ECONOMIC NOTES

Two Alternative Growth Paradigms

NOBODY can claim that the rate of growth of agricultural production, especially of foodgrain production, has been higher in the neoliberal period than during the years of dirigiste development that preceded it; it may have been somewhat lower but let us agree that it is certainly no higher. On the other hand the rate of growth of Gross Domestic Product is estimated to be significantly higher; several economists have argued that this growth rate is exaggerated, but again let us agree that taking the period as a whole it has been noticeably higher.

Imperialism’s Revival Strategy

DONALD Trump’s foreign policy has left commentators in a real tizzy. His markedly differing positions with regard to Ukraine and Gaza, in the first case apparently pursuing peace, and in the second asking for ethnic cleansing of an entire population, have left them wondering whether his influence on world affairs is a “positive” one or not.

The Worldwide Assault on Working People

UNDER late capitalism, there is an assault on the working people that is reminiscent of early capitalism and this assault is worldwide, not just in the third world but in the advanced capitalist countries as well. This assault is at three levels, economic, political and ideological.The assault at the economic level has been much talked about, and is the outcome of both higher inflation and greatly enhanced unemployment that currently afflict the capitalist world.

The Inhumanity Engendered by Capitalism

GEORG Lukacs, the renowned Marxist philosopher had once remarked that “even the worst socialism was better than the best capitalism”. That remark made in 1969 and repeated in 1971, no doubt on the basis of Lukacs’ perception of actually existing socialism in the Soviet Union and Eastern Europe with which he was familiar, had been treated sceptically even in Western Left circles at the time.

A Budget of Great Cynicism

NO budget in post-independence India had been as openly cynical about the lives of the vast masses of the working people as the one presented on February 1, 2025. All pundits, from the finance minister downwards, agree that the strategy of the budget is to stimulate the economy by boosting middle class consumption through tax-cuts.

The Dangers of Centralisation

WELL-known Marxist scholar, the late Amalendu Guha, had argued persuasively that in modern India there co-existed in the minds of the people a dual national consciousness: a local, regional-linguistic nationality consciousness, of being a Bengali, or a Tamil, or a Gujarati or an Odiya; and also simultaneously an overarching pan-Indian consciousness. This duality, he had argued, had to be cognized and accepted; an over-emphasis on either one to the exclusion of the other would produce a dangerous reaction.

Economic Response to US Imperialism

THE imperialist countries led by the US have been imposing unilateral sanctions that do not have any backing from the United Nations against countries that dare to defy their diktat. According to one estimate almost one third of the countries of the world have been subject to such sanctions at one time or another. Such sanctions include the freezing of those assets of the sanctioned countries that are held in western financial institutions, as has been the case with Iran, Cuba, and North Korea among others earlier, and with Russia most recently.

“GDP-NATIONALISM”

LIBERAL opinion is invariably opposed to “nationalism”. It treats “nationalism” as a homogeneous term that necessarily entails a non-friendly, non-accommodative and rivalrous attitude towards other countries. This view however is completely erroneous; anti-colonial third world nationalism is entirely different from the nationalism that developed in Europe in the seventeenth century following the Westphalian Peace Treaties.

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