State ownership of banks not only provides for wider reach of institutional credit but also for stability of the financial system of capitalism itself

The globalization of finance means that any State that violates the dictates of finance, such as by attempting a New Deal financed by a larger fiscal deficit or taxes on the rich, runs the risk of a capital flight from its shores and hence a financial crisis

It is clear that the policies of the “last four decades”, which means the neo-liberal policies characteristic of the current era of globalization, have got to be changed