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The Absolute Necessity to Throw The Imperialist Capital Out of The Indian Economy In the last century, the economic relations of developed capitalist countries with their colonies and other undeveloped countries were characterized by export of finished consumer goods from these developed countries ,and the import by them of valuable raw materials and precious metals from these undeveloped countries. The colonial plunder and devastation resulted in repeated and massive upsurges of anti-colonial popular uprising all over the world. Today, most of the former colonies and 'protectorates' have attained formal independence from their colonial oppressors as a result of this world-wide hatred for colonial domination and plunder. But the beginning of this century saw yet another development of world capitalism. This stage, the highest stage of world capitalism is characterized by the over all domination of finance capital ( controlled by gigantic banking institutions ) and the export of this finance capital from the advanced capitalist countries to the underdeveloped countries. This stage of development of world capitalism is known as imperialism. (See "Imperialism- The highest stage of capitalism " by Lenin for a clear exposition of this development.). The advanced capitalist countries find it extremely profitable to further increase the export of finance capital because in the developing countries they have a very profitable source of cheap labor-power and raw materials, as well as vast markets for selling finished goods at lucrative profits. (Recall for example, how overjoyed the US imperialists have become with the opening up of China for imperialist investments and consumer goods. In 1973-74, the private investments flowing from "developed" to "developing " countries amounted to $ 10.8 billion, while the investments through government channels for the same period were another $11.9 billion. These investments are in addition to the various "aids" and "loans" from various international imperialist institutions like World Bank. (The total lending of World Bank alone until 1975-76 amount to $40 billion. ).At the same time, the gap between the few industrially advanced countries and the underdeveloped countries has continued to widen. Today the average per capita income of three billion people in underdeveloped countries is 37 times smaller than the average per capita income in 10 developed industrialized countries.(ref. 1) It is in this context that the question becomes important as to what exactly is the role of foreign capital investments in the Indian economy. Of course, we know what the answer of various imperialist agencies (including various "experts", government agencies, imperialist news-media etc.) to this question is, since they are interested in investing more and more. In fact, even the Indian government and the big capitalists of India have joined this chorus in emphasising that even more imperialist investments are vital for the prosperity and well-being of Indian people; and " foreign capital investment has unique advantages and serves functions which by their nature cannot be undertaken by local capital", (ref. 2). Consistent with this "analysis" by the big capitalists of India , we see that every major industry in India has been set up with foreign capital and collaboration. The total private foreign capital investments in India , which have, been growing year after year even after the "independence" of 1947 , amount to 17.5 billion rupees. In fact, the British still maintain the largest share (36%) of these investments. ca. 1980
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Transcript | The Absolute Necessity to Throw The Imperialist Capital Out of The Indian Economy In the last century, the economic relations of developed capitalist countries with their colonies and other undeveloped countries were characterized by export of finished consumer goods from these developed countries ,and the import by them of valuable raw materials and precious metals from these undeveloped countries. The colonial plunder and devastation resulted in repeated and massive upsurges of anti-colonial popular uprising all over the world. Today, most of the former colonies and 'protectorates' have attained formal independence from their colonial oppressors as a result of this world-wide hatred for colonial domination and plunder. But the beginning of this century saw yet another development of world capitalism. This stage, the highest stage of world capitalism is characterized by the over all domination of finance capital ( controlled by gigantic banking institutions ) and the export of this finance capital from the advanced capitalist countries to the underdeveloped countries. This stage of development of world capitalism is known as imperialism. (See "Imperialism- The highest stage of capitalism " by Lenin for a clear exposition of this development.). The advanced capitalist countries find it extremely profitable to further increase the export of finance capital because in the developing countries they have a very profitable source of cheap labor-power and raw materials, as well as vast markets for selling finished goods at lucrative profits. (Recall for example, how overjoyed the US imperialists have become with the opening up of China for imperialist investments and consumer goods. In 1973-74, the private investments flowing from "developed" to "developing " countries amounted to $ 10.8 billion, while the investments through government channels for the same period were another $11.9 billion. These investments are in addition to the various "aids" and "loans" from various international imperialist institutions like World Bank. (The total lending of World Bank alone until 1975-76 amount to $40 billion. ).At the same time, the gap between the few industrially advanced countries and the underdeveloped countries has continued to widen. Today the average per capita income of three billion people in underdeveloped countries is 37 times smaller than the average per capita income in 10 developed industrialized countries.(ref. 1) It is in this context that the question becomes important as to what exactly is the role of foreign capital investments in the Indian economy. Of course, we know what the answer of various imperialist agencies (including various "experts", government agencies, imperialist news-media etc.) to this question is, since they are interested in investing more and more. In fact, even the Indian government and the big capitalists of India have joined this chorus in emphasising that even more imperialist investments are vital for the prosperity and well-being of Indian people; and " foreign capital investment has unique advantages and serves functions which by their nature cannot be undertaken by local capital", (ref. 2). Consistent with this "analysis" by the big capitalists of India , we see that every major industry in India has been set up with foreign capital and collaboration. The total private foreign capital investments in India , which have, been growing year after year even after the "independence" of 1947 , amount to 17.5 billion rupees. In fact, the British still maintain the largest share (36%) of these investments. ca. 1980 |
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