British capitalism faces catastrophe

In 1979 Thatcher began to implement a long series of anti-working class policies on behalf of the British ruling class in an attempt to counter the decline of British capitalism. But, as Ted Grant pointed out, senile British capitalism was seeking to achieve higher profits through speculation and financial deals, rather than from investing capital to develop industry as it had done in the past. As he explained, “The bourgeoisie has forgotten completely that the production of real wealth is the production of manufacturing industry. They are more interested in the chase after nominal gains, rather than genuine gains for the economy itself.”