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The Huge Danger Associated with Privatising Banks*
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Sep 19th 2022, Prabhat Patnaik
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There
are fundamental objections to the plan of the government
to privatise at least some of the public sector banks.
They centre around the fact that such a move will change
the pattern of deployment of credit, away from productive
activities towards speculation, away from peasant agriculture
towards big business (with dangerous implications for
peasant viability, food security and employment), and
away from domestic to global destinations.
*
This article was originally published in People's
Democracy on September 18, 2022.
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