Like all human institutions, it [the state] too is mortal. An observer watching the behaviour and listening to the language of British politicians si… - Enoch Powell

It is conventional to refer to the United Nations in hushed tones of respect and awe, as if it were the repository of justice and equity, speaking almost with the voice of God if not yet acting with the power of God. It is no such thing. Despite the fair-seeming terminology of its charter and its declarations, the reality both of the Assembly and of the Security Council is a concourse of self-seeking nations, obeying their own prejudices and pursuing their own interests. They have not changed their individual natures by being aggregated with others in a system of bogus democracy... Does anybody seriously suppose that the members of the United Nations, or of the Security Council, have been actuated in their decisions on the Argentine invasion of the Falklands by a pure desire to see right done and wrong reversed? That was the last thing on their minds. Everyone of them, from the United States to Peru, calculated its own interests and consulted its own ambitions. What moral authority can attach a summation of self-interest and prejudice? I am not saying that nations ought not to pursue their own interests; they ought and, in any case, they will. What I am saying is that those interests are not sanctified by being tumbled into a mixer and shaken up altogether. An assembly of national spokesmen is not magically transmuted into a glorious company of saints and martyrs. Its only redeeming feature is its impotence... The United Nations is a colossal coating of humbug poured, like icing over a birthday cake, over the naked ambitions and hostilities of the nations.

The economic losses are those which are common to all monopolistic and restrictive practices. Whenever relatively more is paid for one set of services, and therefore less for all the rest, than would be paid in the absence of restrictive practices, the result is that the pattern of production is not as nearly as "right" as it would otherwise be: we waste part of our resources—human as well as material—by not putting them to the uses which yield the best return. In the modern state this is corrected not, as in the past, by unemployment and the forcing down of money wages, but by inflation and the devaluation of money: if one group succeeds in raising the price of its services by restrictive methods, then everyone else will also get around to being paid more for theirs, until a pattern which corresponds with the balance of supply and demand is again restored. The resultant inflation not only has the familiar inconvenient consequences for a country with a fixed parity of exchange. It also creates injustice for those persons and classes whose expectations are defined in fixed money terms.

The dilemma is this: they know, and we know, that if the rate of inflation is to be reduced, at whatever rate my right hon. and learned Friend later this afternoon announces is the Government's intention, then the result of that, for the time being, must be a slowing down of the rate of economic growth and a slowing down, to put it mildly, in the fall in unemployment. That is the known and certain consequence of reducing the rate of inflation—not of the way in which it is done but of the fact that it happens.