The challenge of the new capitalism
“The new capitalism wants to be footloose and fancy free, without obligation,” declared John Monks, General Secretary of the European Trade Union Confederation (ETUC) during a lecture given at the Aneurin Bevan Memorial. The speech by John Monks sets out trade unions’ views of the new capitalism and possible responses.
The ETUC General Secretary first describes this new finance-based capitalism, mainly focused on quick returns, resulting in redundancies and increasing inequalities. The emphasis is put particularly on hedge funds which characterise this new capitalism very well, and present risks for economic stability, traditional industry and jobs.
John Monks then presents possible trade union responses: “Firstly, we should stop according financial services a specially privileged place” he explained. Corporate wrongdoing should be exposed fiercely, worker shareholder power should be mobilised; instruments to foster productive investment, research and development and innovation should be revisited and the European dimension fully used.
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