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We republish one of Ted Grant’s most important writings. In the years after the Second World War the Trotskyist movement had to reorient itself to a very different situation to that envisaged by Trotsky when he had founded the Fourth International in 1938. Rather than falling into crisis, capitalism in Western Europe and North America was experiencing a boom which was later described as a ‘golden age’. After the post-War revolutionary wave was seen off in the advanced capitalist countries, this made conditions for revolutionaries very difficult. Illusions that capitalism had solved all its problems began to develop quite widely. Ted analysed the causes of the boom and why it would come to an end in ‘Will there be a slump?’ in 1960.’