Capitalists
will try every trick to derail a Labour government. Sarah Bates
argues it will take mass resistance and strong counter-measures to
give them a run for their money
Part
3 - Unelected
But
the bosses that threaten capital flight are unelected and
unaccountable—and their interests do not line up with the interest
of the majority of people. And bankers aren’t the only ones who
feel threatened by a Corbyn victory. Shortly after Corbyn was elected
Labour leader, a serving British army general Corbyn could face
“mutiny and mass resignations”.
Corbyn’s
calls for nationalisation are widely supported. But the rich who sit
on the boards of energy firms and rail companies will not be happy
about any attempts to undermine their profit.
Agencies
can downgrade countries’ credit ratings, which influences how much
the government can borrow. And bodies such as the IMF can attack and
even ruin governments if they don’t like their programme.
The
Syriza party in Greece was elected on a wave of anger against
austerity in 2015. But in the first three days after its election,
investors pulled their money out of Greek banks, slashing 40 percent
of their value. Syriza focused on seemingly clever manoeuvres at the
negotiating table with its creditors, the IMF and European Union. It
didn’t mobilise working class support on the streets and
workplaces—and ended up implementing worse austerity than its Tory
predecessors. Syriza is just one example of why it will take a much
larger challenge to the system to beat back the bosses’ attacks.
This
isn’t just about rich individuals pushing their own agendas—it’s
about the immense power of the ruling class. Wealth is concentrated
in the hands of a small number of people. Just eight men have as much
wealth as the bottom half of the world’s population. This power of
the bosses has become a catch all excuse for those who don’t fight
for real change.
But
opportunities do exist for the left. Because workers create profit,
they have power to take them on the bosses. Capitalism brings
together workers in large workplaces, which gives us an opportunity
to fight collectively.
Millions
of people have had their sights raised by the movement around Corbyn.
Demands that were previously seen as too radical and unachievable,
such as a £10 an hour minimum wage, are popular with millions of
people.
But
now the pressure is on Labour to moderate its programme and make
comprises with the bosses. Corbyn said he wanted to reassure
investors that they would find a friendly market if Labour won the
next election. McDonnell has tried to appeal to business, saying,
“They don’t like our tax plan, but they like our investment
plan”. His plea that he is “thinking about business”
is not an answer.
One
obvious counter-measure is for Labour to say it will take back
control of setting interest rates from the Bank of England. The
movement cannot exist just within the confines of electoral politics.
And the experience of Syriza, the Wilson government and others show
that it is not enough to get elected on a left wing programme.
To
fundamentally break the stranglehold of the bosses’ whims workers
need to exercise their power. Syriza could have nationalised the
banks under democratic workers’ control and imposed capital
controls to stop money leaving the country.
If
bosses try to strangle a left wing government through an “investment
strike”, workers will have to strike to hit their profits.
To
make sure there’s a movement capable of resisting bosses’
attacks, we have to support every working class struggle now.
Revolutionary socialists should support Corbyn when he takes on the
establishment. Building a movement can bolster Corbyn—and help
prevent him from moving to the right under bosses’ pressure.
And
that movement can go much further and take on the influence of the
unelected bosses and bankers. Its strength will be decisive in the
battles to come.
***
Source,
links:
https://socialistworker.co.uk/art/45399/We+will+need+sterling+resistance+to+stop+the+bosses+sabotage
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