyone is learning that a powerful financial sector has crowded
out other industries and made the economy dependent on short-term, fast
buck-making deals that are rarely in the interest of sustainable business or
improved long- term growth.

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