By Conference of Socialist Economists
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Additional info for Capital & Class. - 1985 - Issue 26 issue 26
The overriding conclusion is that the labour movement will have limited success in influencing the direction of the multinational companies if policies are introduced solely at the national level . Put differently, the labour movement is facing a completely new situation which will necessitate some radical revisions in its orientation and practice . It is essential that strategies and programmes are developed which go beyond the nation-state . In the next section the analysis will shift onto the international plane .
53 Capital & Class 54 The central conclusion from the above is that the conventional strategies devised by the left to curb the dynamics of transnational capital are deficient . National economic and political instruments are not adequate to tackle the issues and problems arising from the new intricate pattern of global production . The international activity of trade unions are also too weak in the face of this process to effect any meaningful change . Furthermore, even if trade unions became more powerful at the international level their impact would be limited .
Firstly, much more public control ought to be exercised over the financial sector, which the IPSE argues, has been the major source of monetarist policies . The big banks and other financial institutions may be forced to adopt policies which blend with the overall economic strategy - less rigid borrowing conditions, a more positive attitude towards industrial investment and a reduction in their inflation phobia . The report also calls for some form of European monetary organisation to promote stability between different currencies, and to safeguard against bouts of speculation .