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Back to good old Marx in the brave new world of globalisation

By Dipankar Bhattacharya

A decade after the collapse of the Soviet Union, it is now an established fact that capitalism rules the roost in the world. The supremacy of capitalism as the dominant system does not face any immediate challenge. Yet the dominant voice of capitalism is no longer one of euphoria. The triumphalist cries of a few years ago are increasingly giving way to notes of caution and uncertainty. More and more people now realise that what collapsed with the demolition of the Berlin wall or the disintegration of the Soviet Union was not just Soviet-style socialism but also the edifice of what had come to be known as the welfare-state version of capitalism. The end of the Cold War period has come to signify the beginning of a new era of great uncertainties in which even good old capitalism looks increasingly unfamiliar.

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