Global Notes #20
by Jerry Harris, SolidarityEconomy.net
. Euro Social-Democrats Warnings on High Road
European social-democrats have supported globalization as the road to better economic development, but are now warning corporations to share the profits. Joaquin Almunia, the European monetary affairs commissioner said workers were not getting the rewards from increased productivity and the situation was unsustainable. Mr. Steinbruck, the German finance minister, said soaring profits are igniting a “crisis in legitimacy…there have been falls in real wages, real incomes, that have been bad for domestic demand and we have suffered from that for quite a long time.”
Adding to the debate was Franz Munterfering, chairman of Germany’s Social Democratic Party. Referring to hedge funds and private equity groups Munterfering labeled them “locusts.” When criticized he replied, “I have no regret (more…)
