Who Benefits From Austerity?

ICTU Youth Conference

17 November 2013

“Let the good times

roll for those who are

on the ladder.”Alan Bridle, Bank of Ireland Head of Research NI.

21 Sep 2006.

Financialization refers to the increasing importance of financial markets, financial motives, financial institutions and financial elites in the operation of the economy and its governing institutions, both at the national and international levels.

Gerald Epstein, ‘Financialization, Rentier Interests, and Central Bank Policy’,2002

1970s – The Monetarist revolution

1980s – war on labour

1990s – Credit as a substitute for wage increases

2000s – Credit solution for wage stagnation fails

Present day – open conflict over monetary policy once again

“In the case of the United States, financialization during

the 1990s led to a closer alignment of large industrial

and financial firms in the U.S., leading to a greater

emphasis by Alan Greenspan and the U.S. Federal

Reserve in financial asset appreciation as a goal of

monetary policy.”

Gerald Epstein (2001)

“In the case of the United States, financialization during

the 1990s led to a closer alignment of large industrial

and financial firms in the U.S., leading to a greater

emphasis by Alan Greenspan and the U.S. Federal

Reserve in financial asset appreciation as a goal of

monetary policy.”

Gerald Epstein (2001)

“The goal of monetary expansion has been to do just

enough to stabilize financial asset prices without going

far enough to produce catch-up growth in the labor

market”

Matthew Yglesias, Rentiers and Financialization (2011)

“What [the wealthy], businesses and

banks share is a common interest in

supporting asset prices, a lack of

interest in seeking full employment

unless it is a prerequisite for

supporting asset prices, and an

aversion to any policies that can

trigger wage inflation.”

Ashwin Parameswares (2011)

Closing down of Dissent - Attacks on Equality in Ireland

Equality Bodies – closed down or with reduced Budgets

Combat Poverty Agency –closed 2008 incorporated into the Department of Social Protection

Equality Authority – 2009 43% cut and now being merged with the Human Rights Commission

Women’s Health Council – closed 2009

Crisis Pregnancy Agency – closed and merged with the Health Service Executive

Irish Human Rights Commission -Budget cuts since 2009 and merged with Equality Authority

Equality for Women Measure - co-funded by EU Operational Programme ---budget partly transferred out of this area and now under Dept. For Enterprise, Trade and Employment

National Consultative Committee on Racism and Interculturalism (NCCRI) _Closed 2009

Gender Equality desk at the Department (Ministry) of Justice, Equality and Law Reform – Desk Closed 2009

Gender Equality Unit – Department of Education – Closed early 2000s

Higher Education Equality Unit – UCC -Closed and merged into Higher Education Authority (early 2000s)

National Women’s Council of Ireland -158 member organisations- budget cuts of 15% in 2008-11 and 38% in 2012

Traveller Education cutbacks 2011 and 2012 – all 42 Visiting teaches for Travellers removed*

Rape Crisis Network Ireland – core Health Authority Funding removed 2011

SAFE Ireland network of Women’s’ Refuges - core Health Authority Funding removed 2011

People With Disabilities in Ireland's (PWDI) - funding removed 2012

National Carers’ Strategy – abandoned 2009

Kathleen Lynch, Equality Studies UCD

School of Social Justice 59