Grant MacDonald writes on Marx’s theory of fictitious capital and how finance has altered the global economy
Capitalism has convinced many that wage rises fuel inflation
Communist Party General Secretary Robert Griffiths yesterday (7 September 2021) called on workers to “reflect and regroup”, as the decision to tax workers to pay for social care (effectively twice as we do it already), “is the opening shot in a protracted struggle with attempts to shift the burden of paying for the breakdown of capitalism, onto workers and their communities.”
Monopoly capital has strengthened its grip on economies across the developed world during the Covid pandemic, according to Britain’s Communists. “The monopoly corporations are sucking in resources, skills and wealth directly and through their huge supply chains; they are exploiting their multi-million strong labour forces to extract super-profits for their shareholders and taking absolute control of finance, advanced technology, security, ‘defence’, commodity production and service delivery”, Liz Payne told the Communist Party’s Executive Committee at the start of the month (1 August 2021).
The UK government is facing pressure to support a global minimum corporation tax proposed by US President Joe Biden, and to push for this at the upcoming G7 summit. The proposed tax would take on the big multinationals, and crack down on the shifting of profits to offshore havens.
The Communist Party has launched a stinging criticism of today’s (3 March 2021) budget by Tory Chancellor Rishi Sunak. Chancellor Rishi Sunak’s Budget is for the profits of the few rather than the wellbeing of the many. He plans to dole out many more billions to big business but still refuses to admit who is going to end up paying for yet another eye-watering bail-out of British capitalism. He claims economic growth will generate some of the tax revenues needed, yet the Office for Budget Responsibility has now cut its economic growth forecasts for every year from now until the end of 2025 except the next one.
British energy company Cairn is set to become the latest in a long list of predatory institutions that drain the Indian people of their resources for profit. A long-running corporate tax case concluded that the Indian government must pay Cairn $1.2 billion in damages after it broke the 2014 UK-India bilateral investment treaty by claiming Cairn’s 10% stake in its Indian subsidiary.
Economic figures released yesterday show capitalism is in crisis: Rebuilding the Communist Party is key to this fight
The ongoing pandemic continues to wreak havoc on the UK economy. While the socialist countries have been able to move past this period of turmoil, protecting their economy, and more importantly, saving countless lives; the UK continues to suffer.
What is the future for work and workers? As part of it’s Centenary calendar, the Communist Party is hosting an important conference with leading activists and researchers, to question these fundamental issues and discuss how activism can have an impact.