There was a hue and cry from the corporate world and business media about the farm loan waiver. I found it amusing then. It looks even more amusing now, in the wake of the $700 billion bailout plan (now aborted) in that, presumptive, most capitalist of capitalist countries, the US. There was a muted response to this plan in the mainstream media; most debates were about how best to finetune this plan.
P.Sainath ridicules this plan, in The Hindu, contrasting these reactions against the earlier rage over the “historic farm loan waiver for $16 billion”. (Sainath belongs to those rare breed of journalists, who slog it out in the vast rural hinterland to unearth the real truths, while his more elitist counterparts hog the limelight with lazy-sleazy sting operations and Arushi sagas. His apparent Socialist leanings notwithstanding, it is the existence of honest contrarian-journalists like him, which will make democracy and ‘free markets’ work and evolve).
Whether we like it or not, for those of us who were waiting for the crash, the developments are interesting, to say the least. This is definitely a serious test for capitalism and at the end of it, hopefully, we will evolve to a higher, humane form of capitalism (or whatever new -ism) and not find recluse in retrograde initiatives. The real danger is not the impending recession or a repeat of the ‘Great Depression’ with ripples across the world, but a reactionary withdrawal of heads into an excessive-regulatory shell. A temporary recession, which doesn’t hinder future growth, is more welcome than a few more decades of decadent licence-raj.