Globalisation not sustainable: Yechury

November 13th, 2008 - 11:03 pm ICT by IANS  

Kolkata, Nov 13 (IANS) Globalisation is not sustainable as it cannot survive without financial ups and downs, Communist Party of India-Marxist (CPI-M) leader Sitaram Yechury said Thursday.”We do not want this slowdown. But what we can do is to find an escape route from this crisis situation by following Marxist philosophy,” he maintained while speaking at a conference here.

“Socialism is the only thing needed in the human civilisation,” he said, adding: “To eradicate the ongoing economic downturn, we have to mobilise a movement across the globe against the capitalistic policies.”

Criticising the government’s economic policies, Yechury said the buying capacity of every individual is very limited in India.

“Instead of developing the buying capacity of every common citizen, the banks are giving loans to them which they can not return. It’s just heading towards a disastrous end,” he said.

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