The early 1970s brought into relief the internal contradictions of the capitalist system of production and distribution. This was never more evident than in Britain at the time. The trade unions, previously illegal had become more powerful and integrated as they defended the rights of their members. The very existence of the union movement exposed the conflictual nature of capitalism. The trade unions caused havoc in Britain in the early 1970s. But before we consider the role of the trade unions, it is important to understand what was happening on the capital side at the time. After the Monetarist ideas of Milton Friedman and his colleagues at the University of Chicago and beyond had seeped out of the academy into the policy and lobbying circles, it became obvious that capital would mount a major action against the unions and governments that gave them succour. Corporations and big money were far from passive. They didn’t buy the line that the Left has been lured into believing that the state had become increasingly powerless as capitalism became more global. Far from it. They got more organised than ever! The British Labour Party became lambs for the …
The Powell Manifesto – 1971 – a major turning point
Good to see Bill focusing in on the history and politics, removing the illusion that economics is about the operation of "natural forces" in the market. The natural forces operating historically are foundationally economic in the Marxian view, But the dynamic is conflict among social, political and economic interests rather than competition in markets.
On August 23, 1971, a US lawyer Lewis F. Powell, Jr published the now famous Attack on American Free Enterprise System, which he had prepared for the US Chamber of Commerce.
Bill Mitchell – billy blog
The right-wing counter attack – 1971
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia