Monopoly Capitalism & the Case for Socialism

(We reproduce an article from Britain relevant to the situation in NZ. To read full article go to http://www.marxist.com/monopoly-capitalism.htm)

Capitalist economists constantly argue that privately run industry driven by pursuit of profit is the best way for an economy to function. But, even a cursory look at the world around us tells a very different story. Far from being efficient, capitalism is riddled with contradictions and crisis. You could write multiple volumes, as Karl Marx did, on the inadequacies of capitalism, but here, in this limited space, we shall deal with just a few.

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China: Victory For Honda Workers

The workers at the Foshan Honda plant in China won a 35% wage increase after taking strike action which started on May 17.

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A New Stage in the Crisis of Capitalism - Part Five

The loss of belief in the existing society, its institutions, laws and morality, is a prior condition for revolution. But such a change does not happen all at once. Gradually, to the degree that the given socio-economic system begins to fail, the feeling grows that “something is not right” with society, that some kind of change is necessary.

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Gulf of Mexico Oil Disaster Profit to Blame

It’s been close to a month since the Deepwater Horison Oil Rig exploded and sank into the Gulf of Mexico, just 45 miles south of the already beleaguered gulf coasts of Louisiana and Mississippi. The ensuing oil spill may well surpass that which followed the wreck of the Exxon Valdez, which poured over 11 million gallons of oil into Alaska’s Prince William Sound in the spring of 1989. British Petroleum, which was the operator of the oil platform, had been leasing the rig from the deep seas drilling conglomerate TransOcean.

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A New Stage in the Crisis of Capitalism - Part Four

Europe faces a protracted period of austerity, with major contractions in output, consumption and employment. The crisis has started with the smaller, more vulnerable economies like Greece, Portugal and Ireland. But the others will follow, starting with Britain. 

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