A WORLD WITHOUT INFLATION 95 dreams of development along the capitalist path. It is not surprising under these circumstances that the emerging bourgeoisie in India came also under the influence of the ideologies of socialism and planning from the Soviet Union. They started making their own plans of capitalist development—the Visweswaraya Plan, the Congress National Planning Committee and the subsequent Tata-BirIa (Bombay) Plan. End of Hope and Glory The end of the Second World War and the postwar developments gave a shattering blow to the bourgeoisie's hopes nurtured by the growth of fascism in Germany, Italy and Japan. These fascist powers were decisively defeated by the proletarian and general democratic forces all over the world, in alliance with the group of capitalist countries which had ranged themselves against the three-power axis. After the end of the war too, the efforts made by the erstwhile allies of the United States to weaken, isolate and, if possible, destroy the Soviet Union and the newly-arising socialist countries were defeated. Notorious strategies like 'cold war', and 'containment of communism' ended in debacle, forcing the biggest capitalist country in the world at last to come to terms with both the Soviet Union and People's China. We have now entered a new phase in world history in which detente in the relations between the capitalist and socialist worlds has come to be accepted as a reality. The other method adopted by world capitalism to save itself from the developing crisis—the more ^peaceful' method of reorganizing capitalism on the basis of the Keynesian theory—has proved equally bankrupt. The whole system of 'rejuvenating' capitalism, built up at the end of the world war around such international institutions as the World Bank, the International Monetary Fund and so on—all of them based on the domination of the dollar as the world currency—is today in shambles. It has broken down as decisively as the system built at the end of the First World War collapsed in 1929. The present world crisis of capitalism has thus proved the bankruptcy of the Keynesian theory of bourgeois political economy, as the earlier (1929-33) crisis proved the bankruptcy of the pre-Keynesian political economy. The pundits of bourgeois political economy today are as desparate as their predecessors were nearly half a century ago. This however does not mean that world capitalism will automatically liquidate itself. Those who are holding the reins of power in the capitalist world may be relied up3n to adopt every possible method— coercive as well as 'peaceful'—to give artificial respiration to a dying capitalism. New versions of the Rooseveltian New Deal and the Keynesian programme of rehabilitating capitalist economy are sought to be worked out by economists who are resorting to more and more sophisticated methods of academic analysis. Every one of these measures however is