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No Banks Under Socialism

Banks cannot be “socialised.” They are part of capitalism and will end with the coming of Socialism. Under Socialism the functions performed by the banks will not have to be performed at all. The provision of the needs of life will be simplified once the means of production and distribution are made the common property of Society as a whole. At present the workers may not go to work producing and distributing food, clothing, and so on, without obtaining the permission of the owners of the land, factories and railways. Under capitalism we have to enter into a complicated and wasteful system of negotiating wages between workers and employers, negotiating for the purchase of raw materials, and then organising for the sale of the goods, and the allocation of the proceeds as rent, interest, profit and taxes. Underneath it all is the essential feature of capitalism, that the capitalists own the means of production and the goods produced by the workers they employ.

Book Reviews

The prophet debunked

Trotsky. A Biography. By Robert Service. Macmillan. 624pp. £25.

Were Trotsky alive today, he would have the editors of this book shot. It is riddled with irritating errors. Round brackets close square; names change spelling; weird sentences like the idea that Russian radicals “took the bits of Marxism they disliked and discarded the rest” slip through; and apparently Oslo and St. Petersburg lie on the same longitude, 59 degrees North. Macmillan should be ashamed to have allowed this slapdash product into print.

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