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Crisis and Predation - India, COVID19, and Global Finance (Hardcover)
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Crisis and Predation - India, COVID19, and Global Finance (Hardcover)
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Even before the advent of COVID19, India's economy was in a
depression. The condition of vast masses of people, particularly
those in the informal sector, was grave. Then the Indian
government, responding to the COVID pandemic, imposed the most
stringent lockdown measures in the world. The lockdown had a
particularly severe impact on the majority of India's people, who
number well over one billion. At the same time, the Indian
government, compared to other world governments, has provided
virtually no financial aid to cushion economic blows to its
population. Crisis and Predation explains that this shocking
tightfistedness stems from the fact that global financial
interests, as well as India's ruling neofascist government,
explicitly oppose any sizable expansion of government spending by
India. Crisis and Predation, a project of the Mumbai based Research
Unit for Political Economy, lays out in meticulous and harrowing
detail the economic - and human - crisis currently unfolding in
India. As the COVID situation unfolds and pandemic deaths
skyrocket, prevailing emergency conditions encourage reliance on
security forces, state surveillance, detention of political
activists, and censorship of independent media. And yet, this book
contends, India could defy the pressures of global finance in order
to address the basic needs of its people, an objective within the
reach of India's present material capacity. But this would require
imposing controls on destabilizing flows of foreign capital and
being prepared to forgo foreign capital flows in the future, in
other words, a course of democratic national development. For that,
Indian rulers would need just what they currently lack: a positive
vision of democracy and class alliance to bring it about. This hard
hitting and carefully researched book, offering devastating
financial analysis, also offers hope for change.
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