by David Peel
For many millions of us in Britain and across Europe, austerity is not an economic response to a capitalist crisis. It is a full blown transformation of our way of living where the vast majority share – albeit in a limited way – in the benefits of the wealth we created. It is a shift to a way of living that makes us all poorer, not just financially, but culturally, politically and socially, where much more of the wealth we create is handed to the very few richest and most powerful.
We all know capitalism is crisis. Adam Smith knew it. Ricardo knew it. Marx knew it. Ups and downs. Booms and slumps. The rich cannot make their millions out of economic stability. For them to rise to riches, millions of us must fall to poverty.