In 1971, the crisis of world capitalism had manifested itself in a currency crisis of unprecedented proportions and the suspension of the convertibility of dollars into gold, the final blow to the world monetary system that had been established by the post-war Bretton-Woods agreement. Ted Grant explained the basis for this crisis was to be found in the deteriorating position of US capitalism and its attempt to export its balance of payments problems to its rivals.

In 1970, Ted Grant exposed the move to de-nationalise public assets by the Conservatives and proved that the nationalised industries, despite their bureaucratisation as a result of the lack of workers’ control, were more efficient than private industries.

In May 1972 an attempt by the right-wing trade union leaders to bow under the Industrial Relations Act was fiercely opposed by the rank and file. As Ted Grant pointed out, exposing the cowardly actions of these trade union leaders, “Unjust laws passed by Westminster at the behest of the enemy class are not worth anything when weighed against the power of the organised labour movement. The jails are not big enough or strong enough to contain the workers who will resist, if a lead is given.”

In February 1972 the Tory government led by Edward Heath provoked a major confrontation with the miners, who were tired of seeing their salaries squeezed by rising prices. “This government of capitalist perfidy, malice, stupidity, cruelty, incompetence and greed for gain, must be brought down”, commented Ted Grant.

In 1971, the economy was growing sluggishly and was rife with inflationary problems. Ted Grant disproves the bourgeois myth that an increase in the wages of the working class causes price increases and examines the real causes of inflation.

In 1971, one year into the Tory government, with sluggish economic growth unemployment was growing and inflation had risen to 9%. At the same time the Tories were launching a vicious attack on the organised labour movement, provoking a backlash from the working class. Ted Grant pointed out that only a clear a decisive lead given from the Labour Party and the Trade Union movement as a whole for genuine socialist policies, could end this nightmare once and for all.

At the end of 1968 a currency crisis shook the world markets outlining the extreme volatility of the world situation. Here is Ted Grant’s analysis on the processes behind that crisis.

In 1968 revolutionary processes erupted throughout the Middle East. Here Ted Grant provided a first analysis of the nature of the August coup by the right-wing Baathists in Iraq.

In February 1968 massive cuts in social spending by the Labour government were carried out in order to support the increasing burden of military expenditure. The Labour bureaucracy was sacrificing the basic interests and needs of the British workers to cling on to the power politics of British imperialism. In this article Ted Grant provided a merciless criticism of the Labour leaders’ policies.

In autumn 1967 a wave of strikes erupted with the British miners, dockers and printers taking the lead. After years of Labour government the workers were demanding measures against the worsening conditions they were experiencing. Ted Grant argued that the TUC, which had adopted the demand for a national minimum wage of £15, should mobilise the workers to put pressure on the Labour government to enforce it. He also called for the nationalisation of the 380 big monopolies to provide the necessary means for a decisive change.

In this article of March 1967 Ted Grant welcomed the Easter march of the Campaign for Nuclear Disarmament as a moment for socialists to expose the hypocrisy of imperialist power politics. Although different because of their class nature the Stalinist bureaucracies of Russia and China were not offering a real alternative to capitalist war and put forward the deceptive policy of supporting the United Nations as a means to enforce peace on a world scale.

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