Capital & Class. - 1982. - Issue 16 by Conference of Socialist Economists

By Conference of Socialist Economists

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H . Wainwright with D . Elliott, Alison & Busby, forthcoming . 65 Trade Union Strategy in the Face of Corporate Power . 66 For example, State Intervention in Industry, Joint Trades Councils and `Popular Planning for Social Need', Joint Trades Councils and Combines . A . Parsons ; Corporate Plan, Joint Trade Union Committee, Clarke Chapman Ltd . ; Building a Chieftain Tank and the Alternatives, Vickers National Combine Committee of 39 40 CAPITAL & CLASS Shop Stewards ; Alternative Employment for Naval Shipbuilding Workers, Vickers Combine Committee .

20 To summarise : even if the only empirical indicator employed is that of the volume of direct investment abroad (an approach pursued by present-day monopoly theories of imperialism), it is clear that world economic development has passed through a significant turning-point in the last ten years . The phase of world economic stagnation which began in the late 1960's/early 1970's has been, and continues to be, accompanied by a reorganisation of the world economy possessing the following major features : • a worldwide increase in direct investment abroad (with a rising share of overall world production being accounted for by production abroad) ; • a relative weakening of the position of the former dominant investing countries (USA and UK) ; • the emergence of new recipient countries for investment capital (on the one hand the USA ; on the other, areas of the Third World) .

The formulation of capital export as `monopoly raised to a higher power' in reality represents a retreat from the real world `at a higher power' . Conclusion Monopoly-theory's increasing retreat from reality? " As we have shown, this procedure is not only inadequate as an empirical proof of monopoly-theory, but also implies a highly partial approach to the overall reorganisation of the world economy .

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