Neoliberalism began in the last quarter of the 20th century, when the accumulated capital in the G-7 was allowed to penetrate much of the world that had closed its doors to foreign capital: Eastern Europe, Russia, China, Vietnam. India, Africa and Latin America.

These are the countries which together today have the vast majority of the global low wage working class in numbers. Yet, only after a decade and a half, the economic crisis returned in 2008. It was then postponed by a huge expansion of credit. But as is evident by new wars and tensions rising between major powers of the world, the economic crisis of capitalism has not been overcome. Yet, there is no mass movement of workers as yet on the horizon against capitalism even when a majority of the world’s workers today are unable to make ends meet.

The presentation will briefly explain the definition of Neoliberalism as the current capitalist era of ‘Temporal mode of production’ (speculative futures trading of stocks); against conventional economists, Marxists, who describe Neoliberalism as a set of policies. The presentation will then focus on explaining the significant change in class-correlation (capitalists vs. petit bourgeoisie, better paid workers and proletarians) on the basis of Marx’s fundamental theory and the origin of the cyclic crises of this new-age capitalism. We will compare our analyses against two major recent theoretical contributions: one by Utsa Patnaik and Prabhat Patnaik, and the other by Yanis Varoufakis.

We will further explain the origin of right-wing opportunism pervaded through the majority of the existing Communist Parties. Finally, we will briefly discuss the nature of new-age fascism and the tactics that should be adopted by the Left forces. Our speaker, Basudev Nag Chowdhury, is a young activist, organizer and agitator and an organic intellectual.

He is a physicist by education. He is a leader in a new Marxist-Leninist Communist Party based in Kolkata, West Bengal, India, called ‘The Peoples’ Brigade’, which he among others helped form in the past few years, after the CPI-Marxist was routed from West Bengal by Trinamool Congress, a bourgeois political party, led by a fiery orator, Mamta Banerjee. The Workers’ Brigade has organized the Bidi workers in West Bengal state in tobacco and in other industries. (NOTE: Bidi is a rolled tobacco leaf, smoked by very low wage majority women workers – i.e. proletarians)

Basudev Nag Chowdhury is writing a new book, still in progress, titled: ‘Neoliberalism, the stage of Irresolvable Contradictions of Capitalism’. He lives and works in Kolkata, India.