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Running Commentary: Strikers Condemned

Strikers condemned

More than 5,500 workers were out on strike as a wave of industrial unrest spread to hitherto uninvolved plants. The week-long spate of walk-outs and go-slows affected 27 firms in five cities. A total of more than 8,700 people had stopped work since strikes started and more than 750 of them had been dismissed as a result. The dispute was over pay, a shorter working week and guaranteed pension funds. A spokesman for the employers’ association said he was “gravely concerned’’ and the trade union congress issued a statement expressing hope that the government would “respond constructively in solving the problem”.

Floating To Nowhere: The Currency Chaos

The cynic who said that the only lesson of history is that men never learn from history was knowingly exaggerating, but he also had it wrong, at least in regard to the history of capitalism. A few people have learned from past crises what kind of system it is and the economic laws on which it operates. And if the crisis is big enough memory of it will last for years among capitalists and workers alike as something they would like to avoid happening again.

Socialist Economics: 3 - Money and Prices

The whole financial edifice of capitalism at first sight appears incomprehensible to the average person. Ignorance concerning the financial and monetary system has given rise to many unsound theories, and consequently has prevented a proper understanding of what it is, how it came into being, and the circumstances which will make the monetary system unnecessary. This is not an intellectual exercise but a vital element in exposing the nature of capitalism.

Four Fallacies About Inflation

Although Marx gave the valid explanation of inflation, very few writers on the subject agree with him or even know what he wrote about it. But they cannot agree among themselves how to explain it. Among the currently popular theories on offer are that it is caused by high government spending; by government borrowing; by low interest rates; or by high wages.

That Too High Government Spending Causes Inflation

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