Michael McCarthy

Michael A. McCarthy, an associate professor at UCSC and author of 'The Master’s Tools,' dives into how financial deregulation has eroded democracy. He discusses the untapped power of the working class as owners of assets, advocating for their control over economic decisions. McCarthy critiques cryptocurrency’s false promise of equity and highlights the need for democratically-run institutions that prioritize community needs. With insights on financial activism and reform strategies, he envisions a future where the working class reclaims their financial sovereignty.

In this discussion, Michael McCarthy, an Associate Professor of Sociology at UC Santa Cruz and author of 'The Master's Tools,' explores how financialization has undermined democracy and exacerbated inequality. He critiques the shift from robust social security to privatized financial systems. The talk delves into the failures of democracy for the working class, the impacts of the Federal Reserve's policies on wealth distribution, and the complexities of democratizing finance through public banking and innovative models, all while emphasizing the need for community engagement.