women for socialism and act independenily: employment were labour movement, THIS MELTING was like # breath of opportunity to escapc from the lett's portant and scrious men, (Though this against pit kind of discussions that have been taking when they are not fighting the Tories. Osamore, Pauline Purnell (chair of the Dawn Primarolo MP, Nadine Finch and fresh air, not only because it provided an equivalent of grey-suited, terribly im- would have been cnough But also because the meeting represented somc- thing new, something exciting — a real possibility for women in struggle to go The meeting wassponsored on a per- sonal capacity) by a number of activists in the women's and labour movements. They included: Sharon Atkin, Martha Mandy Moore (national Labour we- men's committec). Sarah Roclofs (La- bour Women for Ireland), Ros Young (SWAPO women's solidarity campaign), Terry Conway (Labour Campaign for lesbian and gay rights) and Labour Bne- closures also attended and explained the place in their organisation. Betty |lcath- trations of women active in the labour movement: women who are today light- ing to defend their abortion Fights, women who are taking action against the destruction of the NHS and the rest of the welfare sarc. women who find thar, thers in the labour movement, fighting Labour Women's Action Commitler), hield and Kim Voung spoke of the frus they arc locked in hattle with their thro ing women - among others! Women active in women forward
EASTERN EUROPE Labour Focus on, They explained that women against pit closures are discussing the idea of movement with women ar home: Other within the setting up a women's union, with the sim of Tinking up women in the labour for equal representation movement at all levels.
Labour Focur is an independent socialist joumal commitled to the struggle for democrate rights ar an integral part of socialism. Labour Focus provides a plattorm for dialogue and debate between Subscription rates: UK and Europe 29 (individuals) C18 (multi-users); ourside Europe (airmail Has for more than a decade provided an unnvalled coverage of events and movements in the Second World - an indispensahle source not just for specialists, but for anyone wishing to be informed about current issues and key developments in the Sovier Union and Eastern Europe Frum bookshops or from: Lahour Focus on Eastern Europe, c/a Crystal Manngement, 46 East and West Lahour Focus carries analyses, interyiews, documents und bock reviews. Peter Brandt und Gunter Minnerup on Eustern Europe and the German Question Borls Kugarlitskil's speech to Moscow conference of Independent socialist clubs Petr Uhl on Human Rights and Political Revolution Fred Halliday on The Tragedy In South Yemen Zhores Medvedev on Gorbachey's perestroika only) £14 (individuals) 223 (multi-users). Theobalds Road, London WO1 SNW. Arshl Pipa on Enver Hosha Recent issues have included: best in go forward and what forms of organisition are necesars, Women for he demise of the organised women'* groupsol women in dillerent campaigns and communities are discussing how socialismi could provide a forum for this discussion which has not been seen since Sheration movement conterences of the Women have begun to riraw lessons from their experienres of the past ten vcars. Mans socialis ferrinists joined the Idlour Party in the late 1970s when they saw that a real struggle for socialist policies was being waged. Women in struggle saw the possibility of influenc- ing Labour Party policy? They believed that in was possible to built a strong SOCIALST OUTOOK 5 Limpery Fahmary 1968 seventies
Pios Carendish Roties Questions and answers on the crash. Socialist Outlook has published a new pamphlet on the crisis in the economy. JEAN REILLY reviews Ernesr Mandel's CAPITALTSM
The city of London: castles built on sand? a beal on bloody Monday when sales Trade deficit, combined with fears that atract sufficient capital to fmance the huge budger delicit. These fears came to: of dollars and shares reached panic riod. This, together with the disascrous: ministration and the decline in the US's especially Japan, has led to the present major capitalist countries, to do some- thing about its huge balance of payments deficit. Fears that the Americans might devalue the dollar in order to restore US comperiveness and thus reduce the they might also be forced to raise interest - with a consequent downwand Keynesian policies of the Rcagan ad- ability to compete with Furope and SINCE 19 OCIOBER, and indeed, Well before then, there has been increasing pressure on the Us, from the rest of the commodites which began in that pe: pressure on share prices The American dilemma СТІЧЕК- ol the dullar and the level of share priccs have fluctuated wildly. Only the efforts and, just as temporarily- scoady share again on 8 January — we have bac re-runs of the 19rt with billions of dollar reaching its lowest level since of the European and Japanese central colossal purchases of the dollar, have managed to temporarily halt its decline S0 November, on 29 December and In beiwoen those extremes, fre valuc banks since the new ycar, in organising and the subsequent return to the kind of dollars wiped from share values and the financial reports we are all used 1n minute slot at the end of the news) you could be torgiven lor not noncing that the crisis is still upon us. But on tirec occasions since "bloody Monday' - in (lumped in with the weather in a two. GIVEN THE massive rolevision and press wille game of financial pass the parcel — the day the music stopper in the world coverage of the events of 19 October dollar reaching world war two.
ever wan SOCIALST OUTLOOK no January Tebruary 1924 on which of the particular brapehes ul with the balance of payments prolilen in the short term. This will Case ination over whether to raise interest rates apri ar the risk of unselling shard prors taxes - which tight trigger off a sere- sion in the year belore a prosidencral Whichever way the Americans jump: the prospects look bail. They can tighen monetary and fiscal policy as the Entr scribe to - or they can carry on t before, with the lower dollar dealin therefore sabilise the dollar. The Iodera! reserve oilicials arc keen to do this; riell •gan, while the presiden is resistine any pressure to do anything - rasu interest rates, cur expenditure pe rams: suher gradually or in one go dependine bourgeois cromonur theory they st peans and Japanese want them In — yOU All vact can be explained, bowever, in the dollar would revitalise American exports The scoming unwillingness of the Us in the long term for Us capiasm and what is in the short-term political inter- There is a clear conflict between the US federal reserve and the White House Mandel dismisses thr theory that the US is quite happy to see a continued decline in the dollar in order to solve its gues that a very low dollar would facil- itate lage purchases of (American) as- sets by loreign competitors, modify the imer-imperialist relationship of forces to the detriment of the LISA, make necess- . While these things are true, it is also toe that a low contradiction between what is necessary pressures on the Reagan administration Since then, with the dollar free falling and share prices still very volatile, the have been intense and also somewhat contradictury. The most obvious press- ure is from the rest of the countries in the *group of seven" to raise interest rates in order to hall the decline of the dollar. The massive rescue opcration spear- healed by the Japanese was forced on them by fears for their own competitive- ness and the seeming inability or unwil- lingness of the Us to lake the necessary measures to protect its own currency. balance of payments problem. He ar and reduce their trade deficit. ary imports more expensive. intlation surging again' ests of the president. tion of capital and overproduction of ments in the press liy establishment figures to the effect that the crash was amplified and instantly transmitted by computer lechnology, the underlying causes of the events of October and since arc real and their effects will be no less Mandel traces the roots of the crisis sales of dollars and share prices fell In an attempt to develop a marxist look has published a pamphler by marxist cconomist Ernest Mandel. Questions and the kind of questions which many social- ists are asking: what are the cflects of the stock market crash on debt and poverty in the "third world"?' and is The contral plank of Mandel's argu- a stock market adfustment' back to 1974 and to the overaccumula- anners on the crah provides answers to ment is that, despile the trequent state- "gronap of seven industrial economics (US. Japan, West Germany, France. ing themselves to currency stabilisation Sprinkel, the chair of the president's council of cconomic advisors. This made was immediatcly undermined by a con- the situation worse: there were huge A feeble new year statement by the understanding of the crisis Socialist Ont Italy, Britain and Canaday re-commit sharply, especially in Tokyo. the recession inevitable?! 12
economies which export to the swil lee a knock-on elberon Brams wtoot I sint remider further cup the cert of the fall in the dollar on the Köropean ted to know about the