Michael A. McCarthy's "Dismantling Solidarity" offers a comprehensive historical analysis of the American pension system, tracing its evolution from the New Deal era to the present day. The book examines the political and economic forces that shaped this transformation, highlighting the shift from a system focused on social security and worker protections to one dominated by private, financialized pensions. McCarthy explores the consequences of this shift, including increased inequality and the erosion of worker power. He argues that the privatization and financialization of pensions have served the interests of capital at the expense of the working class. The book provides a critical perspective on the role of finance in shaping social and economic policy, offering valuable insights into the challenges facing retirement security in the United States.
**Every Tuesday night, we gather online to listen to the episode and discuss it among friends. Everyone is invited to this community building event. Bring your insights and questions. REGISTER HERE for Tuesday, March 25th, 8 pm ET/5 pm PT
Steve’s guest is Michael McCarthy, author of 'The Master's Tools: How Finance Wrecked Democracy and a Radical Plan to Rebuild It.' They explore McCarthy's analysis of financialization as a deliberate class project to dismantle working-class power and exacerbate inequality.
They look at the historical shift from a robust Social Security system to a privatized, financialized pension system as well as the rise of neoliberal policies post-1970s, facilitated by monetary policy changes (anybody remember the gold standard?) The conversation goes into the failure of both traditional and direct democracies to serve the working class.
The episode also weaves through MMT perspectives and the impact of government policies. They touch on the potential of public banking and democratizing finance to empower the working class as well as the challenges of implementing these ideas.
Michael A. McCarthy is an Associate Professor of Sociology and Director of Community Studies at the University of California, Santa Cruz. His book Dismantling Solidarity: Capitalist Politics and American Pensions since the New Deal was awarded the Paul Sweezy Book Award as well as an honorable mention for the Labor and Labor Movements Book Award. His most recent book is The Master's Tools: How Finance Wrecked Democracy (And a Radical Plan to Rebuild It). Mike has written for the Boston Review, The Guardian, Jacobin, Noema, and the Washington Post.
@its_mccarthy on X
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