This is the video recording of a panel discussion, held in Columbia University, by three of the leading Marxist academicians in the world, Prof. Duncan Folly, Prof. David Harvey and Prof. Prabhat Patnaik.
In the various strands of the Radical Enlightenment the principle theme is the question of the crisis: we have the crises of the sciences, of reason, of modernity, etc. But, of course, Murzban Jal points out that in these renderings there is no crisis of capitalism. So it follows for the alternative Enlightenment, since something is indeed rotten in the state of the Enlightenment, the subject of history cannot be a class subject. The theme of the crisis of the sciences is now expressed in the crisis of Marxism. The proletariat cannot be the subject of history. And yet there has to be the subject. The tragic hero of Romanticism comes marching in. What Romanticism wants is not the negation of capitalism, but negation of all reality. The Romantics cannot be the revolutionaries, but only the tragic heros, who like Goethe’s Faust, are dragged to hell. There they take residence like Adorno, waiting for the missing messiah to come.
"The Indian financial system needs to be insulated from the turbulence being witnessed in the financial markets of the US and elsewhere. Not only should the ongoing moves towards greater financial liberalization and deregulation be stalled, regulations need to be tightened in several areas where recklessness is already visible."
Prasenjit Bose, Convenor, CPI(M) Research Cell, outlines the lessons from the financial crisis in the US for policymakers in India.
"This is now a very dangerous moment in the life of our country, because if the financial system did collapse, it would have all kinds of repercussions all over the country, and we don't want that. On the other hand, we cannot allow Wall Street and the Bush administration to push through a bailout package which meets only their needs and takes them off the hook, and puts all that money back into their bank accounts".
Sam Webb, National Chair, Communist Party USA, speaks to Political Affairs on the US financial crisis.
As those responsible for a financial crisis do not have to pay for it, they have no compunction about creating once again the conditions that caused it.
Eminent economist Prabhat Patnaik writes in the People's Democracy, providing in his usual lucid fashion, the whys, hows and wherefores of the financial crisis that has engulfed the United States' financial system. Article courtesy, "People's Democracy".
The global financial crisis must open the eyes of all those who have uncritically supported financial sector liberalisation. They should think about what would happen to the savings of ordinary people, the pensions of working people, and public investment — if India were subjected to the rapacious deregulated financial system prevalent in the United States. Prakash Karat elaborates.
Pragoti editorial team's Subhanil Chowdhury, analyses the current crisis in the international financial market
“When you trade pieces of paper for other pieces of paper instead of trading them for real things, one day someone wakes up and realises the paper’s worth nothing.” Therein lies the core of the biggest crisis faced by international capitalism for the last 75 years, to be precise since the beginning of World War II.
Courtesy: Hindustan Times
To commemorate the 190th birth anniversary of Karl Marx, Pragoti team presents a series of articles on different aspects of Marxism and the development of capitalism from a Marxist perspective. In this article, John Bellamy Foster puts forward an incisive assesment of the financialization of capital and the current global crisis.