Prabhat Patnaik is Professor Emeritus at the Center for Economic Studies and Planning at Jawaharlal Nehru University, New Delhi. His books include Accumulation and Stability Under Capitalism, The Value of Money, and Re-envisioning Socialism.
This article is the revised text of a keynote address delivered at a conference organized by the Geopolitical Economy Research Group at the University of Manitoba in September 2015.
So, Capitalism in Crisis??
Ever since the emergence of mass democracy after World War II, an inherent tension has existed between capitalism & democratic politics; capitalism allocates resources through markets, whereas democracy allocates power through votes. Economists, in particular, have been slow to accept that this tension exists.
Instead, they have tended to view markets as a realm beyond the political sphere and to see politics as something that gets in the way of an otherwise self-adjusting system. Yet how democratic politics and capitalism fit together determines today’s world. Politics is not a mistake that gets in the way of markets.
The conflict between capitalism and democracy, and the compromises the two systems have struck with each other over time, has shaped our contemporary political and economic world. In the three decades that followed World War II, democracy set the rules, taming markets with the establishment of protective labor laws, restrictive financial regulations, and expanded welfare systems.
But in the 1970s, a globalized, deregulated capitalism, unconstrained by national borders, began to push back.
Today we can see that,capital markets and capitalists set the rules that democratic governments must follow. But the dominance of capital has now provoked a backlash. As inequality has widened and real wages for the majority of people have stagnated—all while governments have bailed out wealthy institutions at the first sign of trouble—populations have become less willing to accept the so-called costs of adjustment as their lot.
Their are many instances when Executive misuse its power in the field of Delhi police also. evidence: Human Rights Watch released a book on above. But their internal political and co-staff always try to hide this from main media/press. i don’t no why? The biggest mis-use of power once a person is elected as MLA or MP even though in theory he is answerable to people we ol know dt but in practise the person can do wt he wants 4d next 5 years nd d people can’t interfere. I think only the potentially corruptible people wants power. Does Modi/the BJP represent the rise of fascism in India?? very tff ques. for me. Present regime at the Centre would resemble Hitler fascism model. if a parallel is drawn with history even as he accused BJP and RSS of manufacturing the debate on nationalism to serve their agenda of Hindu Nation aggressive nationalism debate has been manufactured by the BJP and RSS so that they can force their agenda on the nation.
“C”- Cooperative federalism :-national, state, and local governments interact cooperatively and collectively to solve common problems.
“C”- Competitive federalism :- regional/local govt. compete with other regional/local governments. People choose which regional/local government to live under.
“C”- Cosmetic federalism :- Nationalizing space nd develop biodiversity hotspot:- In the context of arunachal Pradesh/Northeast frontier areas.
Fascism:-: a political system headed by a dictator in which the government controls business and labor and opposition is not permitted.
The whole point of a federal democracy is the Supremacy of the Constitution.
Does capitalism inherently anti-democratic?