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Global credit crisis opens the door to rebuild Socialist politics according to expert

PUBLISHED: 10:20 03 October 2008 | UPDATED: 13:40 05 October 2010

THE current crisis in global financial markets presents a crucial moment of opportunity to rebuild the Left in politics, one of Britain s foremost socialist thinkers told a public meeting in Bethnal Green. Professor Alex Callinicos, a prolifi

Ted Jeory

THE current crisis in global financial markets presents a crucial "moment of opportunity" to rebuild the Left in politics, one of Britain's foremost socialist thinkers told a public meeting in Bethnal Green.

Professor Alex Callinicos, a prolific author on Marxism and a member of the Socialist Workers Party's central committee, said the world was "confronting a major historical turning point" in the march of capitalism, particularly the system of neo-Liberalism that has dominated the last few decades.

He told an audience of 50 at Oxford House in Derbyshire Street that unless the Left began to organise better, workers would once again be exploited as businesses strove to cut the real value of wages to maintain profits.

Giving his talk as American politicians debated the merits of an $800 billion rescue package for US markets, the professor of European Studies at King's College, London said: "I'm not arguing that capitalism is going to fall apart though. To get rid of capitalism, we need the mass of working people to be determined to get rid of it.

"As long as that doesn't take place, the system will revive. Already, they are resorting to massive action on the part of the state.

"Instead of putting the money in the pockets of working people, they are rescuing the financial institutions of greed that caused the crisis in the first place.

"Their solution is to make us pay for it! And in order for banks and other companies to push up profits, they'll need to push down real wages."

Prof Callinicos, the great-grandson of famous historian Lord Acton, then asked: "So what do we do?"

He said: "First of all, we need to say 'no, we are not going to pay for your crisis'. We need to break through the kind of pay limits that Gordon Brown is trying to impose on the public sector.

"And then we need to organise the world and society on a different logic and end the blind process of competition. We need planning so that we can work out we need to go.

"But we need that planning to be democratic-we need socialism."

But asked by the Advertiser after the meeting whether if capitalism was able ride out such a deep crisis involving the collapse of two major investment banks, then surely the system was adaptable and robust enough to survive most turbulence, Prof Callinicos said: "It's true that capitalism is adaptable. But it is surviving because the Left is weak. The Left needs to organise and grow support."

He also said the crisis-provoked shift in wealth from Western economies to countries like China could be a "good thing".

He said: "If workers in China benefit, that's good, but more than that: the US is much more of an imperialist power, so if America is weakened, that's also good for the world.

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