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Oakland Socialist

India’s Nerandra Modi reelected

As the shadow of ruthless authoritarian regimes falls across the world’s continents from Europe to America North and South to Asia, the world’s capitalists have greeted with undisguised jubilation the victory of Narendra Modi’s Bharatiya Janata Party in India’s recent general election, winning 303 of the Lok Sabha’s (lower house) 543 seats, as against their main rivals’ Congress 52.

They have for decades been greedily eyeing the massive internal markets of India in their search for potential outlets for investment. Since the crash of 2008 and the subsequent long recession, huge reserves of capital are swilling around the world economy searching for a profitable niche, as opportunities become exhausted. The emergence of the so-called BRICS economies seemed to offer a new route to profitable investment.

In recent years, however, these expectations have sunk. China’s economy is slowing down, Brazil is sinking into stagflation, South Africa is…

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