PCP identifies six chains of external dependence that imply “economic and political colonization”

Tourism, large distribution and the bet on lithium and hydrogen were not forgotten in the analysis (very critical) that the communists make to the Portuguese economy in the Theses that will serve as the basis for the XXI Congress, which will take place between 27 and 29 November.

António Pedro Santos / Lusa

The Theses that will be discussed at the XNUMXst PCP Congress as a draft political resolution, released this Thursday on the party website, point out “six strong chains of external dependence, which feed on each other, dragging an effective economic and political colonization, jeopardizing national sovereignty and independence”. According to the communists, integration into the Economic and Monetary Union "and its system of impositions and rules" are at stake; the high external debt “and the corresponding and unsustainable public debt”; the “absence of a central bank truth; the “block that determines the business structure led by foreign capital and financial capital”; the private commercial banking system “dominated by Spanish capital”; and a “structural deficit quartet”: productive, energetic, technological and capital.

“The removal of these six main constraints, deeply interconnected, constitutes an unavoidable objective to respond to the needs of the people and the country”, reads in the Theses of the PCP, which will be discussed at the congress to be held between 27 and 29 November in Lisbon, noting that "the entirely public character of Caixa Geral de Depósitos has prevented, despite the impositions of the European Union in the recapitalization process, the total domination of foreign capital in Portuguese banking". And not only do the communists recall the more than 20 billion euros in losses from private banking covered by the state, but they argue that the financial sector "plays a key role in tax evasion and money laundering".

Referring also to the “weakness of the national productive apparatus”, with an import coverage rate for exports of less than 80%, the PCP document argues that “the dependence on the outside has increased in the context of capitalist globalization with the impositions of European Union ", pointing to the strengthening of national production" as the central issue for the development of the country, in the fight against the productive deficit and external debt, for employment and the rebalancing of the location of economic activity in the territory ".

The analysis of the problems of the national economy also points to the “great dependence on a poorly diversified foreign market” with regard to tourism, which had an 11,3% contribution to the gross domestic product (GDP) in 2018 but will suffer the strong impact of the Covid-19 pandemic. In commerce and distribution, the PCP saw “the weight of large distribution and large e-commerce platforms increase”, and guarantees that the opening of 60 establishments of large distribution chains in 2019, as well as the entry into the market of “New large group” Mercadona, “has absorbed small local stores, accentuating its role of predation and capitalist accumulation”.

For the PCP, the manufacturing industry, whose weight in GDP has stagnated at 14%, "presents serious structural weaknesses", highlighting the "loss of decision centers and skills", in the case of Cimpor, or even the closure of manufacturing units. And if, with regard to the extractive industry, “the concessions of base metals reserves to foreign capital and its non-appreciation in the country” continue, the Theses highlight the “new race of foreign companies” in lithium.

It is also important to note the commitment of António Costa's Executive in new energy alternatives, but not in positive terms, as the communists defend that “under the cover of sustainability and climate urgency, the PS Government policy, in obedience to the impositions of the EU, it is characterized by erratic decisions ”in anticipation of the closure of coal-fired power plants or in the“ sudden announcement ”of major investments in hydrogen.

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