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Prakash Karat, the CPI(M) general secratary said his collegues deserve much of the credit for insulating India from the worst ravages of the economic storm gulfing the world. While bank lending has tightened dramatically, India is expected to emerge from the crisis relatively unscathed compared with many other countries.
The wall street model of unregulated, finance driven speculation and greed for quick profits has collapsed with disastrous consequences, the central committee of the CPI(M) proclaimed in a statement after its annual meeting in Calcutta last month.The communists were quite right about the danger of some reforms and one imagines they will crow about it. They will make a case that their advocacy has kept The Indian Economy from spiralling down.
Everything is good in moderation. A right mix of capitalist and socialist may be the best, as both the ideologies are better for separate kind of situations and together can pull a nation through any kind of crisis.
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