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Two CPM chief ministers are pursuing diametrically opposite policies
Joseph Stalin created the biggest communist empire in the world history and Mikhail Sergeyevich Gorbachev demolished it with a sleight of his perestroika. But, Communist Party of India has equivalents of the two leaders in V.S. Achuthanandan, the Kerala chief minister and Buddhadev Bhattacharya, the West Bengal chief minister. While V.S.’s iron hand forbids any multinational to enter Kerala, Buddha has been welcoming them with open arms. Their handling of pesticides-in-cola controversy enhanced their respective images. While Kerala packed off Coca-Cola and Pepsico lock, stock and barrel, West Bengal refused to take even a symbolical step of banning the two multinational brands in schools, the way some non-communist states have done. It was a decision of V.S. only and not the state cabinet. Says Elamaran Kareem, Kerala’s Industries Minister, “The cabinet recommended only a ban on the sales of Pepsi and Coca-Cola, but since the CM has now said that production, too, will be banned, maybe it will be.” Buddha’s reformist zeal is not new. Earlier, he called upon fellow communists to “Rreform or perish”. He has been wooing investors to kick start contract farming and boost hospitality industry and privatizing public sector industries apart from developing Kolkata airport to develop West Bengal. In comparison, comrade V.S. is yet to perfect the art of purging the state of bourgeois evils. Besides a complete ban on cold drinks, his administration has been cracking on international companies. When a BPO company asked its employees to report to work on Independence Day, the local administration stepped in and forced the company to mend its ways. If there can be a communist empire matching Stalinist zeal, V.S. is yet to create it. Buddha, however, is on his way to don Gorbochevs’s mask. But who is the real face of Communism?
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Editor: Arindam Chaudhuri, Source: IIPM Publication
...actually nowhere near us. Even though many US analysts are predicting doomsday for the global economy
It’s in the air. A worrying sense of terrible deja-vu seems to be hurriedly consuming almost every analyst both sides of the Atlantic, especially in the US. Capital flows to developing countries are again at their high. But the deja-vu, as American analysts seem to be crying hoarse about, relates to the fact that this phenomenon is reminiscent to the capital flow increase of the late 90s, which resulted in the historic credit bubble disaster, which led to the crashing down of South Asian tiger economies that consequently brought the world economy to a grinding halt. Well, to the credit of this suspecting US analysts, it has never been so big, at least not in history. Recording a third straight yearly increase, net private capital inflows to developing economies surged to a staggering $491 billion in 2005 (Global Development Finance Report 2006, World Bank). Net equity flows to these economies have increased from $166 billion in 2002 to $298 billion in 2005. Net FDI inflows have also increased from $160.3 billion in 2002 to $237.5 billion in 2005. This boom, which started in 2002, has brought with it a cumulative capital of $1,316 billion till now.
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Source: IIPM (Business& Economy), Editor: Arindam Chaudhuri
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