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Showing posts with the label "global economy"

Global Capitalism

A good framing of the big picture. But like all reformist leftists, no class analysis, no alternative such as nationalising the key sectors of the economy, genuine democracy and transforming the structure of capitalism for the benefits of the majority and the needs of humanity and nature by doing away of the profit motive. May be given the rise of the far right, racism, xenophobia, etc no radical solutions could be envisioned. Only modest ones (!) "In a horrific mind-warp, advanced eonomies suddenly find themselves facing the kinds of dilemma habitually faced by poor countries. We don’t have the tools. In the poor world, the everyday result is that children are stunted and families are impoverished. Millions die for lack of treatment. Covid-19 has delivered a taste of that to the rich world. Whereas one can reasonably say that giant structures such as capitalism and geopolitics stand in the way of addressing the climate crisis, the same is not true of Covid-19. The  cost of v
"At the start of the 18th century, India’s share of the global economy was 23 percent – the size of all of Europe combined. By the end of nearly 200 years of British rule, first under the proto-multinational corporation East India Company and then, after 1858, direct governance by the British crown, India’s share had dropped to just over 3 per cent, following the deliberate destruction of thriving local industries by the British. Perhaps most shocking is the section detailing the 30-35 million Indians who needlessly died in the series of famines under the British Raj, the most recent of which was the 1943-4 Bengal Famine. Tharoor calls these ‘British colonial holocausts’, comparing them to the 25 million people who perished in Stalin’s collectivisation drive and political purges." Inglorious Empire: What the British Did to India