The problem before metropolitan capitalism therefore is: how to acquire control over the use of this tropical land-mass in order to obtain the products it needs?

There is a massive problem of external debt building up for the third world, of which the recent Argentine debt crisis was only one manifestation. At the root of the problem is the collapse of primary commodity prices in the world market which began in April 2011.

Radical reforms in reversing the prevailing policy direction of the last four decades will need to be put on the table. Governments will have to accept a more active role in the economy. They must see public services as investment rather than as liabilities and look for ways to make the labour market less insecure. Redistribution will again be on the agenda… Policies until recently considered eccentric such as basic income and wealth taxes will have to be in the mix.

The war on labour is a continuation of the attacks which the BJP has been launching on the religious minorities and dalits; its economic consequences will be disastrous.

The current globalization was always legitimized by the argument that capital today, unlike in colonial times, had become blind to racial and other such distinctions across countries in deciding upon its location; it would now flow wherever opportunities for profitable investment existed.

There is an exodus of finance from the third world at present, far exceeding in scale what had occurred in 2008 after the financial crisis.

SSER-IDEAS Online Lecture Series — COVID-19 Pandemic: Policy Failures and Their Impact on the Lives of People

THE current pandemic has brought to the fore, and with exceptional clarity, the fundamental contradiction underlying contemporary globalisation, namely, the contradiction between the interests of finance and those of the people. Indeed this contradiction, which characterizes the era of globalisation as a whole, has now come to a head.

As COVID-19 grips the world, in country after country, there is socialization of healthcare and of production of some essential goods, which markedly departs from the capitalist norm

The coronavirus attack has so far been much less deadly than the Spanish flu of a century ago. That had affected 500 million people worldwide, about 27 per cent of the world’s population of the time, and had a death rate of about 10 per cent among those affected.

CLASS struggle occurs in the realm of concepts too. The World Bank for instance systematically counters Left concepts by employing a novel tactic: it uses the very same concepts as are used by the Left, but gives them a wholly different meaning; as a result they either come to mean something entirely different from what the Left had originally meant by them, or, at the very least, they become fuzzy and hence useless to the Left. In either case the power of the Left concept is neutralised.

Unlike capitalism, socialism avoids any waste or slack, such as is caused by an over-production crisis, by raising the consumption of workers appropriately to avert it.

When income growth slows down in an economy, so does the growth of tax revenue within the given tax regime. Since the government has certain expenditure obligations, to meet these obligations it has to either impose additional taxes or expand its fiscal deficit.

Marx’s eleventh thesis on Feurbach: “the philosophers have hitherto only interpreted the world in various ways, the point is to change it”, has been often taken to mean that interpreting the world and changing the world are two separate and disconnected activities.

THE hallmark of a systemic, as distinct from a cyclical or sporadic, crisis of capitalism is that every effort to resolve the crisis within the broad confines of the system, defined in terms of its prevailing class configuration, only worsens the crisis.

The debate over inequality has become hotter world-wide. While Trump had introduced substantial tax cuts for the rich in 2017, and Britain’s Boris Johnson, the front-runner to succeed Teresa May, has promised to do the same if he becomes Prime Minister, there are strong proposals for taxing the rich which have also been mooted. Bernie Sanders had such a proposal for the U.S. during the time that he was seeking the Presidential nomination of the Democratic Party.

No matter how successful the Right may be in the short-run in mobilising people around a divisive agenda, it is incapable of leading them out of the current economic crisis. It is only the Left that can provide a way out.

A neo-liberal capitalist economy therefore does not have the instruments that capitalism earlier had for providing a bulwark against its slipping into recession and stagnation; the question is: does it have any instruments at all?

In its attack on civil liberties, its restructuring of the State to effect an acute centralization of power, and its pervasive purveyance of fear, the Modi years resemble Indira Gandhi’s Emergency. But the resemblance stops there. In fact the two differ fundamentally in several ways.

The intellectual hegemony of mainstream bourgeois economics, by invariably seeing capitalism as a self-contained closed system, serves to obscure the phenomenon of imperialism.