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Archive for January 13th, 2009

The Global Capitalist Crisis & India

Posted by John Steele on January 13, 2009

The following is an editorial from Analytic Monthly Review. Published in india-bpo-workersKharagpur, West Bengal, India, is a sister edition of Monthly Review. From the mrzine site.

At Kasama, we are eager to see creative new work analyzing how global capitalism now operates in major Third World countries — and what that means for revolutionary possibilities and strategy. We will be posting thoughtful pieces as we become aware of them.

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“British colonialism successfully relied for generations upon a broad base of (often tacit or even disguised) cooperation and support in the possessing classes, including the Congress leadership.  Only with its global crisis in World War Two could colonial hegemony be shaken and Independence become possible.  Today the hegemony of imperial capital in India is at least parallel in power and sources of support, but its global crisis also opens the possibility for carrying forward the aborted promise of Independence: revolutionary change in the countryside and self-determination for the great majority.”

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The Global Capitalist Crisis and India: Time to Start the Discussion

by Analytical Monthly Review

We have not yet seen the start of an adequate discussion of the consequences for India of the global capitalist crisis.  We cannot in these few pages correct that inadequacy, but perhaps can suggest some reasons why the discussion has been inadequate, and some lines along which the discussion might usefully develop.  The decline of political economy as the central tool of analysis, above all in the mass media but even among the left, is most to blame.  The “reform” of the last decades had seen a deformation of economic discourse, with discussion frequently reduced to imbecilities about the rise in aggregate growth rates and a hypnotic stunned fixation on the apparently inexorable rise in Sensex stock exchange index numbers.  Those who were paid to beat the ideological drum in the business press have been left stranded and exposed by the events of the last months, their few pet arguments in ruins.  Some of that rubble remains to be cleared away, if a useful discussion is to start.

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