Time to change our economic thinking
Dear Editor The UK as a large globalised economy suffered a major economic crash in 2008 and has so far failed to recover.
The countries that suffered most in 2008, were -like the UK - ones who followed the neoliberal model of free trade, de-regulation and privatisation.
This led to risky lending by banks who thought governments would not let them fail - hence Westminster’s bail out at taxpayers’ expense.
Since the bailout UK bankers have continued to award themselves big bonuses and unregulated finance continues.
Yet, austerity has been imposed on those who are most vulnerable, leading to major inequalities. This has been counter-productive for the more Westminster
Our letter writer says Scotland’s economy needs a new approach governments impose austerity, the slower the economic recovery has been.
Any economic growth has been built on an unstable mountain of consumer debt.
In contrast, smaller countries like Denmark, Norway and Sweden have managed better and their economies continue to grow.
Countries that reinflate the economy with investment always do better.
These countries have their own currency and a far more equal wealth distribution than the UK.
In Iceland the corrupt bankers were jailed sending a clear message and letting banks go bankrupt.
This tiny economy, having suffered most from the economic crash, still manages to out-perform the UK.
A new economic model is needed for the Scottish economy. One that does not follow Westminster’s neoliberalism.
Scotland already has the resources to build a more equal society.
On June 8 we need to elect a political party that has the will to make the changes to this economic model that has led to our unjust society.
Sylvia Latham Murray Crescent Perth