Up to now
capitalism has shown a conspicuous inability to develop the countries
where two-thirds
of humanity live. Now, with the incredible economic growth in India and
China - and throughout East Asia generally - we hear it shouted from
the
roof tops that from henceforth it will be able to develop more than
half the
world and that it would be able to go even further if only all the
constraints
imposed on it were to be eliminated. If wages and working conditions
were to be
levelled down to those obtaining in China, it is claimed, then growth
in the West would
also rise to 10% a year.
This raises theoretical
and ideological questions of great importance: does the development in East Asia represent a renewal of capitalism or is it
no more than a stray occurrence in its on-going crisis? To answer this question
we will consider the phenomenon throughout the whole of the sub-continent, though
we will examine China more closely as it is the most publicised
and the most representative example.