Bhaskar Sunkara
speaker
1,609 appearances
1 recordings
1 series
first heard Dec 2022
last heard Dec 2022
Bhaskar Sunkara’s voice in public audio — every appearance, attributed to the second.
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And I think it would also have to be combined with public financing for expansions and for development.
which could be done in quite a competitive way.
So you could have a variety of banks, you know, my vision, you know, state-owned banks, but how would they decide who to invest in and who to not invest in, who to give a loan for expansion to and who not to?
Because you don't want it to be like, oh, I'm going to invest in my nephew's firm and not this other firm, or I'm going to invest in this guy's firm because he's an Italian, but not this guy's firm because he's Albanian or whatever else.
Just make it rational at the level of their goal is just like any other investment strategy.
person at a bank today to maintain a certain risk profile and to have an interest yield and decide to invest on that basis.
So if there's a huge automotive firm that has been in business for 50 years that needs a little operating cash, like, yeah, they could get their $50 million at 3% loan.
If you have some crazy blue sky idea and you manage to get it to that point, like maybe you and your friends would get it at 12% or something close to what a VC would offer today.
So I only kind of go into these details, not because to say that a system doesn't have to, in advance, map out all the different possibilities.
But I think it does have to be willing to accept a lot of things that we know today.
You know, I can't give you a version of socialism that's everything's going to be fine, we're going to live harmoniously, and we won't have these sort of tensions and, you
you know, you could hunt in the evening and, you know, fish in the, you know, afternoon and write criticism, you know, whatever else.
I do hope that there's horizons beyond this that we could aspire to.
I do have those visions.
But for now, I think our task as socialists is to imagine a, you know, five minutes after, you know, midnight, like, what can we do right away within our lifetime vision?
So I think the primary mechanism in this private sector under socialism would be a market mechanism, firms competing against each other to expand, connected to a system of public financing.
But even at that level, the individual bankers and public banks and so on would be operating based on their own rationality, and the state would certainly shape investment decisions, but
Maybe no more than they do in a lot of capitalist systems.
So the state might already today in a lot of countries decide, you know, we want to invest in green technology.
So it's going to be favorable rates for people or tax credits for people investing in green technology.
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