Thursday, March 12, 2009

State Ownership is not Necessarily Socialism

There seems to be some confusion when it comes to talking about socialism, in both the press, and the blogs. When the state takes over private banks, as right-wingers like Greenpsan and Lindsay Graham have suggested, it is not necessarily socialism. Because if a state is run at the behest of a small plutocracy, rather than the concerns of the general population, state ownership of banks is more akin to fascism. This is not hyperbole, it is more a matter of basic definition. If Citibank is fully nationalized, no one will believe it is in the hands of 'the people', for lack of a better term. And again, this perspective better explains Greenspan's support for temporary bank nationalization.

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