Nearly a hundred and thirty years after his death and 190 years after his birth on May 5, 1818, Karl Marx continues to exert enormous intellectual and practical influence across the world. The socialist future he so confidently predicted has not yet become the global reality that many had hoped it would. The capitalist mode of production that he diagnosed as crisis-prone and doomed to extinction in the course of further historical development dominates the contemporary world. The early attempts at establishing a socialist society have faced exceptionally difficult problems in a predominantly capitalist/imperialist world. Yet, none of these facts can be seen as rendering Marx irrelevant or as diminishing the power and vitality of his theory and vision. Why?
Pragoti presents for its readers the text of sixth Tarakeswar Chakraborti Memorial Lecture delivered by Professor Venkatesh Athreya. The lecture is organised by All India Bank Employee's Association (AIBEA) in tie up with University of Madras.
"What is needed is a complete reversal of neoliberal policies; putting in place careful regulatory oversight of the financial sector; massive fiscal stimulus through expenditures directed at improving the purchasing power of ordinary people and the economic viability of peasant agriculture, small and medium industry and small retail trade; and measures to control prices by importing essential commodities from time to time. Besides the above, protection must be provided to domestic agriculture and a massive effort to increase the output of food grains. None of this will happen unless we put in place an alternative policy regime."
Uddharaju Ramam Memorial Lecture delivered by Venkatesh Athreya on World Economic Crisis and Its Impact on India.