General motors bailout problem essay

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General motors bailout problem essay

The Scottish Independence Referendum A blind alley for the working class Since the onset of the financial crisis the question dominating bourgeois economics has been how to reduce the astronomical levels of public, banking and private debts and overcome the economic recession.

And the question dominating politics is how to sell the necessary sacrifices to the working class, such as wage freezes or at least pay increases below the rate of inflation unemployment, cuts in welfare benefits, reduced services and poverty.

But we should not forget that, while the bourgeoisie finds a common enemy in the international working class, it is not a monolithic class; the economic downturn raises tensions within the bourgeoisie itself, as various capitalist interests find themselves fighting to protect their share of the profits from our labour.

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One of the common responses is to tighten control of national resources including wage labour even if this means reducing foreign trade. Nationalism is the worst kind of poison for the working class.


However, since it would be suicide to admit the true reasons for the economic crisis, which is international by nature, the mainstream bourgeois parties quickly follow suit, General motors bailout problem essay they are careful to adjust their nationalist rhetoric to suit their particular constituencies.

If you strip away the rhetoric, the storyline is the same everywhere. The last defence all these bourgeois parties in the face of General motors bailout problem essay crisis is nationalism, patriotic flag-waving and bigotry.

General motors bailout problem essay

This is no different in Scotland, where the Scottish Nationalist Party SNP claims that a new capitalist mini-state offers the basis for a return to the prosperity and social reformism of the post-war boom. Salmond showed all the characteristics of an astute political operator.

On the other hand he had a background in economics and gained detailed knowledge of the banking and oil industries while working at the Scottish Office.

Being more flexible than principled he always seemed to be attuned to the main chance. Under this new leadership the SNP increased its number of MPs from four to six in the general election, which saw a landslide victory for the Labour Party under Tony Blair.

After this election, Labour legislated for a devolved Scottish parliament in Edinburgh, a development that has already occurred along similar lines in most other countries. While still formally committed to a fully independent Scotland, Salmond played an active part in securing the victory for devolution in the Scotland referendum of A new Scottish Parliament was then convened at Holyrood in Edinburgh.

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Some observers saw this electoral structure as a way of preventing a SNP majority — in reality it is a way of drawing in all the political bodies into the Scottish Parliament, for the more effective management of capitalism.

Membership of the UK, it was argued, was preventing Scotland from enriching itself. So long as the boom continued, it was an argument that had some force. But of course, capitalist booms always end in bust. The other main political parties Labour, Liberal Democrats and the Tories ensured its rejection.

But when the financial crisis of led to the collapse of the Royal Bank of Scotland and the fall in oil prices and the bankruptcy of Iceland, previously cited by the SNP as another role model the rhetoric had to change.

It reverted to a more left-wing line. Salmond now presented independence as the only way of protecting the National Health Service and creating jobs for young people.

In fact, Salmond was able to turn the economic downturn massively to his advantage. The spending cuts that ensued reduced the income of the working class while shoring up the banking system.

But for various reasons, Scotland was protected from the worst severity of the cuts. For one thing, Scottish banks were the main beneficiaries of the bailout, largely financed by English taxpayers. Spending per capita is significantly higher in Scotland than in England.

Third, despite its economic problems, per capita income in Scotland remains higher than in England and Wales, where there is a growing disparity in wealth between London and the South East and the other regions.

The finances from Westminster offered the Salmond SNP Governments the opportunity to continue spreading this largesse to the Scottish population. A fully independent Scottish government would do better.

The promise of a referendum did not commit voters actually to the implementation of independence, just a further vote on the issue: This was hardly an overwhelming endorsement to the Independence option. There was still a lot to do if the prospect of independence was going to dominate the political scene in Scotland.

So it is worth briefly reviewing the course of Scottish history since the Middle Ages: In the late thirteenth to early fourteenth century the Scottish monarchy faced a succession crisis, which was exploited by the expansionist Plantagenet King Edward I2 to establish English hegemony.

These ambitions came to an end under his son, Edward II, when an invading army was annihilated at Bannockburn in Coming a month before the referendum on Scottish independence, the statement was calculated to appeal to nationalist sentiment with its invocation of the Declaration of Arbroath in In reality, the letter was an assertion by the pro-Bruce faction of their claims against rivals Bruce had been excommunicated by the Pope following the murder of John Comyn, the legitimist claimant to the throne.

It was strongly supported by the Scottish clergy, which resented its subordination to the English Archbishop of York. Eventually a Scottish cardinal was appointed by a later Pope and the Anglo-Norman ruling class in Scotland made progress in asserting itself against the Celtic clans of the Highlands and Islands.

Nevertheless, the conflict between England and Scotland continued well into the English Tudor dynasty, which marked the beginning of the end of the feudal era in England. With the growing power of England under the reign of Elizabeth I the relationship began to change with intermarriage between the English and Scottish dynasties, religious reformation, the Irish plantations and common fears of external threats such as the Spanish Armada.

The ground was prepared for the Union of the Crowns.Roosevelt was born on January 30, , in the Hudson Valley town of Hyde Park, New York, to businessman James Roosevelt I and his second wife, Sara Ann grupobittia.comelt's parents, who were sixth cousins, both came from wealthy old New York families, the Roosevelts and the Delanos, grupobittia.comelt's patrilineal ancestor migrated to New Amsterdam in the 17th century, and the .

The Great Wall Street Crash Of - The New Dealers were an important factor during the 's. They were reformists, and they were determined to change the aspects of business and government that they believed caused the Great Wall Street crash of The problem is that once the government starts bailing out General Motors it may find it very difficult to extricate itself.

The government won't want to lose its initial investment so it will keep pouring in money into a failing company. Latest news, expert advice and information on money. Pensions, property and more. "Gm Bailout" Essays and Research Papers.

General motors bailout problem essay

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