Business

Apr 26, 2018

Rundle: next stop, socialising Google and Facebook

As the banking Royal Commission makes clear, the need for social ownership and public control of financial institutions is more important than ever. And it doesn't stop there.

Guy Rundle — Correspondent-at-large

Guy Rundle

Correspondent-at-large

The banking royal commission -- and its tales of shonky loans, systemic selling of the customer to the product --  is Australia’s own contribution to the global revival of socialism as a proposition for government. Not mere social democracy, but actual socialism, in which key sectors of the economy -- call them the commanding heights, or the underlying utilities, whichever direction you want to come from -- are in social ownership and public control.

Elsewhere, the exposure of the real practices of other industries is having the "socialist effect". Five years ago, the proposition that Facebook or Google should be socialised was a marginal idea. Now, with their power being exposed, people can see that they are not simply an innovative product like a Dyson vacuum cleaner, but general online connection and information, respectively.  

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