Finance Minister P. Chidambaram saying that 60-odd Left MPs have exercised a veto on national policy is an act of understandable political frustration, but it is the Left’s reaction that is fascinating. Left leaders seem to be saying that neo-liberalism — the preferred term of abuse for liberal economics — has been hitting this country like a blizzard. They could have said, yes, there have been very few reform measures but that is because reforms are, as we think, bad for this country, so, as key coalition members, we have stopped them. You could have disagreed with them, but at least they would have been right on facts, as Chidambaram is. But Marxists never say that. That makes you ask a question.

What is it that the Left really wants? That the clock be turned back? Increase taxation, renationalise privatised PSUs, bring back the controller of capital issues, resurrect industrial licensing. It is hard to think that at least the major Left leaders would have implemented that agenda even if they were in power. Or would they? These are scary thoughts and they go right to the heart of the big question over the Left’s role at the Centre: what vision of India does it have? It is not as if the Congress or the BJP has an economic vision that is always intellectually coherent. But we know roughly what to expect, given the political exigencies of the time they are in power. But what of the Left? Is that why the CPM never wants to join a government in Delhi? Because then it loses the luxury of affirming economic progressiveness by only having to oppose — no need to propose anything that you may be measured against.

... contd.