Monday, July 6, 2020
Home India What does Stalin-era Photo of Lenin at Revolutionary gathering tell us about...

What does Stalin-era Photo of Lenin at Revolutionary gathering tell us about evolution of World’s Developed Economies?

Jaipur, Jan 22, 2017: What does a Stalin-era photo of Lenin at a revolutionary gathering tell us about the evolution of the world’s developed economies?

It is that the developed economies do now require the developing economies to eschew the principles of protectionism and regulations and follow fully the principles of free market and trade, conveniently forgetting the role that these two factors had played in their own rise, said acclaimed South Korean development economist Ha-Joon Chang.

At a session titled “The Secret History of Capitalism” at the Jaipur Literature Festival’s third day on Saturday, he showed the original photo of Lenin flanked by Trotsky and Lev Kamenev and its Stalinist version where the latter two, who had been purged, have been air-brushed out.

Chang, who moderator Sanjeev Sanyal noted had “heretical views on economics”, began by telling how Britain had in the 18th century invented protectionism, not free trade which it later championed and how the US had followed its stead.

A reader in the Political Economy of Development at Cambridge and author of books like “Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism”, “23 Things They Don’t Tell You About Capitalism” and “Economics: The User’s Guide”, which focus on the double standards followed by the developed nations and international lending institutions and seek debunk received wisdom on economics, Chang said he had not obtained this information “by hacking the IMF” or “been told it by a old man in a remote Italian monastery” but relied it from open sources.

“But the problem is that economists now don’t know it and developed nations make excuses if you bring it up. It is like abolishing schools if some people don’t do too well in them,” he said, stressing the need for an change to a more equitable economic system in the world,

Chang observed that this needed strengthening of democracy, not necessarily the Western type, but one in which there is oversight, vigilance and checks and balances that crony-free systems come up.

Calling for an institutionalised mechanism for industry, he clarified that he was not calling for “compulsive Soviet planning” system but an open and transparent process, say a vision document, which can serve the needs of a country and its people, rather than a narrow section of the elite. (IANS)

STAY CONNECTED

18,996FansLike
362FollowersFollow
1,780FollowersFollow

Most Popular

Infant Sleep issues Linked To Mental Health Problems in Adults

Researchers have found that sleeping problems in early childhood may be linked to the development of certain mental health disorders in adolescence. The study, published...

10,000 Bed Sardar Patel Covid-19 Centre To set up at Delhi

The 10,000-bed Sardar Patel Covid-19 Care Centre and Hospital, inaugurated here on Sunday by Delhi Lieutenant-Governor Anil Baijal, which will serve as a major...

UP Government to Set World Record in Tree Plantation Drive

The Yogi Adityanath government is all set to set a new world record by planting 25 crore trees on Sunday in a massive plantation...

Queer Representation in Bollywood

Soon, Akshay Kumar will be seen essaying the role of a transgender in "Laxmmi Bomb". Sonam Kapoor has explored the complexities of being a...

WHO Stops Hydroxychloroquine, HIV drugs in Covid-19 trials

The World Health Organization (WHO) said on Saturday that it was discontinuing its trials of the malaria drug hydroxychloroquine and combination HIV drug lopinavir/ritonavir...

Coronavirus Cases Sets Record Daily Jump : WHO

The world saw a record 24-hour increase in the number of coronavirus cases Saturday — 212,326, the World Health Organization (WHO) reported. The United States,...

India Confident of Covid Vaccine, Trial Stage Marks ‘Beginning of the End’

As India races to bring a vaccine for Covid-19 by mid August, the government on Sunday said that it is entering the human trial...

Malaika Arora Shares Home Remedy to Boost Immunity

Dancing diva Malaika Arora has shared a "make in India" home remedy to boost immunity. Some people have started stepping out for work, but relaxed...

Recent Comments