In the history of the last three decades, when the name of a clear hero and a clear villain is mentioned in the politics of Nepal, the name of the same person appears in both the roles and that name is that of the Chairman of the CPN-Maoist Center Pushpa Kamal Dahal i.e. Prachanda.
When the lives of about 17,000 Nepalis were ended by leading the armed Maoist insurgency in Bikram Samvat 2052 BS, some saw him as a hero and many remembered him as a landlord. However, after dissolving the armed movement and entering peaceful politics in 2062 BS, in the changed political environment, some who considered him as a hero of the revolution saw him as a villain, while many who wanted democracy and peace accepted him as a hero.
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His political ideology ‘Maoism’ played a major role in his political ups and downs. When the party emerged as the largest party in the first Constituent Assembly and Parliamentary elections of 2064 BS, the tide of Maoism continued. However, in the election of the second Constituent Assembly in 2070 BS, Maoism was disarmed and his party was crushed as a third force.
After that, in the 2074 election, he dissolved Maoism while going to the polls in partnership with the CPN-UML. There was no mention of Maoism in the CPN (UML) and the CPN (Maoist). However, after the Supreme Court revived the Maoist center and the UML, he has again moved forward with the burden of Maoism.
The program focuses on what message Prachanda is sending to the economy, using the weapons of disintegration of Maoism, rather than considering the positive or negative impact it has had on Nepal’s politics.
Due to the inability of all the major political parties in Nepal to hold party conventions for a long time and to fulfill this constitutional obligation, after the UML, RPP, and Nepali Congress, the CPN-Maoist Center moved forward by converting the National Conference into a general convention. In this context, the remarks made by UCPN (M) Chairman Prachanda regarding the capital market have not only clarified his views on the share market but also how he will view the liberal economic system if he joins the UCPN (M) government.
In the political report submitted by Prachanda for discussion at the 8th General Convention, he said, “The flight of capital from the productive sector to the financial sector has created unemployment and various crises in the society. The main reason for capital flight in the financial sector is the unsatisfied hunger of the capitalists to make maximum profit in the shortest possible time.
Investing in the manufacturing sector requires a lot of time and effort, labor movement, and low profits, which is why the bourgeoisie began to invest in the stock market, money market, securities buying and selling, and buying and selling real estate. There are. ”
He described the current globalized financial monopoly as “capitalism” and said that “in the past capital was invested in industry and production and the profits from it were taken by the capitalists but now the investment of capital is in capital and this is the main feature of financial capitalism”.
Here, in Prachanda’s understanding, our objection is in the context of capital investment. The stock market is a concept that aims to support industry and production by adding small capital and the small capitalists also get the return.
Let’s look at an example of a large industry. Unilever established an industry in Nepal. He did not need any Nepali capital but after becoming a public limited company he had to sell shares to the public. The market price of his share equal to 100 rupees is above 19,000. And he has made a profit of up to 12 hundred percent. That is, those who invest 100 rupees get up to 1200 returns in a year. How did the petty bourgeoisie get hurt?
Many banks, finance, hydropower companies, etc. in Nepal have become empowered by using the money of small capitalists, and the returns they give have reached small investors. In the current situation, if successful private companies like Kantipur, Bhatbhateni Supermarkets, etc. become public companies, their investors will get some return on their success but how many thousands of small capitalists will benefit from the future profits of that company?
Therefore, it is not appropriate for a leader like Prachanda to say that the capital market is wrong for Nepal’s economy. Instead, it would be in the best interest of small investors to take a closer look at the current anomalies in Nepal’s capital market and take a stand to encourage insider trading, cornering, and other illegal sports.
What Comrade Prachanda himself and those who believe in his statement should understand is that the correct use of the capital market gives more benefits to small investors. An investor who can accumulate a capital from one thousand to one lakh per month, where to invest? Is it OK to buy gold or invest in the stock market? And is it in the best interest of the general public to increase production by raising such a small amount of capital by an energetic entrepreneur who is unable to carry on business without capital, or is it right for a small investor to get only bank interest?
Comrade Mao Tse Tung succeeded in the political revolution in the name of the cultural revolution in 1950, but what was the economic condition of China two decades ago? If Deng Xiaoping had not introduced a liberal economic system in 1983, could China now be a rival to the United States?
Where do all the small capital accumulated in China now go? Isn’t it possible that Chinese products have been able to dominate the world market with the help of all these small capitals?
Therefore, the dream of comrade Prachanda to gain political momentum in the current situation by using the ghost weapon of Maoism may be politically successful or unsuccessful, but it should not harm the economy.
After all, Prachanda himself has repeatedly said that no progress can be made in the direction of socialism until the highest development of capitalism.