THE SAME British capitalism that has been egging on the Ukraine to start World War III by attacking Russia is now shivering with fear at the prospect of not just having to try to cope with Russia’s planned economy, but also having to deal with the gigantic Chinese economy.
It was Lenin who predicted that a successful Chinese revolution would not only end Soviet Russia’s isolation, but would serve notice on world capitalism that its time was up, and that in particular, China would put an end to being a ‘nation of coolies’, and would even dominate the capitalist world economy.
Now, the Daily Telegraph, through its writer, Ambrose Evans-Pritchard, has spelt out that ‘Britain and the EU risk the annihilation of their manufacturing sectors if they fail to impose tariffs’ on China.
He adds that Europe ‘will become the primary dumping ground for China’s overproduction of industrial goods, cars, batteries, and clean tech components, posing an existential threat to the European social market model.’
He adds that ‘Britain too will have to follow suit’ or ‘become the market of last resort for China . . . a fate that would annihilate the UK’s manufacturing base within a decade.’
He concludes: ‘Europe’s political economy is not in a fit condition to weather this shock.
‘Economic growth has been negligible for 15 years in the big mature economies.
‘The post-Covid recovery is anaemic. Public debt ratios are badly stretched. The political centre is crumbling almost everywhere . . . It does not take a crystal ball to see that a giant tariff wall is coming, and that it will spread to every area targeted in Xi’s clean tech hegemony.’
He concludes with a warning: ‘The Europeans may wish to carve out a third way between the US and China. Reality will not let them.’
The issue is that the UK ruling class is going to dump the entire crisis of British capitalism, in reality its death agony, onto the backs of the working class.
The working class will have to pay the full bill for the crisis of capitalism, with wage cuts, massive job cuts, the slashing of all state benefits and with NHS privatisation.
It is to be back to the pre-1930’s with a vengeance.
In this situation of a rapidly developing economic and political crisis, there is only one way forward for the working class.
That is to replace the current cringing trade union bureaucracy with a revolutionary leadership for the trade unions that will expropriate the bankers and the bosses, and replace the collapsing capitalist economy with a nationalised and planned socialist economy.
This will be under workers’ control and workers’ management, where production will be planned to satisfy people’s needs, not to make huge profits for a handful of billionaires.
The massive economic crisis that is rapidly developing is part and parcel of the death agony of the capitalists system. The only way that this system can survive is through the emergence of fascist-type dictatorships that will mean both civil wars and attempts to revive imperialism with a new World War.
The only way forward for the working class and the majority of the middle class is through the rapid building up of the revolutionary leadership of the Workers Revolutionary Party, along with a mass Young Socialists movement.
They will demand and organise for a general strike to bring down the Tories and to bring in a Workers Revolutionary government that will organise the development of a planned socialist economy that will satisfy the requirements of the millions of the working class and the working class youth.
Capitalism is a bankrupt system whose time has come. Human progress can only continue through a world socialist revolution that overthrows British and world capitalism. There is no other way forward but to organise a general strike to bring down the Tories and for the working class to take the power, and proceed to bring in socialism.
It is obvious that any major socialist revolution will spread rapidly throughout Europe and the Americas, bringing the bankrupt capitalist system to an end as well as restoring rule through Workers Soviets in Russia and China!
