Letter: For the present (1974)

Letter to the Editors from the October 1974 issue of the Socialist Standard

For the present

Until socialism is established, we have to live under the present capitalist system.

Features of this system are institutions such as Building Societies, Insurance Companies and banks, all of which many workers invest money into and unwittingly aid capitalism.

Seemingly they do not have a choice. There is not enough rented property in the private or public sector to meet the demand, despite years of government by the Labour Party. The Building Societies do offer a way out at a price

Insurance schemes are contributed to, understandably, by many workers who want to provide safeguards for their families should misfortune occur.

The banks use people’s money to finance their existence and keep the system rolling, for that, they provide the service of looking after our money.

All three institutions under the present system exist because of human needs. How do people at present obtain the necessities of life without contributing to a system that exploits them? The obvious need is for Socialism; until it arrives where does the Socialist Party stand on this problem ?

Kevin Parkin

London S.E. 1

Reply:

Banks, Building Societies, and Insurance Companies do not exist to satisfy human need. They are features of capitalism — a system of commodity production based on the class ownership of the means of life. As such they only exist to make a profit and only too often stand between human beings and their means of subsistence. They are “necessary” only in a money-dominated society which has profit as the motive for production.

While capitalism lasts the working class will need to sell themselves on the labour market, use banks and take out mortgages and insurance. Because they own no property they must work for wages and in so doing they will be contributing to the profits of the capitalists. Socialists realise this only too well, that under these circumstances workers have no option but to be involved in the whole sordid business simply in order to live — after all, we are in the same position ourselves. It is Utopian to believe that workers can isolate themselves from or opt out of these and other oppressive features of capitalism.

What the Socialist Party continually points out, and urges working people to act on, is that the society we live in can be done away with. When the majority of the working class realise this they will need to take upon themselves the task of abolishing capitalism and establishing Socialism through democratic political action. This is the only real choice facing the working class. Why not join with us and help to bring the establishment of Socialism that much closer?