Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/203/8479

From The Socialist newspaper, 27 April 2001

Capitalism's destructive "logic"

Stop The Jobs Slaughter

SIGNS THAT a worldwide recession is becoming closer gathered last week when the US Federal Reserve (the "Fed") cut US interest rates for the fourth time in four months.

Kieran Roberts

This followed reports that Cisco Systems, which provides most of the hardware for the worldwide web, has seen sales collapse by 30% in the last quarter.

Cisco's problems are typical of those of the whole IT sector now the new technology bubble has burst with a rapid fall in its massively over-valued share prices.

The US ruling class knows that the world's largest economy is rapidly deteriorating. But most serious pro-capitalist economists, who are belatedly seeing the scale of the economy's problems, fear that the Fed's cut won't stave off the developing recession in the US and worldwide.

British workers will be amongst those that suffer as the giant multinationals try and offload the global economy's problems on to workers.

Thousands of workers in the telecommunications industry are threatened with losing their jobs.

Mobile phone company Motorola plans to shut its plant in Bathgate, Scotland, which would destroy 3,200 jobs. Phillips aims to cut 7,000 jobs, Marconi 3,000. Ericsson says it will shed 15,000 jobs this year.

As the Socialist Party and the CWI have long argued, the fundamental problem facing the US economy is one of over-production and over-capacity. There are too many goods being produced on the world market to retain profitability.

The capitalists' response is to cut investment, run down existing stocks and ultimately close factories and lay off workers as Motorola are doing in Scotland.

Cuts in interest rates won't deter the capitalists from this course of action - to try and overcome this fundamental contradiction in the global economy.

The Socialist Party though, will oppose every job loss. Over recent decades these multinationals have made millions of pounds profit at workers' expense, often with the help of taxpayers' money in the form of government grants.

If companies like Motorola try to close factories, these plants should be nationalised under workers' control to secure these jobs.

Capitalism cannot guarantee jobs at a decent standard of living. If we want to stop these factory closures and job losses arising from the destructive logic of the capitalist market, fight alongside the Socialist Party for a socialist society, where production is planned to meet people's needs not to build the capitalists' profits.

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


In The Socialist 27 April 2001:

Shut Down Capitalism

Stop The Jobs Slaughter

Drug companies: so much for the free market

Tube workers: If we stick together, we can win

Middle East: A war by any other name

Germany: Building international socialism


 

Home   |   The Socialist 27 April 2001   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Capitalism:

triangleLewisham & Southwark Socialist Party: Reform or Revolution?

triangleBristol South Socialist Party: France's 1968 'Month of Revolution'

triangleA socialist approach to Corbyn and a customs union

triangleThe life and legacy of Martin Luther King

triangleTories fear youth revolt - fight for our future

Jobs:

triangleGender pay gap figures show need for trade union action

triangleRetail crunch: even giants not immune as 21,000 jobs disappear

triangleVictimised recycling strikers uncowed as Hull strike wave builds

triangleBristol South Socialist Party: How can workers' jobs be protected?

US:

triangleTo produce the Socialist we need a building - help us keep ours!

triangleDefend socialist councillor Kshama Sawant against lawsuits

triangleUSA: Huge 'march for our lives' protests

Economy:

triangleSocialist Party congress 2018

triangleSpring Statement 2018: Tory austerity staggers on despite economic and political weakness

Reports and campaigns

Reports and campaigns

25/4/18

NUJ

Journalists' union leaders defeat call for political fund, but potential for left grows

25/4/18

Usdaw

Retail union backs zero-hour ban, leaders oppose rank-and-file coordination

25/4/18

McDonalds

McDonald's strikers: "We demand a living wage and decent conditions"

25/4/18

Yorkshire

Sheffield and South Yorkshire: no to closures - defend our NHS

25/4/18

Southampton

Southampton: the cuts or no cuts election

24/4/18

Newham

School strike forces head to say privatisation will stop

23/4/18

Hull

College protest against job losses

22/4/18

Bromley

Bromley library workers win strike campaign

18/4/18

UCU

UCU members vote to end pensions dispute

18/4/18

Usdaw

Usdaw conference 2018: time for new era of fighting trade unionism

18/4/18

Leeds

Victorious Fearnville Fields campaigners thank the Socialist

18/4/18

Hull

Hull says no to war, no to austerity

18/4/18

The Socialist

The Socialist - a fighting, campaigning, workers' paper

18/4/18

Socialist Party

Building fund: 150,000 milestone smashed!

18/4/18

Fighting Fund

Give us your change (and more) to fight for system change!

triangleMore Reports and campaigns 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


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