the public/social sector is seen as parasitic upon this money/wealth
creation process. Money circulation through the financial system is seen
as the outcome of private economic acts, not as a function of social
relationships and public authority. The notion that money issue and
circulation should reflect the demands of the market means that public
expenditure must always be contingent on the activities of private
economic actors. Expenditure on social or public needs must be secondary
to privatised economic forces. The private sector will authorise how
much can, or cannot, be afforded since public expenditure is seen as a
drain upon the private sector.
- Mary Mellor
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