Prabhat Patnaik, "Lenin and Keynes"

Prabhat Patnaik, "Lenin and Keynes"

But, again by an irony that unites both these thinkers, the historical experiments unleashed by them, despite remarkable early promise, could not reach successful fruition. The process of globalization of finance made the nation state that was supposed to override the whims and caprices of finance, subservient precisely to these very whims and caprices for fear of capital flight; as a result we have the current bizarre spectacle of capitalist countries enacting one after another 'austerity measures' in the midst of a recession, which will only accentuate the recession. Keynes would be turning in his grave at this absurd course of events. Likewise, the Soviet Union founded under Lenin's leadership no longer exists; communist parties, barring a few, have dwindled into insignificance; the socialist credentials of China and Vietnam are barely visible and have to be established by the committed few through elaborate theoretical and statistical exercises; and a question mark hovers over the fate of Cuba, buffeted by imperialism. Those who invoke either Keynes or Lenin today are few and far between.

So it is, so it is. This article is the unknowing prequel to my forthcoming ballade, "Trotsky and (George) Romney."