Guest Post by SHASHANK KELA

Years ago, after the fall of the Berlin wall and the collapse of communism, a faux philosopher announced the end of history. What he meant was the permanent victory of capitalism and its correlate, liberal democracy. Unfortunately history has an unkind habit of rolling right along, throwing a sucker punch at intervals – remember Gordon (No Boom and Bust) Brown? The triumph of laissez faire capitalism has been celebrated since the ’80s (when the term Reaganomics was coined for redistributive policies that blithely transferred wealth to the rich). Until the crash of 2008-09 set the cat amongst the pigeons; and sent the semi-converted scurrying back to Keynes – and Marx (especially in Germany where the sales of his books suddenly soared). However after a state bailout of unprecedented proportions, that had the satisfactory effect of restoring the position of the wealthy, especially the bankers and financial whiz kids who had caused the crash, the dust settled down. In the industrialized west, discontent seethes beneath the surface, but the dictum that the experts – the bankers, the CEOs, the policymakers (who swap roles seamlessly) – are right still holds. The majority must accept a decline in their standard of living and the prospects, such as they were, of job security so that growth can continue and the minority prosper even more opulently. This, of course, has long been the received wisdom in India, where, ever since the ’80s, full consensus was reached on the fact that the middle-class is the only class that matters – the rest can go hang. Continue reading Counting the Cost: Industrialism, Capitalism, Socialism →