Capitalism in short was the panacea for mass poverty in the third world and not its progenitor as the Marxists had been arguing. The crisis that is enveloping the third world economies at present, is putting an end to that claim.

THE Indian economy is in a tailspin. This cannot be attributed only to innocence in economic matters of the command-centre of the NDA government. While that is indubitably a contributing factor, the current travails of the economy point to something deeper, namely the dead-end to which neo-liberalism has brought the economy.

Trump wants to resolve the crisis for America, caused by neo-liberalism, within the basic confines of neo-liberalism itself, i.e. without violating its core characteristic, which is free global mobility of finance.

Samir Amin, the renowned Marxist thinker and economist, passed away on August 13 in Paris. Born in Cairo on September 3, 1931, to an Egyptian father and a French mother, he had his initial education in Egypt before moving to Paris where he obtained his doctorate in Political Economy.

CAPITALISM’S discourse on “development” which has become quite influential all over the third world in the neo-liberal period proceeds as follows.

SOCIALISM has collapsed over large tracts of the globe. Where it still exists, the economic regimes have undergone considerable reforms. Not surprisingly therefore the old socialist regimes are objects of much vilification these days.

Donald Trump’s leaving the G-7 summit without budging an iota on protectionism is indicative of the disunity among the leading capitalist countries on the strategy to overcome the capitalist crisis.

On Karl Marx’s 200th Birth Anniversary SFI organised a lecture on Marx After Marx delivered by Prof. Prabhat Patnaik.

Capitalism is an economic system driven by its own immanent tendencies, which the State that presides over it normally supports, sustains and accelerates.

Ashok Mitra who passed away on May1, 2018, was the doyen among Left intellectuals in the country, held in the highest esteem by one and all for his absolute integrity, his outstanding intellect and his commitment to the cause of the working people.

ON March 8, Donald Trump made an announcement which according to many has the potential of starting a global trade war. He announced that the U.S. would be raising tariffs on imported steel by 25 per cent and tariffs on imported aluminium by 10 per cent.

The commoditisation of education which makes it completely incapable of providing students with the wherewithal to engage in any active and worthwhile public discourse, has proceeded apace under the neo-liberal regime.

In a slave society, one can argue, the interest of the slaves lies in keeping the slave owner happy, for otherwise he is likely to flog and whip them mercilessly which would cause them great agony. Likewise in a caste society, one can argue, the interest of the Dalit lies in being as inconspicuous as possible, in not ‘polluting’ the upper castes through his presence, for otherwise he is likely to be beaten and lynched.

WHAT is happening in the U.S. economy provides an object lesson on the functioning of neo-liberal capitalism. Pre-first world war capitalism which had witnessed the long Victorian and Edwardian boom had relied on the colonial arrangement for the system’s dynamics.

On February 19, 1881, Karl Marx had written a remarkable letter to N.F. Danielson, the renowned Narodnik economist who had also gone under the name of Nikolayon and whose work had been much discussed by Lenin.

“Neo-liberal capitalism” is the term used to describe the phase of capitalism where restrictions on the global flows of commodities and capital, including capital in the form of finance, have been substantially removed.

To describe the present upsurge of fascism as nationalist or populist would be misleading. Neither is it a replication of the fascism of the 1930s. However, it is marked by four features, which have been common to all fascist upsurges in the past, namely: rise of supremacism, apotheosis of unreason, proliferation of fascism as a movement, and intertwining of fascist movement and corporate capital.

The hegemony of international finance capital, which led to economies “opening” themselves up to the vortex of global financial flows, demolished both Nehruvian dirigisme and East Asian neo-mercantilism. And the same hegemony has now brought the world capitalist economy to a crisis from which it is in no position to recover.

I think Marxism analyses the contemporary world in a way which nobody else did. Lenin had said the strength of Marxism lies in the fact that it is true. The point is that it is a genuine scientific discovery.

With the reassertion of the dominance of finance, in the guise now of an international finance capital, the third world States have withdrawn from supporting petty producers, a process of income deflation is in full swing, and the imperialist arrangement is back in place, because of which we can see once more a tendency towards a secular decline in per capita food-grain availability in the third world as in the colonial period.