Monday 22 August 2011

Marxism in era of globalisation.


Marxism in era of globalisation.

The globalisation along with liberalisation and privatisation is a dominant tendency of the world since 1990s. The globalisation is based on the ideology of neoliberalism and supremacy of market principal. The globalisation refers to the increasing exchange of goods, services, capital, information, and persons across nations, which is facilitated by modern means of communication. After the disintegration of Soviet Union in 1991, the ideology of Neoliberalism became dominant and Marxism needed in the background, which was termed by Fukuyama as “end of History”. Other economic based on Marxism and socialism in the Eastern Europe also opted for neo-liberal open economies. This raised the question of relevance of Marxism. However, on closer analysis, Marxism as political and economic structure may have become redundant, but some of its principals like socio-economic equality, justice and primacy of social/public interest are still relevant as the full impacts of neo-liberal ideology gradually unfolds. Under the process of globalisation, the poor peoples and poor countries are marginalised as state withdraw from social sphere and market principal takes the reins. It is in this scenario that Marxist idea of socio-economic justice assumes significance.

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