Our place in the world is shrinking: our economic comparisons grow worse, long-term political influence depends on economic strength – and that is ru… - James Callaghan

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Our place in the world is shrinking: our economic comparisons grow worse, long-term political influence depends on economic strength – and that is running out. The country expects both full employment and an end to inflation. We cannot have both unless people restrain their demands. If the TUC guidelines [on pay] are not observed, we shall end up with wage controls once more and even a breakdown of democracy. Sometimes when I go to bed at night, I think that if I were a young man I would emigrate. But when I wake up in the morning, I ask myself whether there is any place else I would prefer to go.