Mapping a New World Order
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Mapping a New World Order

The Rest Beyond the West

Edited by Vladimir Popov and Piotr Dutkiewicz

This book identifies possible factors responsible for the recent rise of many developing countries. It examines how robust these trends actually are and speculatively predicts the implications and consequences that may result from a continuation of these trends. It also suggests possible scenarios of future development. Ultimately, it argues that the rise of ‘the Rest’ would not only imply geopolitical shifts, but could lead to proliferation of new growth models in the Global South and to profound changes in international economic relations.
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Chapter 7: Capitalism and India’s democratic revolution

Prabhat Patnaik

Abstract

The fact that several third world countries, especially in Asia, have experienced remarkably high rates of gross domestic product (GDP) growth has been a matter of much discussion. There has been talk of a development of ‘multi-polarity’ in the world, a shift in the balance of economic power from the West to the East, and even an overtaking of the traditional metropolitan economies by the newly emerging ones. India has been one of these high-growth economies, and has been branded as an ‘emerging economic superpower’ by many writers both within and outside the country. But even if we leave aside the very recent slowdown in the Indian economy, which is a result inter alia of the world capitalist crisis and which has nevertheless left the country with a fairly respectable GDP growth rate to date, and focus on the high growth phase that preceded this slowdown, the fact remains that this high growth has been accompanied by such an increase in economic inequality and such a process of ‘social retrogression’ that the country faces the real threat of social disintegration.

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