No state bail out for capitalist failures

On the backdrop of the capitalist World Economic Forum on Africa taking place in Cape Town, we should insist that governments of the so called third world should not bail out any private companies under any circumstances, recession or not. We should not be told that if there is no bail out the industries will collapse resulting in massive job losses. This is mere capitalist blackmail and the mighty army of the poor working class masses should not kowtow to such cowardly tactics.

 In the first instance these private companies lobby for less and less governments’ intervention and regulation of the various industries, commercial, economic and markets activities. As a matter of fact they care less about the jobs of the poor working class masses. They envisage a legal regime where the private employer can hire and fire according to the dictates of its wishes. This is over and above prevailing exploitative working conditions and wages far disproportionate to worker contribution in the production of goods and rendering of services.

 The private sector claims and boasts possession of ‘world class’ and most efficient financial, management and accounting discipline and instruments over governments. So if the private sector experiences economic difficulties of any kind as a result of its own neglect, recklessness, fiscal imprudence and greed, the governments cannot be expected to lend a helping hand, which of course will come at the expense of the poor working class masses. This parasitic behavior of the capitalist class and its appendages should not be allowed to continue unabated.

 Governments have an important task to continue rendering and delivering basic services to the poor working class masses and should not take the trouble to burden itself with further debts just to save the private sector.

Capitalist forces in the private sector must put their hands together and come up with a survival toolkit. If they cannot do so, then they must surrender their assets, liabilities, and shareholding to governments unconditionally. Finally the poor working class masses should not be used as a sacrificial lamb, through retrenchments, to pay for the sins of a capitalist self created disaster.

 Hulisani Mmbara
Chief Editor