Looking through my library the other day, I picked up a book I bought back in the early 80's. It's UK biased and parts of the arguments for Socialism series, called 'Take over the city".
It's main argument is that the easiest/most efficient way to change investment policy and the way industry works, would be to takeover/buy the top City institutions which had controlling interests in most of British Industry anyway. The nationalisation of 30 financial institutions would provide substantial control over the shares of the major industrial companies.
A couple of things struck me, one was the financial numbers we were talking about then were peanuts towards now.
The total bill for the purchase of these would have only come to about £8.5 billion, and due to mutaul shareholding, the compensation package would only need to be about £6.5 billion.
The merchant banks were cheap at around £500 million for all eleven. (Hill Samuel, Schroder Wagg, Robert Fleming,Rothschilds, Hambros, Morgan Grenfell, Barings, Klenwort Benson, Charterhouse, Lazards, S.G. Warburg). ( Is it any wonder the press are so keen on destroying socialism. )
The second thing that struck me was - we've done it. If only we'd done it then we could have driven a system to provide sensible funding to productive industry and provide jobs and wealth across the board.
Our tardiness in not acting then means we've had to pick up the pieces of failed capital (yet again) and ameliorate the conditions of the mother of all depressions.
Hopefully we can actually encourage investment in energy and food security and small scale enterprises that might survive future resource shortages. I think we're probably too late.
