Wall Street slump

In 1962, there was an open confrontation between American big business and the Kennedy administration, which provoked chaos and panic in the US and European stock exchanges. Ted Grant pointed out that although Kennedy made it clear that his policies fundamentally sided with the capitalist class, the essence of the conflict was all about showing who was Boss. Ted pointed out that in this there was a warning for the British labour movement, because Kennedy’s so-called “people’s capitalism” was being presented as a model to follow by the Labour Party right-wing leaders in Britain.