Friday, September 16, 2011


The Challenge of 1970

An Analysis of the Economic Impact of the Trinidad and Tobago Revolution of 1970

There is one basic principle to NJAC's economic philosophy.
 That is, the participation of the people in the economic life of the nation.
On page 12 of our “Blue Book”, the People’s Declaration of Policy for the Development of a New Trinidad and Tobago it is stated that:
“The resources of the country to the people of the country as a whole be used for the benefit  of the people as a whole”.
“Ownership by the people must be dominant in the economy”.
“The People must exercise effective control over the economy”.
The Trinidad and Tobago Revolution of 1970 sought to achieve this. It aimed to bring about an economic transformation of the society. Indeed so that this principle could become a central part of the nation’s economic life.
One challenge of 1970 was to confront the old economic and social order. Another was to replace it with one that worked in the interest of the people of Trinidad and Tobago, and their happiness. It was the challenge of creating a new economic destiny. This destiny would assure the nation of a bright economic future and would take the people onto a higher level of existence.  Before 1970, indeed, a colonial economic system existed. It was an economy that was set up to secure the interests of a few. 
In fact during the period of chattel slavery, labour and capital were one. Labour was capital and capital was labour.  During indentureship, economically, there was not much difference. Throughout all of this, the role of the state was to ensure that the interest of only a few was well secured.
Indeed, the entire political structure that was set up, to serve one purpose only. That is, the laws and all aspects were to serve one basic premise – power to the few, profit to the few. There was no concept of people’s control of the economy or people’s control of anything for that matter.

No comments: