Imperialist policies blamed for slowdown

Staff Reporter

Only remedy is a socialist economy, says Reddi

‘Affect of recession more in developing countries’

VISAKHAPATNAM: State secretariat member of MCPI (U) S. Gangadhara Reddi on Wednesday said the imperialist policies pursued by the United States and its allies were responsible for worldwide market meltdown.

Speaking at a meeting conducted by six Leftist organisations here, he said India was paying dearly now for dancing to the tune of US-centric policies. The situation would have been different had India shown America its place by not serving globalisation forces.

He said the only remedy was to follow and implement a socialist economy wherein the properties could be controlled and distributed among the needy.

Mr. Reddi said the government in the US was not controlled by the people as capitalists had a big say in decision-making and important matters. He also pointed out how China’s socialist policies had been able to sustain its growth rate despite worldwide slump. CPI (New Democracy) leader Y. Kondaiah said the US had spent over three dollars for wars in Iraq and Afghanistan and that could be reason for having a huge burden on US exchequer. Speculation and defective policies were also responsible for market collapse. He said the adverse affect of US recession was felt more in developing and Third World countries. Workers were hard hit due to the slump in all fields, he stated.

G. Satyanarayana (CPI-ML-Liberation), S. Govindrajulu (SUCI), P. Jayamma (CPI-ML) and M. Venkateswarlu (IFTU) and others spoke.

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