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At one point in 2023 there was a minor financial crisis because of a slide in the value of the pound. The IMF, a product of imperialism, refused to offer any loans. Fortunately, the Chinese stepped in with a low-interest loan of £50 billion, repayments to start in 2027.

In the period 2022-2025 the living standard of the working people much improved. Circumventing the Fixed-term Parliaments Act, the election of 2025 was easily won by Labour with an overall majority of 45. The second Corbyn government also had some economic problems but China quickly stepped in again and Russia was not far behind. In the manifesto for the 2028 election Labour promised the introduction of a four-day working week, bringing further industries into the public domain, and squeezing the rich until they squeaked. The opinion polls predicted that Labour would get 77 per cent of the vote. This prediction was never tested. At midday on the day of the election, voting was stopped by order of the Home Secretary. “It was necessary,” she said, “due to the widespread intervention of thugs in the election process. We are all for free elections but we cannot condone the intimidation of voters by enemies of democracy.”
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Economics was based on Marx’s concept of Mehrwert (surplus value). According to Marx’s theory, the surplus value is equal to the new value created by workers in excess of their own labour cost. In the capitalist world this excess value is appropriated by the owners of the means of production. They call it profit. A socialist government has the duty to tame the profit motive.

The economic plans of Labour in power were quite clearly formulated by the shadow chancellor, John McDonnell, at the 2018 Labour Party conference. He was not a radical like Karl Marx. He had no intention of abolishing capitalism; he only wanted ordinary people to share in the wealth held by parasites for centuries. Another of his proposals, made at the same time, was to allocate one third of the seats on boards of directors to the workers in the company. Were these proposals reasonable? Yes they were, as part of the policy of rewarding “the many”. Let’s go into more details.

The first batch of worker-directors, although mainly concerned with working conditions, had a vested interest in the success of the company. If the company paid high dividends, each worker’s share could be as much as £500 a year. In response, many companies moved overseas, while many decided not to pay any dividends. There was a flight of capital out of the country.

To rob the country of her wealth is not something any government could ignore. Simplifying parliamentary procedures the Labour government was able to bring in quick and effective new legislation. Among other laws, there was a reassessment of the role and duties of the worker-directors. From then on they were appointed by the government. No longer interested in working conditions and profits, they were the stormtroopers of the proletariat. Their main duty was to check the financial transactions of the company, report any intention of avoiding tax, and work closely with the newly-established EcPo (Economic Police). They came from the upper middle class, literate and numerate. They knew, they felt it in their guts, that the profit motive was simply wrong. They knew, they felt in their guts, that they were at the threshold of a New World Order. Where the Soviet Union failed, strangled by the imperialists, the British people prevailed. The slogan was: “We overcame the Nazis, we shall overcome the imperialists!”
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