The global monopoly Honda Motor Co. Ltd. announced on November 5, an $857-million investment in Alliston, Ontario. The Ontario government will give the private monopoly 10 per cent of the investment as an outright grant....Ontario Premier Wynne in justifying the $87.5-million public grant to private mostly foreign investors used the exchange rate of the dollar as a focus saying, But we cannot rely on that [lower exchange rate for the Canadian dollar] alone for expansion in the auto sector or in manufacturing in general. She suggests the situation globally has reached the point where at least 10 per cent of any large private investment in industry must become an outright grant of public money along with other incentives; otherwise, the investors will refuse to invest. Her 10 per cent comment was contradicted by the recent refusal of the Ford Motor Co. to invest in an engine plant in Windsor, Ontario when offered much more than that. Federal and Ontario government grants, tax rebates, low interest loans and employee concessions would have amounted to around sixty per cent of the $1.5-billion investment yet Ford rejected the public money and concessions in favour of either not investing or going elsewhere possibly Mexico This issue of monopoly investments is troubling. Both when monopolies invest and when they do not, the Canadian people pay the price. It indicates the workers opposition must become more forceful in its views and agenda on capital investment. Contrary to what Wynne says, the factors determining capital investment are well known. The issue for the working people is not to find even more reasons to pay the rich but rather to move beyond begging or bribing monopoly capital to invest and begin using the resources, already-produced value, public funds and skills of workers to invest in our own socialized economy in a planned coherent manner holding high the aim to serve the public interest. Investments under the control of the working people would have the aim of extended reproduction of the economy to serve the well-being, needs and security of the people of Ontario and Canada. This broad aim to invest to serve the public interest is in harmony with the social character of modern production and the integrated socialized economy. This broad aim contrasts sharply with the narrow aim of monopoly capital to serve its own private interests in competition with other private interests and the broad public interest. History challenges the working people to move beyond begging and hoping for solutions, security and livelihoods from the international monopoly investors. The modern economy has become too integrated, public and social for private interests to have such a dominant role as they now do. Their private interests clash with each other and the public interests. Their private control over competing parts of the economy clash with the necessity to have harmony amongst all parts and aspects of the modern integrated socialized economy. Their private control clashes with the right of the actual producers to control those aspects of life central to their well-being and security, of which a stable economy without recurring crises is crucial. The well-being and security of the people are closely tied with the well-being and proper functioning of the economy. Its time for working people to take control over their lives, investments and economy.
Posted on: Thu, 13 Nov 2014 04:00:49 +0000