The World Crisis: Theory and Ideology

Abstract

This essay sees all the dimensions of the present world crisis in perspective, and comes to the conclusion that it is not ephemeral but deeply embedded in the world capitalist system in which even the socialist world, not to speak of the Third World, has been incorporated. It shows that none of the fancied fire-fighting devices – such as Keynesianism, neo-classical monetarism and Marxism – is likely to be of any avail in containing the crisis. It is this that has added the crisis of theory and ideology to the political-economic crisis. What is needed is a fundamental transformation in the world system on a well-thought-out and coherent and consistent alternative pattern. Although there are spontaneous sporadic revolts, they lack these characteristcs as well as well-directed sustained action supported by a solid social base. It therefore poses, in the end, a series of questions and leaves it to the future to answer them.