We must recognise capitalism's latest phase

WE are witnessing the ascendancy of finance capital over industrial capital, breaking up the fragile unity between industrial capital and feudal landlords that symbolised the formation of the capitalist socio-economic system in this country.

The last Conservative government enacted social engineering by encouraging individual ownership of council houses, ending the concept of permanent employment and introducing anti-trade union legislation to prepare for the ascendancy of finance capital. The current government has assisted this by involving finance capital in the public sector.

The activities of finance capital will contribute to the destabilisation of capitalism, demonstrating what Marx indicated - that capitalism contains the seeds of its own destruction.

This will be the last Labour government for some time unless it uses the next two years to carry out its historic mission of wealth redistribution in favour of the working class.

This does not mean building socialism, but creating the material conditions for it.

Only then will the mass of working people vote to return a Labour government. This would not be a reflection of class consciousness, but of individual need.

With regard to the former, the fightback has started with the successful NUT strike. The June 9 TUC lobby of Parliament will influence further joint public-sector industrial action.

In this context, I look forward to the Communist Party of Britain congress, recalling Lenin's pamphlet Imperialism, the Highest Stage of Capitalism in the context of The British State by James Harvey and Catherine Harwood.

PETER SMITH
Stanford-le-Hope