Another variation on the demand to “tax the rich” is the call for a tax on financial transactions, otherwise known as a “Financial Transactions Tax” (FTT), “Tobin Tax” (after the Nobel economics laureate, James Tobin, who first proposed the idea in 1972), or “Robin Hood Tax” (i.e. taking from the rich and giving to the poor).

The present economic crisis has been described in various ways by mainstream commentators. All manner of “solutions” have been posed, both by the bourgeois politicians and economists, and by the reformist leaderships of the working class. What these commentators and representatives cannot admit is that this crisis will not be solved by this or that reform. Society is living through a crisis of capitalism and the choice facing mankind is simple: socialism or barbarism.

Friday, 29th April 2011
This year the workers across the planet will commemorate May Day in one of the most turbulent and traumatic periods in history. The world is ravaged by wars, terrorism, bloodshed, economic catastrophe and unprecedented poverty, misery, disease and destitution. The vast majority of the human race has been plunged into the abyss of deprivation, hunger and agonising suffering.

Commo Bill

The Peoples Poet’

Author Pauline O’Reilly Leverton

ISBN 978-0-473-16854-4


William Daniel O’Reilly member of the Communist Party of New Zealand (CPNZ) 1929-‘59, militant member and official of the National Unemployed Worker’s Movement (NUWM)is the subject of this meticulous biography undertaken over a ten year period by his daughter Pauline Leverton.


Sixty years ago, on 14th February 1951, the New Zealand Waterside Workers Union implemented an overtime ban in support of their wage claim against the cartel of British shipping companies who controlled the most of New Zealand's wharves. 

cuba_street_procession_halted_by_police_wince.pngAn overtime ban was considered the most appropriate form of industrial action because, although in theory the basic working week was forty hours, in practice the men typically worked sixty to eighty hours a week just to earn a living wage.  The shipping companies immediately responded by putting all the men on a two-day penalty for collectively refusing overtime.  They were arguably entitled to do under the government regulations at the time.  On 19th February, the shipping companies went further:  they posted notices insisting that each individual worker agree in advance to accept whatever hours of work were offered for a day, in advance of the worker being engaged for the day.  As overtime was not usually announced until several hours into the working day, this meant workers would have to accept in advance to work for a day whose hours were not known.  This explicitly contravened the same government regulations.  The workers refused to comply with this new unilaterally-declared condition and rightly considered themselves to have been locked out.  That is why this article is about the waterside lockout, not the waterside strike.


Socialist Appeal is pleased to re-print this document as it is an invaluable introduction into Marxism.  A "must" read for all workers and youth.

The Three Sources and Three Component Parts of Marxism

by V.I. Lenin