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The Socialist League

William Morris 1834-1896

"A life in which every human being should find unrestricted scope for his best powers and faculties."

Letters

The Slump

Dear Editors,

Concerning "Boom goes bust in Asia" (Socialist Standard, October) Robert Bremner in New Left Review 229 points out how the unwillingness of capitalists to write off earlier investments inhibits the purging of excess capacity and overvalued capital. I too think that a 1929-type slump is required if there is to be a sustained recovery. I detect growing opposition on the Right to rescue packages, but the write-off fear factor works against this.

Pioneers of socialism

The Socialist League, a breakaway from the Social Democratic Federation (SDF), which was established in the 1880s by William Morris, Eleanor Marx, Edward Aveling and other pioneering socialists, was remarkably close to the Socialist Party in its ideas and aims. However its confused position on parliament and the ballot box despite its correct opposition to campaigning for reforms led to it being overrun by anarchists and to the resignation of genuine socialists such as Morris.

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