Foreign Monopolies in Control

Thus we can see that large scale foreign investment places New Zealand's economic security in jeopardy and draws us into military commitments (like Indochina) from which we cannot hope to gain any benefit. Foreign investment exercises a significant control over New Zealand in other crucial ways, through marketing outlets, research and technology and in its control of banks, finance houses and merchant banks. It is concentrated in monopoly industries and the finance sector, and its interests have become interwoven with our own domestic monopoly class.

Foreign investment and control has brought with it several obligations which run counter to our national independence. Our economic policies are subject to the needs of international monopoly capital, and the measures we invoke to deal with crises do not endanger those needs. Our stand on international issues is designed to suit our "allies" rather than reflect the concerns and interests of the people.

The ever astute National MP Keith Allen (the man who brought us "NZ is bankrupt" only one year ago) had an interesting thing to say the other day: protectionism, he claimed, would lead to a new world war. Somebody obviously forgot to tell him not to make last year's remark, and somebody else must have told him to make this one. He's nearly right though, for it is true that the increasing rivalry between the two superpowers and their allies/clients is based on a need to expand markets and gain greater control of the world economy.

It is into this situation that our present leaders are drawing New Zealand more and more. The National Party does it with impunity; people expect it to. And Labour is no different. From 1973 to 1975 NZ imports shot up dramatically while exports decreased. National has attempted to reverse this trend, just as Labour would have had to do. The result has been rising unemployment, falling wages, inflation and bankruptcy.

Neither party is prepared to commit itself to constructing an independent economy free from the directives of overseas investment and the crippling effect of an undeveloped industrial base. Because of this our economic situation will continue to decline, and the screws will continue to be put on our civil liberties to restrict people's rights to protest.