The interests of capital and the public do not align

A joint meeting of the executive and policy committees of Sósíalistaflokkurinn draws attention to how capital has been exposed this summer. The report of Fjármálaeftirlitið on the sale of Íslandsbanki and the report of the appointed State Prosecutor on Lindarhvol showed how the sale of public assets to capital owners has been handled. A working group's report on fees and profitability of Icelandic banks showed how the banks maximize their profits, and Samkeppniseftirlitið's review of the collusion of shipping companies reveals how oligopolistic companies use their position to exploit people and businesses.

This insight into the world of large corporations shows and proves that the interests of capital and the public do not align. "The goal of capital is to weaken the public, seize its power, assets, and funds. When the spotlight is turned on events, it becomes clear that the schemes of capital are a conspiracy against the nation."

Corporate collusion can be both direct, as in the case of Eimskip and Samskip, but also tacit. Companies then adapt to the laws of oligopoly, agree on unchanged market share, but slowly and steadily raise prices until maximum profit is achieved. This is the situation in all markets in Iceland. There is no market here that can be called a free market. All markets are controlled by a handful of companies that manage them with the interests of the company owners as their guiding principle, not the public's. The public is powerless in these markets, a victim of capital's greed.

Those who want to increase the power of the so-called market at the expense of public authority want to increase the power of capital at the expense of the public's power.

Socialists want to take the opposite path. In its address to voters, Sósíalistaflokkurinn proposed that consumer organizations be greatly strengthened to empower the public in its defensive struggle against large corporations and their owners, and that public oversight of large corporations and capital owners be greatly strengthened.

In the address of the Socialists Revival of the public's struggle for independence says:

"The experience of the organized labor movement is good and can be transferred to other areas, applying the lessons from the labor market to other markets where the public is weak against the overwhelming power of wealth. The labor market was tamed by 0.7% of wage income going to the organized struggle of wage earners, to trade unions. That is a fee that has paid for itself many times over. Without trade unions, company owners would have all power in the labor market.

The power imbalance in other areas of society could be equalized in a similar way; that 0.7% of all rent would go to tenant associations, that 0.7% of all interest would go to debtor associations, that 0.7% of all insurance premiums would go to policyholder associations, and so on. A strong public interest struggle will not only protect people against usury, fraud, and oppression but also build a more decentralized and diverse society."

In the address of the Socialists Let's tackle the roots of corruption it is, among other things, proposed:

"Implement the United Nations Convention against Corruption, which the Icelandic state committed to in 2011. Build robust, independent, and autonomous oversight and information institutions, such as Umboðsmaður Alþingis, Ríkisendurskoðun, Samkeppniseftirlit, Umhverfisstofnun, Hagrannsóknastofnun, Hagstofa, a human rights institution, etc., to ensure effective oversight and accurate information. Establish a special anti-corruption institution that works to expose and combat corruption."

Drafted and approved at a joint meeting of the executive and policy committees of Sósíalistaflokkurinn on September 10, 2023