Author of Revitalizing Marxist Theory for Today’s Capitalism and other books written in defense of classical Marxism, University of Manitoba professor Radhika Desai probably spoke for the majority of the left when she wrote a Guardian op-ed piece titled “The Brics are building a challenge to western economic supremacy”. Key to this challenge was the creation of a Development Bank that can serve as an alternative to the IMF and the World Bank. As she put it:
The Brics countries do have a mortar that binds them: their common experience, and rejection, of the neoliberal development model of the past several decades and the western-dominated IMF and the World Bank that still advocate it. Their rapid development over the previous couple of decades was despite, not because of, this. Countries whose governments were able and willing to resist this model developed faster.
At the heart of her analysis is the notion of “development”, a term somewhat distinct from the socialist aspirations of earlier generations but one clearly in sync with a chastened left that while not quite agreeing with Margaret Thatcher’s TINA, does see some good in putting people to work on state-sponsored projects that generate tax revenues and raise the standard of living. If it isn’t socialism, at least it is some kind of New Deal. If a capitalism based on “neoliberalism” is to be avoided at all costs, why not opt for a more progressive and humane capitalism that is the “lesser evil”? If this sounds like the argument that some activists make for voting for Barack Obama, Hillary Clinton or even Bernie Sanders, you may be on to something.
At least some people resting on the foundations of Marxism disagree with Desai. In a newly published collection of articles by Patrick Bond and Ana Garcia titled BRICS: An Anti-Capitalist Critique, you can find powerful arguments making the case that this supposed alternative to neoliberalism is no alternative at all. Whatever your stance on this debate, you would be well served by reading this book since it will enable you to make an informed political decision. It should be added that Pluto Press has published both Radhika Desai and this new book so they deserve kudos for helping the left keep abreast of important theoretical challenges.