this post was submitted on 02 Feb 2025
19 points (100.0% liked)

Economics

214 readers
6 users here now

A sub for discussing Marxist economics and how the bourgeois economists did us dirty.

founded 4 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
[–] cfgaussian@lemmygrad.ml 16 points 5 days ago* (last edited 5 days ago) (7 children)

Haven't watched the video yet (love Ben Norton's work though so i'll definitely give it a listen when i have time), but i'd say it's unlikely unless and until they ditch the Modi era neoliberalism and adopt policies more like China's. Right now they appear to be stuck in the kind of trap that the IMF usually lays for countries in the global south, where economic and social growth is crippled by liberalization, as the country is fooled into thinking that it can skip the industrialization step and go straight to the tech/services/finance/real estate stage that the West is at in the false belief that this will lead to similar prosperity as in the West, blind to the fact that the West's wealth is really in large part a result of imperialist/neo-colonial exploitation of countries like theirs. Meanwhile their country's wealth and the value generated by its labor is not used to grow a real economy but is funneled into the pockets of local oligarchies and foreign investors. That is not a recipe for creating a superpower, even with a country as large, populous and rich in natural resources as India that would otherwise have the potential.

[–] yogthos@lemmygrad.ml 20 points 5 days ago (5 children)

That's basically what they explain in the video. They point out that China is an outlier due to Mao era policies that ensured there was a strong educated working class, social support systems, and infrastructure necessary to bootstrap the manufacturing economy. India lacks these fundamentals and it's trying to use the service industry to drive the economy. However, even here they're primarily relying on US companies instead of have developing their own platforms the way China did. They also talk about the role of the public sector in China and the fact that banking is publicly owned, meaning that China is able to direct labor and capital allocation far more effectively. It's a really good contrast of socialist and capitalist paths of development. The video is worth saving to show people who claim China is capitalist.

load more comments (1 replies)