SOCIAL CONTRACT '77 | IMGpapers 1976

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have been 27 per Apr Economy:

year. Real Taka stancards by agreeing per cent norm while Inflation is still rising submit demand for 20 par cent whited pay ETTERED collective bargining from 1 August'. That in of the transport workers" conference has led to a chorus gleeful and gloomy in the mass media. Gleeful at the at prospect of a wages explosion led by the miners and car N MOHEN traces out the path to Healey's announcement Who is not surprisine that toid spending in the shops in April was al its lowest level for nearly five years. Prices have soared, Al the beginning of 1977 food prices wen rising at mine per cent above the general level of price increases, fuel by eight per cent ahore and housing by nearly cleven per cent above. The first result of the Social Contract was to decimace living SLUEARTS.

PROFITS The second result is increasing profits. In 1976 company profits rose by 25 per cent.

Marxists should not be surprised by this. Capitalism is about profit-making. Profits are best increased by raising producrivir; either by using more machines or fewer workers, Since it is workers * A lacelift worth 21,00 high society geests at a ball at th profits by 1979.

May do over E7 million sampany to reconnect ne electricaly ?

Ing i was til for.

Mao arto malaisie Tor PurchasTer Hot Real wages fall to 6 per doubling of supplies got no eleciricity, and her baby cious.

is scurs profitable again.

could set underway.

• A 8T-year-old woman living aione on social sacurit Talled for 3 months for stealing food valued at C1.4 al 17 per cani. Unemploymant si 1,348,000. ICI announces increass in proflt in 1976 ol da per cant to E540 million. Cuts in public spending OF E3,500 million announced for 1977-71 Jun to give me a good time' Helicopter smoked salmon and roast beef lunch champagne and hire of morning cost and topper. • Inflation up to 18 per cant. Company profits average 31 per cant higher than a year earlier. Wages fall to stronger.

thal crease the scale of their opern lack of investment in a crisis led of large numbers of seemployed enabled contrallars to recuce tod wages of those who sill bad Jobs.

The process of reorganisation With the t0 come SOCIALIST CHALLENGE 21 July 1977

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/hat makes lealey run?

short carom the a lot his stately home. Receipts come