Skip to main content
Inflation: the working class doesn’t have to pay for it
As organised labour gets more assertive at last, we cannot let rising prices outstrip our wages – inflation is the result of monopoly capitalism and the rich must be the ones that are forced ‘cut back,’ explains ZOLTAN ZIGEDY
Inflation vs worker

FIFTY years ago, global capitalism came to a crossroads. The enormous costs of the US’s long, costly Asian war produced great debt and pressure on the gold-backed US dollar.

The imperialist alliance with Israel brought a disruptive, unprecedented boycott on the part of the oil-producing nations resisting Israel’s occupation of Arab territories.

Intense competition between the dominant US economy and the resurgent Euro-Asian economies was shrinking profit margins.

Liberation webinar, 30 November2024, 6pm (UK)
Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
More from this author
Confetti and flowers are dropped from a military helicopter
Opinion / 1 April 2025
1 April 2025
The transformation of a stable secular state into a fractured ruin largely ruled by Western-backed fundamentalists exposes the hollow nature of ‘multipolarity’ and the absence of principled anti-imperialism today, writes ZOLTAN ZIGEDY
10 - AFL-CIO_Headquarters_by_Matthew_Bisanz
Features / 9 January 2025
9 January 2025
ZOLTAN ZIGEDY reflects on the lessons from two books looking at the US labour movement and the recent history of spontaneous mass uprisings – and finds two pernicious ideologies working against the interests of the people
11 - Trump supprt
Features / 22 November 2024
22 November 2024
ZOLTAN ZIGEDY argues Trump’s victory shows the deep failure of liberal calculations that write off huge swathes of the electorate and mirrors the worldwide rise of right-wing populism amid Establishment collapse
Cringeworthy words in the battle of ideas
OPINION / 31 October 2024
31 October 2024
From ‘middle class’ to ‘microaggressions,’ from ‘fascism’ to ‘terrorism,’ ZOLTAN ZIGEDY makes an anguished cry for us to turn away from the most misused and misleading terms and tropes – or at least use them accurately