I read of the history of the Soviet Union in a college course. In my opinion Marxism-Leninism was a revolutionary philosophy best suited for revolting against royalty and rich oppressors. it was rather historically backward looking at least to Americans for they had revolted against aristocracy a century and a half before the Bolsheviks and without socialism. Is socialism or Marxism relevant to India today? Can axiology of the political economy and fiscal policy of the west be upgraded to include ecospheric sustainability?
India also needed to revolt against royalty and an oppressive foreign class transformation of the Chinese economy from communism to a market basis since 1978. One salient fact mentioned was that the U.S.A. has the least misallocation of resources compared to China finishing second and India third. India does have an official mention that it is a socialist state in the constitution, and unfortunately, Time has shown that state owned enterprises tend to be very inefficient.
The primary sector is the least productive per worker output-agriculture and of course India has less industrialization that China. India has structural reforms they need go through and perhaps they can find a way to accomplish industrialization even as the artificial intelligence and robot revolutions take over much of industrialization for India.
Socialism was based on economics that are quite obsolete with modern technology. China has shown the inefficiency of communal farms comparatively and took a somewhat different course to market economics with its different history position and challenges yet it obviously is getting there. New adaptations of political economy that has a good basic income fo all citizens as a social insurance policy probably will have an effect of increasing individual efficiency when robots and AI take over many jobs. At some point ahead economics may be an easier part of human culture and capital will be minimally sufficient for everyone to live, invent and create. If everyone was invested in the stock market would that make a socialist society? Economists probably concern themselves with allocating resources in the most efficient way possible to increase the productivity of a society, and that way isn’t socialism.
