Currency Reform and Socialism

E. Wright (Denmark Park) writes further on the subject of Money Reform. In an earlier letter (see August “S.S.”) this correspondent told us that we ought to take up the question because money reform would enable us “to do wonders in starting State-owned industries.” We replied that our correspondent had omitted to explain what advantage to the working-class State-ownership would bring, and what it has to do with Socialism. In the further letter our correspondent says, “State-owned industries might lead to Socialism.” We deny that there is any “might” about it. State-ownership is not Socialism and does not lead to Socialism. It still remains for our correspondent to give his reasons for believing that State capitalism would benefit the workers or lead to Socialism.

Ed. Comm.

(Socialist Standard, October 1929)