Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/261/24657

From The Socialist newspaper, 5 July 2002

Enron, Anderson, WorldCom, Xerox,...

Change This Rotten System

GREED, FRAUD, sleaze - every day the real nature of capitalism is being revealed. WorldCom, the US's second biggest long-distance telephone company, has carried out the biggest corporate fraud in history - $3.8 billion. That's six times bigger than the fraud at Enron, which shook the US economy.

Now WorldCom has sent shares plummeting, threatening the world economy and the jobs and lives of ordinary workers in the US and elsewhere. Everyone's asking "how many more companies have fiddled their figures?"

For some, crime does pay. Ebbers, the former boss of WorldCom is getting a pension pay off of $1.5 million a year. But 17,000 WorldCom workers who are losing their jobs, 20% of the total workforce, get nothing.

Enron, Andersen, Adelphia, Tyco, WorldCom, Xerox - the list of crooked corporations keeps getting longer. And it's not just about the US's particular "brand" of capitalism. According to the Institute of Chartered Accountants, similar frauds could also happen here.

Neither is this about a few "rogue" companies. Capitalism is rotten to the core.

This system is based on the relentless pursuit of profit by the minority who own and control the major corporations internationally. Greed, corruption and exploitation are rooted in the profit system itself.

The capitalists and their political representatives, worried that this system as a whole could come under attack, talk about "regulating" the big corporations. But as long as profits are the main driving force of the system, corruption, exploitation and economic crisis will remain.

We need to build a movement that can fundamentally challenge the way that the system itself is organised and fight for a society which is run to meet the needs of the majority not to maximise the profits of a privileged few.

In Spain, Italy and Greece millions of workers have been on general strike against the effects of capitalism on their jobs, benefits and working conditions. Last month in Seville, Spain, workers came together with anti-capitalist protesters in a massive demonstration of over a quarter of a million.

Here, the number of workers balloting and taking action over cuts, pay and privatisation is on the increase.

The Socialist Party is campaigning in England and Wales and internationally, through the Committee for a Workers' International (CWI), for new, mass parties which can unite together the struggles of workers and anti-capitalists to fight for a socialist alternative to this rotten system.

Join us now.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 5 July 2002:

Change This Rotten System

WorldCom fraud: Capitalism Is A Bankrupt System

New Labour's tax-avoiding friends

Making Criminals Out Of Us All

Innocent Afghans Killed By US 'Friendly Fire'

Watergate: Rotten Apples In A Mouldy Barrel

Argentina: New Crisis As Cops Kill Protesters

Tower Hamlets by-election: Socialist Alliance Provides No Alternative

Lesbian, gay, bisexual and transgender workers: Fighting For Real Equality


 

Home   |   The Socialist 5 July 2002   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

US:

triangleThe Socialist inbox

triangleYour newspaper fights with you: help fund it with May Day greetings

triangleVietnam War: 50 years since the Tet Offensive

triangleVictory! Trump's UK visit cancelled by fear of protests

Capitalism:

triangleCapitalism v cricket

triangleCapitalists fear for their system at Davos

triangleBirmingham South East Socialist Party: Football under capitalism

Jobs:

triangleSupermarket's slash jobs - union fightback needed

triangleMerseyrail protest

News and socialist analysis

News and socialist analysis

19/2/18

Election

Usdaw victory - Socialist Party member Amy Murphy wins presidential election

14/2/18

Tamil Solidarity

Tamil youth march for justice

14/2/18

Foreign Aid

Oxfam scandal: we need democratic aid and working class solidarity

14/2/18

TUSC

Building support for Corbyn's anti-cuts policies in the local elections

14/2/18

EU

What we saw: Tory-Blairite EU love-in

14/2/18

Rents

Rent doubles in a decade: cap rents, build council homes!

14/2/18

Public ownership

McDonnell says Labour would put services 'irreversibly' in workers' hands

14/2/18

NHS

We can win the fight for the NHS

7/2/18

Labour

NHS - build the fightback

7/2/18

Labour

Corbyn's left must seize the advantage in Labour's civil war

7/2/18

Haringey

Haringey: now's our chance for a no-cuts council

7/2/18

Refugees

90 feared dead after migrant boat capsizes

7/2/18

Outsourcing

Capita in crisis: bring all outsourcers back in-house

7/2/18

Trump

Trump v NHS

31/1/18

NHS

NHS: use the 3 February protests as a launch pad for a mass movement

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 0798 202 1969

East Mids: 0773 797 8057

London: 020 8988 8786

North East: 0191 421 6230

North West 07769 611 320

South East: 020 8988 8777

South West: 07759 796 478

Southern: 07833 681910

Wales: 07935 391 947

West Mids: 02476 555 620

Yorkshire: 0114 264 6551

ABOUT US

ARCHIVE

Alphabetical listing


February 2018

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999