AT the recently concluded summit at Davos where the rich and powerful of the world had gathered for their annual jamboree, there was much excitement about Artificial Intelligence (AI). AI of course is not yet so profitable as to be introduced widely, but the capitalists and their backers gathered at Davos believed that the corner would be turned very soon. The question of the unemployment it would generate was raised occasionally but generally brushed aside.

WHEN the Soviet Union collapsed, liberal bourgeois writers had proclaimed the arrival of an era marked by the universal triumph of democracy and stability; they had considered the socialist challenge unnecessary and counterproductive, and believed that capitalism which had already given political independence to its colonies, and introduced universal adult franchise and welfare state measures at its core, would, in the absence of this challenge, secure for mankind peace, economic security and individual freedom.

SEVERAL employment schemes, each limited in scope and constrained by the availability of fiscal resources, had existed in different states of the country earlier; what the Mahatma Gandhi National Rural Employment Guarantee Scheme enacted in 2005 did was to introduce a uniform, nation-wide, essentially centrally-funded, demand-driven scheme: one person per rural household could get up to a hundred days of employment on demand, failing which the person demanding work would have t

IT is a well-known fact that contemporary “mainstream” economics, the only kind which is taught to students over much of the world, does not capture the reality of capitalism. What is less recognized is that this “mainstream” economics, not just in its existing incarnations, but no matter what new incarnations it assumes, is incapable of capturing the reality of capitalism. Let us see why.

ACCORDING to a report in the Times of India (November 23), the United States has asked European countries to restrict immigration in order to preserve “Western Civilization”. Many in the Third World would find the term “Western Civilization” laughable, especially if it is used in the sense of denoting something precious and worth preserving. The atrocities committed by Western imperialist countries against people all over the world over the last several centuries have been so horrendous that using the term “civilization” to cover such behaviour appears grotesque.