Occupy the Banks: Strategies for Transformation

[marmar]

from YES! Magazine:



Occupy the Banks: Strategies for Transformation
Beyond revolution and reform: Gar Alperovitz on how we can fundamentally transform our financial system.

by Gar Alperovitz
posted Oct 28, 2011


The “occupations” now building around the country are a necessary and justified response to the outrages of a political-economic system that substitutes posturing for decision-making, looking the other way as the top one percent runs off with almost a fourth of the nation’s income and more wealth than the bottom 90 percent combined. The largely student/youth organized efforts might even be historic—if, that is, they come to terms with the reality that the challenge we face is systemic, not merely political and, that the crisis is also highly unusual in its demands.

For over a century, liberals and radicals have seen the possibility of change in capitalist systems from one of two perspectives: the reform tradition assumes that corporate institutions remain central to the system but believes that regulatory policies can contain, modify, and control corporations and their political allies. The revolutionary tradition assumes that change can come about only if corporate institutions are eliminated or transcended during an acute crisis, usually but not always by violence.

But what happens if a system neither reforms nor collapses in crisis?

Quietly, a different kind of progressive change is emerging, one that involves a transformation in institutional structures and power, a process one could call “evolutionary reconstruction.” At the height of the financial crisis in early 2009, some kind of nationalization of the banks seemed possible. “The public hates bankers right now,” the Brookings Institution’s Douglas Elliot observed. “Truthfully, you would find considerable support for hanging a number of bankers…” It was a moment, Barack Obama told banking CEOs, when his administration was “the only thing between you and the pitchforks.” But the president opted for a soft bailout engineered by Treasury Secretary Timothy Geithner and White House economic adviser Lawrence Summers. Whereas Franklin Roosevelt attacked the “economic royalists” and built and mobilized his political base, Obama entered office with an already organized base and largely ignored it. ............(more)

The complete piece is at: http://www.yesmagazine.org/people-power/occupy-the-banks-strategies-for-transformation