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When we reject unemployment as an economic instrument — as we do — and when we reject also superficial remedies, as socialists must, then we must ask ourselves unflinchingly what is the cause of high unemployment. Quite simply and unequivocally, it is caused by paying ourselves more than the value of what we produce. There are no scapegoats.
--
Labour Party Annual Conference Report 1976, p. 188.
--
Speech at the Labour Party Conference, 28 September 1976.

 

James Callaghan

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