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Sixty years ago Railway companies up and down the
country were nationalised. They were not necessarily nationalised for
ideological reasons – the vast majority were were hindering the
development of the British economy after the Second World War. At the time the
view was that you cannot plan what you don’t control and you can’t
control what you don’t own. That view still holds true today.
Over Christmas the railways were in chaos – again. Why does
this sort of thing happen in Britain? It hasn’t always been like this. The
problem started with privatisation. The Tories under John Major plotted a
privatisation so stupid that even Thatcher had thought better of it.
For years Socialist Appeal
and the International Marxist Tendency have been arguing that the world is an
increasingly unstable place, where war threatens on many fronts
and revolution and counter-revolution hang in the air. The bourgeois and the Labour
right wing basically argue that it’s all down to evil people and that nice
President Bush and the generals keep us all safe by attacking terrr’sts and
keeping the world safe for freedom and ‘mockracy.
Even before panic hit the financial markets
the UK press was determinedly ignoring the big victory of German train drivers
last week. The train drivers won an
11% pay increase! Yet the emergence of what amounts to a five party system shows
Germany is entering a period of increased political instability.
The government is
desperate not to nationalise Northern Rock. As Trotsky says, “the banks concentrate in their hands the actual control over
the economy.” If the banks are
always to be bailed out because they are so important to the economy, then we
need to take them all over.
Panic! The world’s
stock markets had their sharpest fall since 9/11 on Monday 21 January. Stock markets have had their worst start in the UK since records began! The UK is the most dependent of all the big seven
economies on finance, property and professional services rather than
productive sectors like manufacturing and transport.. So this world
downturn will hit it hardest of all.
The government has now pumped about £60
billion of our money into Northern Rock. That’s a lot of money – it’s more than
half what the health service costs. Now the NHS is looking after millions of
people at any one time and hospital services are available round the clock for
you in case anything goes wrong. It employs over a million people and its
benefits are there for all to see.
As we explained in the last issue, the vultures
are hovering round Northern Rock. There are the shareholders on the one hand,
people who think the rest of us owe them a living and, if they bet on a horse
that loses, then we should just give them their money back.
This article was originally written on the occasion of the seventieth
anniversary of the 1929 Wall
Street Crash. It was not intended purely as a
commemorative or historical piece. It was written because, to Marxists, all the
signs were then apparent that another stock price ‘correction’ was in
preparation.
Republication of the article is timely. In 2007 the sub-prime mortgage bubble
finally burst. The financial crisis has already had a knock-on effect on the
banks through the credit crunch. The capitalist world stands on the threshold
of recession.
The Scottish parliament elections last May saw
the Scottish National Party (SNP) win a national election for the first time in
its history. The flip side of this is that the majority of Scots have
always consistently opposed independence. But on Sunday, Dec 16th, the
Sunday Herald newspaper claimed in their own poll that demand for independence
was just short of 50%. Their poll was based on a random 1,000 people
across the country. Why the rise in nationalist sentiment? Events of recent
times have caused a large section of the electorate in Scotland to
lose faith in Labour.
In Bangladesh politics revolves round
the prices of staple foods. The price of rice in Bangladesh has a correlation with
poverty, economic and political stability. In 2000, a wage labourer could buy
6-7 kg of rice with his daily income (Taka 60 per day, about 43 p). Now, less
than half of that can be bought, even though the income has risen over time. Rising food prices stand out as a problem that, if left
unresolved, could derail all political predictions and spell disaster for the
country in 2008.
Our differences with the SWP are not limited to theoretical questions. They are fundamentally to do with method and approach. They adopt an empirical petit-bourgeois approach to politics, which is the hallmark of the sectarian, which always ends up in a contradictory mess.
The press have carried a number of stories over recent weeks about the
discovery of planets outside of our solar system. But what is the
reality behind these "new earths"? Are we about to "boldly go where no
one has gone before" or is it a bit more complicated than that?