Many of the pundits and newsreaders who refer to the current economic malaise threatening Europe use one term more than any other: contagion.
The suggestion is that the troubles that have afflicted Greece and now Ireland are a sort of water-borne disease, transmitted through the sewage-laden streams of international finance. And all we want to know is: how do we protect ourselves against this nasty infection? How do we beat the contagion?
The problem is that the crisis affecting Europe isn’t bacterial or viral at all. As Portugal, then Spain, Italy and France stand like dominoes waiting to be toppled, economic ministers (who often know nothing of economics) flail around looking for a vaccine. They don’t seem to realise that the contagion isn’t contagious at all. It’s a cancer.
The cancer of neoliberal capitalism has metastacised in multiple countries. It sucks the marrow from the bone and leeches the oxygen from the blood. The only way to get rid of it is surgically. By removing the financial sector from the centre of our national economies, we free ourselves from the carcinogenic effects of its vapours. We might be weakened after the operation but we’ll come back stronger.
If there is a spectre haunting Europe at the end of this miserable decade, it is the spectre of neoliberalism. And socialism is the doctor we need. Or the ghostbuster, or something.