ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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From 50 Years Ago: Verdict of The People.

Editorial from Volume IX, No 12, March 23, 1957.

Karl Marx, it has been remarked, was a good economist, but a bad politician. He has been proved a false prophet. Capitalism has not collapsed because Marx’s second postulate of increasing misery of the labour class has proved wrong. Marx failed to anticipate the advent of Democracy. This political device has disproved Marx by falsifying his assumptions. There is an element of truth in this assessment of Marx. Democracy has had a tendency to stimulate consumption. Here, the crucial issue whether Democracy can ensure adequate accumulation of capital is not directly under reference. Despite the favourable American experience, theoreticians of Democratic Socialism have their doubts. But even pundits concede that Democracy has been a major influence behind the survival of Capitalism.

To accept this interpretation, is not necessarily to admit the sovereignty of politics over economics. To the extent that both have a sociological basis, each acts and reacts on the other. Even so, in a materialistic Society, it is permissible to argue the case for economic sovereignty. It is irrelevant to discus s he r e whe the r Soc i e ty in Indi a i s materialistic in that sense. But it is clear beyond the shadow of any doubt that economic issues have been the prime underlying factors in free India’s second general elections. Certainly, it is true that the Congress is being voted to power because the people have no faith in alternative leadership. This remains a challenge to the Opposition. But it would be dishonest not to concede that the Congress can claim a more positive, economic interpretation of election results announced so far.

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