Presentation given at ICTU Youth Conference, 17 November 2013

1. Who Benefits From Austerity?
ICTU Youth Conference
17 November 2013

2. “Let the good times
roll for those who are
on the ladder.”
Alan Bridle, Bank of Ireland Head of Research NI.
21 Sep 2006.

4. Financialization refers to the increasing importance
of financial markets, financial motives, financial
institutions and financial elites in the operation of
the economy and its governing institutions, both at
the national and international levels.
Gerald Epstein, ‘Financialization, Rentier Interests, and Central Bank Policy’,2002
1970s – The Monetarist revolution
1980s – war on labour
1990s – Credit as a substitute for wage increases
2000s – Credit solution for wage stagnation fails
Present day – open conflict over monetary policy once again

6. “In the case of the United States, financialization during
the 1990s led to a closer alignment of large industrial
and financial firms in the U.S., leading to a greater
emphasis by Alan Greenspan and the U.S. Federal
Reserve in financial asset appreciation as a goal of
monetary policy.”
Gerald Epstein (2001)

7. “In the case of the United States, financialization during
the 1990s led to a closer alignment of large industrial
and financial firms in the U.S., leading to a greater
emphasis by Alan Greenspan and the U.S. Federal
Reserve in financial asset appreciation as a goal of
monetary policy.”
Gerald Epstein (2001)
“The goal of monetary expansion has been to do just
enough to stabilize financial asset prices without going
far enough to produce catch-up growth in the labor
market”
Matthew Yglesias, Rentiers and Financialization (2011)

8. “What [the wealthy], businesses and
banks share is a common interest in
supporting asset prices, a lack of
interest in seeking full employment
unless it is a prerequisite for
supporting asset prices, and an
aversion to any policies that can
trigger wage inflation.”
Ashwin Parameswares (2011)

59. Closing down of Dissent - Attacks on Equality in Ireland
Equality Bodies – closed down or with reduced Budgets
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Combat Poverty Agency –closed 2008 incorporated into the Department of Social Protection
Equality Authority – 2009 43% cut and now being merged with the Human Rights Commission
Women’s Health Council – closed 2009
Crisis Pregnancy Agency – closed and merged with the Health Service Executive
Irish Human Rights Commission -Budget cuts since 2009 and merged with Equality Authority
Equality for Women Measure - co-funded by EU Operational Programme ---budget partly transferred out of
this area and now under Dept. For Enterprise, Trade and Employment
National Consultative Committee on Racism and Interculturalism (NCCRI) _Closed 2009
Gender Equality desk at the Department (Ministry) of Justice, Equality and Law Reform – Desk Closed 2009
Gender Equality Unit – Department of Education – Closed early 2000s
Higher Education Equality Unit – UCC -Closed and merged into Higher Education Authority (early 2000s)
National Women’s Council of Ireland -158 member organisations- budget cuts of 15% in 2008-11 and 38% in
2012
Traveller Education cutbacks 2011 and 2012 – all 42 Visiting teaches for Travellers removed*
Rape Crisis Network Ireland – core Health Authority Funding removed 2011
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SAFE Ireland network of Women’s’ Refuges - core Health Authority Funding removed 2011
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People With Disabilities in Ireland's (PWDI) - funding removed 2012
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National Carers’ Strategy – abandoned 2009
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Kathleen Lynch, Equality Studies UCD
School of Social Justice
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