Witnessing the scores of militarised police being deployed to round up student protesters, many people in the United States and across the world may be wondering what the difference is between supposedly progressive, liberal government and authoritarian, reactionary leaders like Donald Trump. The latter are certainly worse, but liberalism’s failures mean that the threat of authoritarianism is a less terrifying spectre than it ought to be.
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The state and its citizens are expected to pay private companies’ ransom demands without taking anything substantive in return. There’s no suggestion that the public might acquire a stake in a company in exchange for the money they hand over. Shareholders and CEOs are provided with ‘protection’ or ‘compensation’ rather than being made to face the downsides of the risk supposedly inherent in investment. The bailout averts a crisis, but keeps things on terms friendly to capital.
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