
For a Democratic Society, Democratize Finance
The immense power financial institutions wield over most aspects of our lives makes a mockery of democracy. To build a truly democratic society, we need to democratize finance.

The immense power financial institutions wield over most aspects of our lives makes a mockery of democracy. To build a truly democratic society, we need to democratize finance.

In recent months, Emmanuel Macron insisted on the need to slash public debt, yet now he calls for huge military spending. The call to remilitarize has become the center of the French president’s agenda — and offers a pretext for even further cuts to welfare.

French right-wingers don’t yet have a leader like Donald Trump. Yet the creation of Fox News–like TV channels, harsh culture wars, and the decline of class politics are pushing France along a path troublingly similar to the United States.

Every time we want to change society to benefit average people, we have to deal with ultrawealthy crybabies. We’re held hostage by those who already have it all. It doesn’t have to be like this.

France’s new prime minister has resisted calls to suspend Emmanuel Macron’s 2023 pension reform. While left-wing opposition parties want to undo Macron’s agenda, the president is defending his attacks on welfare as a prized legacy.

France has just seen the third resignation of a prime minister in less than a year. What is at stake is not merely short-term instability — it is a crisis of the entire Fifth Republic political regime as it enters a new phase in its history.

France, like many other European countries, has seen a historic decline of the old workers’ parties. Yet the rise of France Insoumise has ensured the renewal of a dynamic left rooted in popular mobilization.

Emmanuel Macron has been a president for the rich, but his faltering support has also left big business unsure if it can rely on his party. For many French capitalists, the answer is to build up ties with Marine Le Pen’s far-right Rassemblement National.

Donald Trump is angry because Spain’s prime minister, Pedro Sánchez, hasn’t backed the war on Iran. Sánchez’s stand is hardly radical, but it seems like it now that almost all of Europe has fallen in behind Trump.

The era of class compromise is never coming back. Any serious democratic socialist politics must pursue a politics of rupture with capitalism.

Bhaskar Sunkara reflects on the rise, defeat, and possible renewal of socialism — and on the generations of ordinary people who fought to build a world beyond class domination.

The ideas of John Rawls, perhaps the greatest political philosopher of the 20th century, have much to teach the Left. But Rawls’s theory of justice failed to grapple adequately with the fundamental obstacles capitalism imposes to realizing a just society.
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