Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/965/26239

From The Socialist newspaper, 4 October 2017

Capitalism and human progress

Tory leader and Prime Minister Theresa May, photo Policy Exchange/Creative Commons

Tory leader and Prime Minister Theresa May, photo Policy Exchange/Creative Commons   (Click to enlarge)

Simon Carter

How appropriate that Theresa May's speech insisting our interests were best served by free market capitalism - "the greatest agent of collective human progress ever created" - came in the same week as budget airline Ryanair cancelled over 700,000 passenger flights and bankrupt Monarch Airlines left 110,000 holidaymakers without a flight back home, along with 860,000 cancelled future bookings (see article below).

Undaunted, the prime minister continued her defence of capitalism, adding: "We should never forget that raising the living standards, and protecting the jobs, of ordinary working people is the central aim of all economic policy."

Unfortunately for May the capitalist International Monetary Fund (IMF) has produced a report pointing to slowing productivity growth, income inequality and low wage growth for putting the brakes on the UK economy - the product of neoliberal economic policy embraced by the Tories.

The report's author, Tao Zhang, says income inequality is weighing down overall global consumption, reducing it by about 3.5% over the last 15 years. "This represents an important headwind to aggregate demand," says Zhang. And whereas real wages in the UK have fallen over 10% on average since the financial crisis, the richest 1,000 individuals have doubled their wealth since 2010.

Of course, May has lauded the UK's headline unemployment figure - the lowest in 42 years. So how come poor wage growth?

According to the IMF, the capitalist 'gig economy' - with its precarious jobs, zero-hour contracts and lousy employment rights - has allowed companies to peg back pay.

So, capitalism is not so much the agent of collective human progress, but rather collective human misery.

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


In The Socialist 4 October 2017:


Catalonia

Solidarity with Catalonia - the people have the right to decide

Exemplary resistance by the people of Catalonia

Eyewitness: Irish socialist MP participates in events


What we think

The Tories must be driven out


Socialist Party workplace news

Royal Mail workers set for national strike action

Unison attacks Barts deal after failing to ballot their members for strike action

RMT strikes against removal of train guards spreads

University of Leeds workers walk out

ThyssenKrupp - Tata steel merger


Che Guevara

Revolutionary socialist Che Guevara 50 years on


Labour Party conference

Labour Party conference: Action against establishment sabotage still needed


Socialist Party news and analysis

Capitalism and human progress

Monarch abdicates responsibility to workers

Bending the knee v Trump


Socialist Party reports and campaigns

Tories wreck our NHS

11,000 raised in three weeks for fighting fund

Why I joined: I wanted to change things

Chatsworth ward campaign replies to Tory MP's intervention

Surveying Labour councillors - will they fight cuts?

Leeds Socialist Students marks 'International Safe Abortion Day'

Protest outside Ukip conference against German far-right speaker


 

Home   |   The Socialist 4 October 2017   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Capitalism:

triangleThe fog of Brexit

triangleThe Socialist inbox

triangleFearful bosses call for 'fairer capitalism'...

triangle10 years since the financial crash - the socialist answer to capitalist crisis

triangleCapitalism in crisis: news in brief

Jobs:

triangleLambeth Socialist Party: Build a movement against racism

triangleWalthamstow Socialist Party: Build a movement against racism

triangleBattle growing against Loch Lomond area big business sell-off

triangleHuge anti-government demos in Romania

IMF:

triangleJordan: Workers and youth remove prime minister and demand end to austerity

triangleZimbabwe: Mugabe gone - but his regime remains in power

triangleIMF helps cause inequality it slams

Inequality:

triangleBosses' pay up a fifth while workers' pay falls ...

triangle'Made in Dagenham' Ford machinists pay strike 50 years on

Economy:

triangleBig drugs companies dodge 3 billion pounds in tax

Capitalist:

triangleThe Socialist Inbox

Wealth:

triangleSocialist nationalisation: what it is and why we need it

Wages:

triangleLondon cleaners' strike: 'Pay us a living wage!'

Zero-hour contracts:

triangleShop workers hungry for 10 an hour now and an end to zero-hour contracts

Budget:

triangleReading council plans privatisation - set a no-cuts budget instead!

Market:

triangleMay's EU speech kicks the can down the road

Theresa May:

triangleTories in chaos - general election now!

News and socialist analysis

News and socialist analysis

19/9/18

Labour Party

Blairites must go

19/9/18

Student

Mobilise mass student fightback

19/9/18

Housing

250,000 families in "non-decent" homes

19/9/18

EU

The fog of Brexit

19/9/18

What we saw

What we saw

19/9/18

Rail

Rail rip-off reversal

19/9/18

Momentum

Momentum's 'The World Transformed' blocks discussion on Liverpool council struggle

19/9/18

Labour Party

The struggle to transform Labour

18/9/18

Drug companies

Big drugs companies dodge 3 billion pounds in tax

13/9/18

PCS

PCS: the real issues at stake - a reply to Socialist View

12/9/18

Labour Party

Corbyn must lead in fight against the Blairites

12/9/18

Capitalism

Fearful bosses call for 'fairer capitalism'...

12/9/18

Food

4m children in homes that can't afford fruit and veg

12/9/18

Them & Us

Them & Us

12/9/18

Academies

School students in solitary: for full funding, not exclusion!

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: 0784 114 4890

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


September 2018

August 2018

July 2018

June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999