Welcome to the second episode in our two-parter on financialization. Today we are joined by Kevin Skerrett, the founding director of Carleton University's Financialization Lab and a researcher who has spent decades working within the labour movement. Kevin is an expert in the role of pension funds in the modern capitalist economy, and in analyzing financialization in general.
On the face of it, pension funds could seem like a positive thing. After all, don't the profits they make help fund workers' retirements? In our current era of financialization, however these funds play an insidious role. Pension funds have increasingly become major players in the financialized economy. In doing so, they are behaving as particularly aggressive investors, actively driving some of the worst forms of financial profiteering. Whether it's arms-dealing, housing speculation, or the privatization of public infrastructure, working class people are increasingly finding ourselves fighting against the very funds which are supposedly meant to provide for our future.
By making our individual economic futures dependent on actions that erode the futures of all working class people, these funds represent one way that workers are divided from one another, and get pushed into a false alignment of interests with the rich and powerful. But even for those fortunate enough to have good pension plans, if our individual security depends on the erosion of the society around us, how secure are we really?
How did we get here? What does it mean for us? And what can we do about it?
Listen in to learn more!
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Thank you for listening and make sure to join us at the beginning of September for our next episode!