In the meanwhile, independent sovereign countries like India can protectonly by insulating ourselves from such speculation. To a large extent, if India has been spared a full throttle devastation, it is because the Left parties prevented the current UPA government from embracing greater financial liberalization. (Even the `devil’ must be given its due!)It would, indeed, be suicidal if the government embarks, as it appears todo, on a path of relaxing the regulation on the flow of internationalfinance capital in the name of injecting greater liquidity into our economy. This is expected to generate greater expenditures and, hence, boost aggregate demand, thus, fuelling growth. This process cannot bedone through importing speculative capital. This needs to be donethrough greater public investments generating employment and, thus,feeding the cycle of demand led growth. The Indian economy and theUPA ostensibly seeking “inclusive growth” can ignore this caution only atits peril.
Article appeared in The Indian Express on November 6, 2008 History MadeBut Does This Mean a Better Future? Sitaram Yechury The remarkable ascendancy of Barack Hussein Obama as the 44th President of theUnited States of America brings to mind an ancient Chinese curse, “May you live ininteresting times”.While my generation was growing up, Hollywood, in late 1960s, captured in the film`Guess Who’s Coming to Dinner’, the dilemma of an all white family whosedaughter invites her African American boyfriend to dinner, the conflicts Americansociety then. Sidney Poitier poignantly conveyed the insecurities of racial prejudices.This film strengthened the resolve amongst many of us to fight discrimination of allsorts. On my first visit to New York in early seventies, it was common place to findan African American on the streets asking for change. Today, one has walked into theWhite House on a popular mandate for Change. In this sense, history is, indeed, being made.Fidel Castro had described Obama as “the most progressive candidate for USPresidency” from the “social and human points of view”. At the same time, hewarned that it would be an illusion to presume that the character of US imperialismwould undergo any decisive progressive shifts.Marx had once said, “Men make their own history, but they do not make it just as they please; they do not make it under circumstances chosen by themselves, but under circumstances directly encountered, given and transmitted from the past”.3