Seeing that inflation is inherent in capitalism today, capitalists, in spite of all their anti-inflationist airs, strive for one thing only: that the advantages of inflation fall into their strongboxes, while the workers pay for its costs. The attitude of the working class and its organisations must be diametrically opposed to these perpart of capital; they must aim at a complete refusal to pay for the costs of inflation, and try to protect their real wages against all its direct and indirect effects.
Since it was founded in 1938, the Fourth International has defended the idea that only the sliding scale of wages constitutes a real defence of workers" buying power against the consequences of inflation and the rising cost of living. Resisted by both telormists and for a long time ultraJettists, this idea has nevertheless been applied by the working-class through-