Neoliberalism and New India 2020 | UPSC

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IASbhai Daily Editorial Hunt | 26th Oct 2020

“The best revenge is massive success.” – Frank Sinatra

Dear Aspirants
IASbhai Editorial Hunt is an initiative to dilute major Editorials of leading Newspapers in India which are most relevant to UPSC preparation –‘THE HINDU, LIVEMINT , INDIAN EXPRESS’ and help millions of readers who find difficulty in answer writing and making notes everyday. Here we choose two editorials on daily basis and analyse them with respect to UPSC MAINS 2020-21.

EDITORIAL HUNT #207 :“Neoliberalism and New India 2020 | UPSC

Neoliberalism and New India 2020 | UPSC

D Raja
Neoliberalism and New India 2020 | UPSC

      HEADLINES:

India can play a constructive role in evolving a multipolar and just world order

      CENTRAL THEME:

India pursuing an independent foreign policy is not only essential for the country or the South Asian region, it can have a bearing on deprived populations of the world.

SYLLABUS COVERED: GS 2 : IR

      MAINS QUESTION:

India should play a constructive role in evolving a more inclusive, multipolar and just world order. Comment -(GS 2)

      LEARNING: 

  • Global Power Dynamics
  • Regional Powers and Multipolar World
  • Way Forward

      INTRODUCTION: 

  • GLOBAL POWER DYNAMICS : The face-off between India and China in Ladakh and the plans for annexation of the West Bank by Israel have brought matters of global power dynamics to the fore.
  • MARCH OF CAPITALISM : The unipolar world that came into being after the Cold War, with the US acting as the global policeman and leader in all institutions was a race to capitalism.

However, events that unfolded later, for instance the 9/11 terror attacks, came to haunt the US and its allies.

  • NEED FOR REJUVENATION : Non-conventional security threats challenged the established conceptions of security, war and modernity.
  • NEO-LIBERALISM : The 2008 global financial meltdown exposed the realities of the neoliberal world order.

DEFINITION
The policies of neoliberalism typically supports fiscal austerity, deregulation, free trade, privatization, and a reduction in government spending.

      BODY: 

NEOLIBERALISM AND REGIONAL POWERS 

  • CRONY CAPITALISM : Most institutions of lending crumbled before the inevitable logic of capitalism — the cycle of boom and bust.
  • INEQUALITY AND INSTABILITYThe crisis rendered thousands unemployed and destitute.
  • BAIL OUTS : The state had to bail out some of the largest financial corporations of the world with public funds.

The western world soon came to understand the importance of sharing responsibility and adjusting to the new global realities such as the economic rise of China and India.

  • NEW ECONOMIC ORDER : G-20 nations replaced the elite G-8 of rich countries in deciding the economic course of the world, though within a neoliberal framework.
  • DECISION MAKING POWER : This was an arrangement to share power and skip responsibility, as it kept almost all poor countries of the world out of decision-making.
  • CRIMINALISING POVERTY : The rich got to decide what is best for everyone. This established mechanism is under threat.
  • MANUFACTURING POWER HOUSE : The rise of China as the workshop of the world has turned many western powers insecure.

It has led to a trade war between China and the US.

A BIPOLAR WORLD

  • BIPOLAR WORLD : Of particular relevance is the route India will take in the evolving bipolar world with the US and China constituting the two poles.
  • REJECTED GROUPS : Then, India refused to join the Cold War camps and opted for a non-aligned foreign policy that championed the cause of the colonised regions.
  • A FORWARD TILT : In the recent past, the Indian government’s foreign policy priorities have tilted towards the US and the neoliberal framework.
  • MONOPOLIES : Tying Indian interests to the coat-tails of America will be disastrous.

The US is trying to drag India into its conflict with China to protect US interests in the Asia-Pacific region.

  • FREE MARKET APPROACH : The trade deals done to please the US have resulted in the loss of livelihood, agricultural land and hard-won labour rights of Indian working classes.
  • RULE BASED ORDER : What the world needs today is an international rule based order on the principles of mutual respect, concern and cooperation and public participation.
  • DEMOCRATIC VS SOCIALIST : Privatised healthcare systems imploded under the weight of COVID whereas countries with a socialised or socialist public healthcare system fared better.

The world needs to come together to build public health and education infrastructure.

      IASbhai Windup: 

TO DO LIST

  • NON ALIGNMENT : India must reject both the unipolarity of the 1990s and the bipolarity of the current system dominated by the US and China.
  • CONSTRUCTIVE ROLE : India should live up to its independent non-aligned credentials and play a constructive role in evolving a more inclusive, multipolar and just world order.
  • THE FOCUS : There should be a shift to the maintenance of the status quo along each other’s perception of the LAC and within the overlapping areas with China.
  • STAND WITH VULNERABLE : India should use its UNSC chair to represent nations hitherto unrepresented at the high table and continue the tradition of speaking for the marginalised.

India should strive to make the world more inclusive, just and sensitive to the environment.

  • INCLUSIVE FOREIGN POLICY : Unfortunately, the course of Indian foreign policy in the last few years does not correspond with this broad, inclusive worldview based on solidarity.
  • MEANINGFUL DIALOGUE : In this context, India and China, as the world’s mega-economies, should engage in a meaningful dialogue to resolve the border dispute.

India pursuing an independent foreign policy is important for South Asia when it faces wide-spread aggression and “wolf warrior diplomacy” from China.

       SOURCES:   THE IE | Neoliberalism and New India 2020 | UPSC

 

 

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