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News & ArtsMonday, May 18, 2009
Economy A Passage to Indian Hell
Posted by Charles Mudede on Mon, May 18, 2009 at 9:25 AM
The BBC reports:
Indian stocks have surged after the Congress party won a surprisingly decisive victory in national elections.The benchmark Sensex index jumped 17%, or 1,306 points, to 14,272, forcing the Bombay Stock Exchange to shut down for the day...
...Meanwhile, the Indian rupee jumped over 2% to 48.32 a dollar, its biggest gain since 1998.
"This was the big bang event that investors were looking for," said Hitesh Agrawal, head of research with Angel Broking. "We expect the government to have greater flexibility to boost economic reform and growth from here on."
All of this is bad news. Why? Because this is the real reason for the "big bang":
The communist parties, who had blocked reforms in insurance, pension funds and the selling off of state-owned companies, lost more than half their parliamentary seats.These reforms are neoliberal reforms. The people of India have voted to be exposed to the worst form of economic exploitation. Expect the gap between the poor and the rich to become galactic.
1
the stock market, on a day-to-day basis like this, is largely just a how do you feel poll of market capitalists. If they can make money off whatever changes are slated to occur, of course the market's gonna go up.
It's peripherally related to the overall health of the economy, but seen only through the lens of the people who are on the trading floor, buying and selling.
It's peripherally related to the overall health of the economy, but seen only through the lens of the people who are on the trading floor, buying and selling.
2
Am I wrong in reading the tone of this post as sarcastic? The people of India have voted to be exposed to the worst form of economic exploitation. Yes, these ignorant dirty people. Maybe we should just take their voting rights away.
From time to time you get a glimpse of the democratic credentials of some people...
From time to time you get a glimpse of the democratic credentials of some people...
4
Those may have been the national stances of the communist party but all politics is local. In their local stronghold of West Bengal the communist controlled government pushed for the take over of cropland for industrial plants. This allowed other parties to take up the old communist issues and boot the CPI(M) out of office. http://news.bbc.co.uk/2/hi/south_asia/80…
5
So, if I read you right, India is so poor because they weren't communist enough? Haven't you been reading the news for the last 20 years?
6
They are a mature democracy and the people have spoken. Maybe they figure it's their last hope. They didn't come very far with what they were doing.
7
Question: Imagine a country where everyone is dirt poor. Market reforms lift many into the middle class and some into stratospheric wealth. Inequality has risen. Is this a bad thing? Is it better for everyone to be poor?
I'd also like to second everyone above who's called you out for shocking arrogance about what these people are qualified to vote for. Ever wonder if maybe they have a better idea than you do about how effective/honest/competent are the communists and policies they're voting on? Naaah--no way the ignorant saps are well-acquainted enough with Hegel, I guess, to Really Know What's Up.
You're right, though. We really should worry about these terrifying neoliberal reforms. Otherwise India might end up like Hong Kong, Singapore, or Denmark, where it's well known that the inability of capitalism to nourish people has left bodies piling up in the streets. Oh, wait...
Jesus H Christ. Will someone please fire this guy?
I'd also like to second everyone above who's called you out for shocking arrogance about what these people are qualified to vote for. Ever wonder if maybe they have a better idea than you do about how effective/honest/competent are the communists and policies they're voting on? Naaah--no way the ignorant saps are well-acquainted enough with Hegel, I guess, to Really Know What's Up.
You're right, though. We really should worry about these terrifying neoliberal reforms. Otherwise India might end up like Hong Kong, Singapore, or Denmark, where it's well known that the inability of capitalism to nourish people has left bodies piling up in the streets. Oh, wait...
Jesus H Christ. Will someone please fire this guy?
8
#7 again. Can you please name just one country that has risen out of poverty (or found some other way of meeting the general needs of its citizens) by implementing communist ideology? Just one?
And before you say Cuba, every male I know who has gone there has reported that offers to trade money for sex are constant and not just from women who actually work as hookers. Desperation is a fact of life there.
Option two: name one set of reforms that has lifted more people out of poverty than China's market reforms in the late 70s/early 80s. But I guess they're just crazy for the worst kind of exploitation.
And before you say Cuba, every male I know who has gone there has reported that offers to trade money for sex are constant and not just from women who actually work as hookers. Desperation is a fact of life there.
Option two: name one set of reforms that has lifted more people out of poverty than China's market reforms in the late 70s/early 80s. But I guess they're just crazy for the worst kind of exploitation.
9
do you know anything about the financial sector in india or about the reform process since 1991? do you not realize that infrastructure investment, especially for the urban poor, is one of the most pressing challenges facing the country and that deepening and further liberalizing the financial sector is one of the most important steps in addressing this challenge.
do you know anything about india?
do you know anything about india?
10
You really should come down out of that Ivory Tower once in a while, Charles.... The rarified air you've been breathing has seriously started to affect the workings of your brain....
I'd love to read your answer to 8's question above... Is there even ONE country that has been made into a paradise through the application of your beloved communist principles? Even China had to implement a little free-market capitalism... or would their citizens have been better served by clinging to hardline doctrine, as have, say, the citizens of North Korea?
I'd love to read your answer to 8's question above... Is there even ONE country that has been made into a paradise through the application of your beloved communist principles? Even China had to implement a little free-market capitalism... or would their citizens have been better served by clinging to hardline doctrine, as have, say, the citizens of North Korea?
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