24 September, 2020

The Religion Of Capitalism

A book that exhorts India’s planners to see its poor as human beings, not as ‘factors of production’

Narendra Bisht
The Religion Of Capitalism

This small and readable book is a layperson’s introduction to India’s economic catastrophe. Since many people believe in an ongoing economic miracle, such views are often dismissed as doomsday talk. But it is better to be aware of reality than to live in an illusion. The title is apt—Bhaduri offers us an unsettling vision of what awaits us if we continue along the current path. He alerts us to the ideological assumptions underlying the scientific detachment of our growth-obsessed economists, who operate as metaphysicians of capitalism rather than as acute observers. That is why they will not address the fact that “the market as an institution has no accountability except for the largely make-believe ideology of self-regulation”.

For the past two decades, India has undergone a transformation. Celebrated by an elitist media, the ongoing economic changes have acquired political endorsement across a spectrum ranging from the CPI(M) to the BJP and Congress. In a country where over three-fourths of the population...



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