People's Party, launched in August opened up by the popular organisations such as the factions with no political by the democratic space 1986 by former political army. Demoralised and prisoners) to run in the movements, permitting parties of their own to to break with the old system of ..If she yields to Indeed, as Aquino's refusal landowners who make up ber different fronts. Significantly, warns the leader of the sugar become incrcasingly obvious, entourage (and isn't slie also the working claws hay sturted privilege and patronage has to mobilise on a number of one of them?) the peasants the failed coup attempt in redistribution of land.' themselves will force a the pressure of the big wurkers" union, Serge Cherniguin. * army under chief of staff, Fidel military leaders of the extreme supplied the generals with new courted the Americans. Ar the constitutionalist wing of the communist-led New People's weapons to wage "total war" Ramas, in order to counter maintain the lovalty of the same time it has sought to Aquino's government has presidency, leaders of the Army (NPA). During her the growing influence of on the guerrillas of the the Sandiniseas, but, insofar as it cquates the contras with the grave risks for the struggies in represents an opportunity for FMLN and URNG, It presents thousand refugees have since returned to El Salvador from El Salvador and Guatemala, was cstablished. Over four EMEN/FDR As a result an commission - comprising guerrilla representatives — The Guatemalan accord four government and four eight person ceasefire government and the
UPFRONT backstreet abortions! No return to This ycar's August rebellion Honasan revealed rhe growing strength of a fascist current in and the majority of his 1,000 mutineers. are still at large. the armed forces. Homasan doctrine they stand for - led by Colonel Gregorio Meanwhile the far right elections.
they have to find the money for Vou ran help by heroming a sponsor ton; forming local FAS we are urging supportors to set frade linions, 13% and women S Mais, 1 Wie Cour, Todin WC2R wril), the fart that tom doctor's: sponsor of FAh and gering any which wornen conh be helped grupand dis belping to raise Wesles House on Mondays al FAT, era 11-200 2004 (NAC) 01 5809360 Co) and 0/ 292 6332 the farc and cince expenses as A mais lobby of parliament is planned ive 21 January and 1un-hacker demo arand the 6:30. All supportars weictme. example leon Inchard to larid a private aborton fand in the especially if they cume acruss There anc alf sorre of wave mn orgaiusations.to suppistt tis delay women and nican that permission has ro be seusghr. to get abortions eart — chis The ultimar goal isto get a secacies, such acta f-line" bill is nol gong to heip one organisations you are in Rs especnily it wean, to gera FAB nationalis enccts at Fight Alton's Bill meets every Monday leading to further delays: timme of the third reading case of Wise conning for leaborton doctors or anach-aceded 1AB otfier 6.30pm, Wesley House, 4 Wild Court, money — very urgent. LEONORA LLOYD MASS LOBBY OF PARLAMENT 21 January 1988 Teccie biL. (RAC) Support the warker. London WC2 education atal Informadon and wonsen to art carlier aboruons and those found to be carrvine mall group whw will be forced FAt will herposing the sort nota-existens NEIS fociities that colbacksan thr Nis mean that of those has ing abortions afer help Jor young women: bad or - a significant munber of lan mo late Gif Alron gets his way) a hadicapped fetas, who will lerm, ur know that their haby in time limits, on the grounds who will be bir Liky per vent what to do. Manv coure front rhers who will be cffectod enenopausal women unaware #Copposes any nichiction literal laws duan ours, which carlier abortions. Morenymr. are pregnant and to find out that thoy are progpant, unul chat it is the most vulnerabke larelest to arknowledge they to carry a still-born child to of conditions that creare the aborton doctors and nebres termination, if that is what means txe women can get they want. This includes a 20 weeks cre 20 or unider. will die imediately after coung wotco whn find ir abortions are due to SIS delavs, clien due co anti- be deaned the choice of a il is becoming harder fie problems Teadine to late in stualler numbros are lock of sex Treland and Spain. abortins birth There is no logical reason for ite provisions was introduccd to: 23 werks on those grounds. but Alcom to amerit his bill so. 22 or as util then its lones are solid. comunes allowing aborrinns so Jace. Most countries in Furope OХ2СТОВИA, the das after with the problem of mlanticide mother until at Icast 22 weeks, with legal abortion teve more groups and others have set up would not achieve whut Alton the aniversary of rhe passng came Jumits for abortion» to 18 wucks. Ar present, there o go abortions after 22 weeks, and and other hard-liners want — to reduce the total number of loureenth atempt to restrict The bill socks to amend the the corrent limir ol 28 wocks; Ilus act was intended to deal 1967 art, the bill would leave even with the mon advanced A number of moderate" MDs Fight Alton s goven that there are very few Alton says, correctly, that or viability, whichever is thr Inwest, connes Crom the 1929 cumullee stage: Pro choice ch the 1967 aborton act, tie cime specified in the uct and originally. By amending the however, and many outside amendments to he arder ar 1967 aborcion act to reduce a lione linut of 18 werks. ax that the 1929 act efectively will be serking to persuade inlatit life preservann act. canpor survive outside the technology covered by the parlamenr in the forin of question of viability, this artificial womb, the feius the way opca for further Britain B one of the few rechnology, short of an allows for advances in David Niton's pravate abortions done member'+ bill. a campaign Bill (FAR). SOCIALIST OUTLOCK no 4 November/Decembe 1987 there, however this can be best "democratic" world image. But important difference, however, Aquino as a figurchead for the push her aside, the Americans the vast interests of US capical strategic interest in the region arsenal. It has offered Aquino the government and business through their two Philippines There is now a real danger People's Army with 17 years" ruling class interest groups in the unly two options apen for guerrillas — continues to win of a fascist take-over like that nightmare of repression. One therefore keeps its eges in all naval bases and to saleguard communism and half-heared would probably prefer to see under which Aquino and the of Chile in 1973 which could cenacious 24,000-strong New united front against an army that the guerrillas have been unprocedented offensives on the bourgeoisie are to retain experienice of waging armed divisions among the varicus baskets — the general staff, circles. In a situation where Honasan coup attempt, the The Americans, for their plummet the country into a part, are worried about the the Philippines - divisions government. Quick to take advantage of the milirary's NPA launched a number of army or have the military dismissed as being soft ob swathe of young officers. negotiations on forging a the sympathy of a broad continues to build up irs: their priority remans to "military reformists' are in their war against the able to exploit. The US her stay because of her safeguard their crucial disarray following the is the exisrence of the cconomic targets and stroggle against the KATHY LOWE • achieved coup.
to pay for them, and this involves a lot of subjective elements, especially dur- ing a wild boom or a big crash. But in the end, the real value of shares must be related to the dividend they are likely to pay — the income that can be received from holding them. Once it becomes clear that a boom in share prices has gotten completely out of hand, and that the price of shares bares that can be made from holding them, instability. no relation to the amount of dividend prices start to go down; and in a period Meltdown - the crash of '87 In other words, the United States York, rather than going to Germany or elsewhere, where money could be made out of higher interest rates. But herein lies the problem. In order to keep funds flowing into the US, they were under pressure to maintain high interest rates which made it difficult for capitalists in money at cheap rates from the banks to invest, thus threatening a recession in itself to borrow CRA STI the United States THEY ALWAYS SAID that it couldn't happen. Year after year right wing politicians and economists would claim that the western world had learnt the lesson of 1929, and that another stock market crash on that scale was im- possible. Well it has happened, and socialists must grasp the sheer scale and enormity of it. In many ways it is going to change both the international and national political context in which we operate. For socialists it will open up both big opportunities but also impor- tant dangers. That will still be true even if the stock markets are tempo- rarily rising by the time this is publ Here we want to give provisional
by the US trying to get out of the recession by reckless borrowing, thus undermining international confidence in the world's leading capitalist econ menon of the speculative stock market boom, itself fuelled by ES economic expansion, To put it another way, the crash is a typical result of the anarchy is typical of the anarchic functioning of SOCIALIST OUTLOOK Ap4 Nowamber/Decamher 1987 decline can become panic and "free Simply summed up, the crash is a product of the financial chaos caused nomys and the closely related pheno- of capitalist production and finance. It capitalist that in finding a short term palliative for recession the US govern- ment prepared the ground for an even The second question to be answered is the likcly cconomic effect of the stock that the capitalist class in Britain or internationally can avoid a new world both Reagan and Chancellor Lawson have said that nothing has changed in the real economy?. That is nonsense and they know it. The stock market crash will lead to lower investment and hence a slowdown in the growth of the capitalist world economy. To try to bridge the deficit, the US government must deflate the US economy, includ- ing trying to claw back money from the US working class. A new recession will lead to heightened competition be- tween firms in the fight for profits; attempts to raise the rate of exploita- tion of the working class: and increased inter-imperialist competition, includ- ing the possibility of a drift towards One thing which cannot be predicted market crash. There is now no way slump as a result of the crash. Recently protectionism and new trade wars. bigger recession. SOCIALIST OUTLOOK economy and military kept expanding by ineans of deficit financing, building up huge debts. But like all delicit financing, the bill has to be paid some time. It became increasingly clear that to prevent a complete collapse in finan- cial confidence in the dollar, it was going to be necessary to cut govern- ment spending, raise taxes, raise inte- rest rates and in general go for econo- There is a sccond major reason for the crash. During the period of relative nomy, financed by the US budget deli- massive speculative boom. Now the in the first instance simply determined mic deflation. A fall in the stock expansion of the US and world cco- cil, share prices have risen rapidly in a value of shares on the stock exchange is by the price other people are prepared market was only a matter of time. Panic sets in at the New York commodities exchange ensure that funds flowed into New answers to three questions. Why did the crash occur? What will be the con- scquences for the world and British cconomy? What will be the political to locate it within the framework of the capitalist economy. The long post-war long period of recession, which shows military build up. itself a product of the background to the crash it is necessary historical development of the world boom began to wind down towards the end of the 1960s. Since then, the world capitalist economy has been caught in a no sign of ending. But within the long recession there have been temporary upswings and downswings: the most dramatic downswing was in the 1974-5 Over the past live years, the US financial constraints and boosted its economy by a simple device — runn- ing a huge budget deficit. Part of the deficit was used to finance the massive the new period of capitalist crisis and cold war. But the vast levels of govern- ment spending all round boosted de- mand and made the US economy ex- pand rapidly. Hand in hand with the budget deficit. the Us began to run a massive balance of trade delicit as the expanding economy sucked in forcign imports, especially from Japan and The budget defieit had two impor- tant effects: first the United States has had to borrow huge amounts of moncy. making it the world's biggest debtor nation. Second, it has been under pres- sure to keep its interest rates high, to consequences, particularly in Britain? understand abandoned In order government
scale necessary to solve the crisis in the economy will only prepare the ground Overcoming the anarchy of the possible without nationalising the of periodic slumps and booms, are the only theories which can provide a framework for understanding what is going on. But now the left must ad- dress itself to political solutions of the interests of the working class. Those can only possibly be anti-capitalist solutions: Keynesian reflation' of the capitalist market is absolutely im- talist economy, and the inevitability for a bigger slump. Will the left gain from this? There is no automatic rule which says that financial crash means automatic growth and victory of the left. After all, the crash of 1929 led, indirectly, to fascism in Germany and another deal — in the United States. But in Britain in 1987, the left has a massive opportunity to ensure that it is a non-socialist solution — the 'new major beneficiary of the political fall- and the