Suggesting it is time for all international communist movements to intensify popular struggles and launch an offensive against the rule of capital, the Communist Party of India (Marxist) leader Sitaram Yechury said socialist way should be the alternate in meet the global financial crisis.

``This period has also seen the rising resistance to such growing imperialist hegemonic efforts. But it must be noted that much of the struggles launched by the working class and the exploited sections have essentially been defensive in nature…Resistance in the nature of mounting the assault on the rule of capital is yet to take a decisive shape. From this meeting a powerful call must go to all contingents of the international communist movement to intensify popular struggles to mount this assault on the rule of capital…Socialism is the only way…’’ Mr. Yechury said.

The CPI (M) MP and Polit Bureau member said this at the inaugural session of the 11the International Meeting of the Communist and Workers’ Parties’’ being attended by 55 delegates from 49 countries, and 55 parties. The meeting being held for the first time in India is co-hosted by the CPI and the CPI (M).

Remarking on the timing of the meet, he said, the ``capitalist’’ crisis that affected the world is neither the result of greed of some individuals nor an aberration but inherit to the dynamics of capitalist system that is based on human exploitation.

Forces of world socialism suffered reversal since the collapse of the Soviet Union and East European countries allowing imperialism to consolidate its hegemony in all sphere, he said noting that the growing resistance in parts of the world is yet to develop to the desired levels.

New attacks and reordering the world for profit maximisation under the dictates of international finance capital, Mr. Yechury said defines neo-liberalism. The first way is to have policies removing restrictions on the movement of goods and capital across border with trade liberalisation displacing domestic producers.

The second route is consolidating capital accumulation through deflationary policies by limiting government expenditure in the name of fiscal discipline, rolling back of State sector globally, that allows opening up of new areas for private accumulation.

``The structural conditionalities imposed by the International Monetary Fund and separately by the World Bank while disbursing loans ensured compliance to neo-liberal reforms’’, he said.

Mr. Yechury said in the absence of a powerful political alternative, capitalism will emerge from this crisis but at the expense of further intensifying exploitation and through the process of accumulation through encroachment.

While the current crisis would be overcome, he predicted a major systemic crisis for the world capitalism was in the offing and cautioned that the USA will try to thwart it by transferring the burdens. This would be done by intensifying exploitation through accompanying political and military might.

In his address, the CPI sectary Pallab Sengupta felt today the most powerful peoples’ movement in the world was aimed against the capitalist system for a world of social and economic justice and socialism.