so governments had to sell national monopolies and defund all their social programs to stay afloat
Had to? Or opportunistically started to treat government spending as if it worked like a checkbook with the explicit purpose of punishing the working class?
yeah i kind of oversimplified the story. the finance sector used its leverage at the time to force governments to pay out their debts. of course a more pro-worker government could choose not to do that, but in a bourgeois dictatorship the state and banks work in tandem more or less.
Had to? Or opportunistically started to treat government spending as if it worked like a checkbook with the explicit purpose of punishing the working class?
yeah i kind of oversimplified the story. the finance sector used its leverage at the time to force governments to pay out their debts. of course a more pro-worker government could choose not to do that, but in a bourgeois dictatorship the state and banks work in tandem more or less.