Why Crisis Is The Time To Build

As the tuk-tuk says, Che Guevara want you to rebuild

Sri Lanka is having daily powercuts because we only produce maybe 50% of the power we need (through hydro). And that only works when it rains. For the balance we import oil or coal, which we can’t afford anymore. So we need to produce more local power. Luckily we have the sun all year, and solar is cheap now. So we need to go Parakramabahu of the Sun.

Sri Lanka also has dollar shortages, because we import more than we export. We’ve been covering up this trade deficit with loans, but the loans have run out. So what we need to do is protect local industries that can also export. That is, we need industrialization.

As you can see, the answer in both cases is building. We don’t have a reserve currency, we can’t just make up money like white people. We have to actually invest in our real economy, we have to actually do stuff. That financial chicanery is for rich, not poor countries. We have to get to work. Massive public works.

Decolonizing Economics

This is actually mainstream economics since the Great Depression. You have to spend your way out of a crisis. You can’t austerity your way out, you have to ‘prime the pump’. While white countries applied this to themselves ever since the 1930s, they have never applied it to the exploited South.

This basic strategy is called Keynesism, and he scruplously did not apply it to India, which he actually helped administer. Instead he imposed harsh austerity there, killing more than three million people, so that white people could have more filthy lucre:

As Jason Hickel wrote: