ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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In Search of a Saviour

Saving Capitalism from the Capitalists: World Capitalism and Global History by Hartmut Elsenhans; Sage, 2015; pp ix+325, ₹995 (hardcover).

Capitalism is a system in which incomes are realised through selling goods and services in markets. Generalised commodity production could achieve efficiency through perfectly competitive markets, stimulate investments catering to rising demand, which, in turn, would depend on expansion of real economy through mass markets. Hence, empowerment of labour is an essential condition for capitalism to grow and actualise its equalising effects.

This normative position about free functioning capitalism is the premise upon which the book, Saving Capitalism from the Capitalists, derives the agenda of democratic socialism. Despite the fact that empowerment of labour and expanding mass market is important, capitalists would enhance wage only when there is scarcity of labour. The virtuous cycle of rising demand, diversification of productive capacities, innovation and increasing demand for labour is the post-Keynesian recipe proposed in this book.

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