Cutting through the superficiality of the Fabian theories, Ted Grant defends the basic Marxist position, that as long as the market dominated the economy, then there would inevitably be cycles of boom and slump. Explaining the causes for the longevity of the boom, he also points out its limitation and the inevitability, at a later stage, of new recessions and slumps. This article, although directed particularly towards the British economy, was no less relevant to the other main capitalist countries, where similar conditions prevailed and similar arguments raged.

Not only was Ted Grant's analysis of the Eastern European states able to explain the Tito-Stalin split, it could also anticipate - and this is the test of the correctness of theory, in politics as in science - other splits, along national lines, within the Eastern European monolith. More prophetically still, the document not only anticipated in advance the establishment of a Stalinist state in China after the revolution, but it predicted the inevitability of a split between the Chinese and the Russian bureaucracy, on the same basis, although on a far larger scale, as in the case of Yugoslavia.