As the world is being pulled in an irrational direction with very many leaders opting for what may be described as Trade Wars and Tariff Terrorism, these words of Lee S Dimin in his book 'Corporatocracy' (iUniverse Inc, Bloomington, 2011), written soon after the financial crisis of 2008, describe the situation: "A world led by the insane to satisfy the greed of a minority at the expense of the many" have been thrown out of gear.

Between 2007 and 2009, the 10 richest men lost $150 billion, several dozen magnates lost $5 billion, and more than 300 billionaires lost $1 billion. Similarly, April 2, Trump's 'Liberation Day,' proved Doomsday for global markets. Apple, Nvidia, Nike and other mega companies lost hundreds of billions in value!

'Insanity' in Dimin's mind finds expression in the 'hunger for power and control'. He sees this insatiable greed in the US of America in the 'corporations' and their high-profile representatives. They have captured 'lobbying influence' over government officials and legislators and have become absolute rulers through their 'rough' representatives in Washington. Thus, democracy has been subverted into Corporatocracy. Insanity reigns! Liz Chamberlin describes Trump's strategy as 'economic lunacy.' Tariff-mad. Apparently, there are some mad dimensions in his methods.

Two Greatest Economies in Collision
Trump's language has been unnecessarily aggressive, discourteous and provocative, demeaning the nation he represents. The tone is imperial and not one suited for negotiations. Bernie Sanders strongly criticises his authoritarian pose and asks whether he is a king. Leaders of most nations look for predictability and reliability from partners. China, like Iran, expects from Trump a relationship of equality and respect… at least a gesture of interest in mutual benefit. Failing to see that, the Chinese spokesperson accuses the US of 'economic bullying,' 'typical unilateral bullying.' The Trumpian response has been the threat of a 54% tariff, raised to 104%, 125%, and 145%. China has hardened its position and says it is ready to 'fight to the end.' The World Trade Organisation has become dysfunctional. There is no one to appeal to.

Meanwhile, JD Vance, US Vice President, blundered into some insensitive statements that earned him a description of being "ignorant and impolite" from China. Take care! The leaders of nations with great civilisational backgrounds cannot be treated like schoolboys. There should be dignity in dealings. Trump has repeatedly described Xi Jinping as smart, very smart. Yet, even as he has delayed tariffs for three months for most nations, he has refused to do so for China. Will China devalue the Yuan? It may help exports but will prompt capital flight.

India-China Ancient Bonds
So, amidst the chaos, the Xi team is searching for friends and markets. India, too, is searching. Xi once said that if India and China were to speak together, the world would listen. If they were to act together, all would take note. Be certain that international forces will ensure they do not do so!! Xi is inviting India to collaborate closely. After all, our economies are interlinked, though India has a major deficit. Our leadership is cautious. After the experiences of 1962 and 2020, the bhai-bhai tone does not return too easily.

But China has taken initiatives. Over 85,000 Indians got Chinese visas in three months. The Chinese spokesperson has repeatedly said India and China are partners, not rivals. In the long term, our civilisational bonds should not be forgotten. A Chinese scholar, Hu Shih, said in 1914, "India conquered and dominated China culturally for 20 centuries without ever having to send a single soldier across the border." In the same way, Xi speaks of an elephant-dragon tango today. No doubt, trust has to be built up gradually.

Sober Thinking
Tariffs may affect India's agriculture, machinery, pharma, electrical and chemical sectors. Don't forget that our external debt has risen to $717.9 billion by the end of December and that the rupee is the second worst-performing currency in Asia. Piyush Goyal assures us we will deal with US tariffs 'wisely.' Leaders generally have been softening their stands. EU President Ursula von der Leyen sought a negotiated settlement with the US. If compelled, she said, they would be ready to retaliate. It is no small matter; EU exports to the US amount to $585 billion.

Dutch foreign minister Caspar Veldkamp thought Trump's tariffs were counter-productive. Tariff raises costs, lowers demand, and the economy suffers. Francis Fukuyama considered building 'trust' to be the key to economic success. Trust collapses with unpredictability and unreliability. Credibility has to be diligently built up and respect earned. These are what are being threatened today. The post-war economic order pulled millions out of poverty, making many countries well-to-do. With Apple, Nvidia, Meta, Google, Microsoft, Amazon, Netflix, and Tesla, America represents the fastest-growing OECD country. Trump's self-pity over deficit trade looks unconvincing.

Larry Summers contends that Trump's tariff war fails intelligent economic analysis; it will cause "an oil-crisis-like shock" to the economy. Others describe it as an extreme disruption that Trump has wrought upon the world. Slow-downs in the US and China will cost the rest of the world more than mere tariff burdens. Global investors have already lost $9.5 trillion, and Indian investors, not less than Rs. 19 lakh crore.

Insanity has an Inclement Consequence: Intense Hate
Lee Dimin argues that as the "intensity of insanity grows," there is an "increase of the emotion of hate." Referring to American domestic politics based on corporate interests, he says hate groups grow at the rate of 4% per year. In 2009, there were 926 hate groups in 50 states. Many of them are armed. They have the support of legislators and judges. He was pointing to Republican arrogance, too evident during the crisis period of 2007-2009. "The lack of civility that has become commonplace among our elected officials is an indication of a decline in the moral makeup of our government."

"Waving the flag does not a patriot make!" The Ku Klux Klan, American Nazi Party, the Aryan nation, and the Aryan Militia…all hide behind the national flag while promoting aggressive ideologies that ignite hatred against fellow citizens and strategies that impoverish the weaker sections. They choose corporations over people, the wealthiest 2% over 98% of Americans.

Similarly, RSS-BJP considers furthering Hindutva interests as building the nation while crippling it with polarisations and divisions. They hide behind Kumbh Mela fervour while stirring anger against Muslims at Mathura, Kashi, and other places. Dattatreya Hosabale, General Secretary of the RSS, has prodded his followers in that direction. They proclaim not "Hindu-Muslim bhai-bhai, but Hindu-Hindu bhai-bhai." Some add: dusron ko katenge ya batenge. As "the real rulers in Washington are invisible and exercise power from behind the scenes," the real power-holders in India are the quasi-invisible RSS leadership at Nagpur, designing divisions and accentuating hostility. Even the Prime Minister had to go and pay respects to them recently.

Partisan Interests before the Interests of the People
Americans are increasingly aware that corporate interests have been prioritised over the interests of the people, as well as people's health issues, clean air, water, and energy issues. They see their money going out to buy votes. The Indian situation is even more evident. BJP received Rs 2,243.47 crore in donations in 2023-24. Elections mean General Bribery. Legislators are purchased outright.

About the US judiciary, Dimin says we have a Supreme Court with a conservative majority that uses 'ideology' rather than the English language to interpret the Constitution to protect the conservative-corporate control of the country. The Indian Judiciary has been thus described: the Collegium seeks to appease the government by selecting some judges favoured by the government, individuals loyal to Hindutva ideology. The former CJI NV Ramana did not hesitate to say that citizens are losing faith in the Judiciary, fearing the unknown, delays, and transparency.

The Corporate Revolution: Reagan's Mass Deregulation
The corporate revolution in the US began with Reagan's mass deregulation (in India with the Modi-Adani-Ambani rise) and closed-door meetings of legislators with the business bosses on whom they depend. "We, the people, may vote, but it is the corporate money that rules the country." "So the people vote, but the corporations control; that is Corporatocracy." The battle of greed vs development is in full swing. Millions are spent on professional "lobbyists." Take note: the wealthy and the Corporate Executives, constituting the top 1% of the population, pay lower income tax than the majority of the taxpayers.

Corporate strategy: if war increases the sale of arms and other supporting items, welcome war, be it in Iraq, Afghanistan, Ukraine, or Gaza. George W Bush's administration vigorously argued that war spending would help the economy recover much faster. Disastrously, he presided over the greatest expansion of government spending since World War II. He ruined the economy: it sank from a $128 billion budget surplus to a $1 trillion deficit when he left office.

Does Trump Remain America's Working Class Hero?
There is another perspective that cannot be ignored. The working class among the Whites feel they are victims of bad trade deals, offshoring of production to countries like China where labour is cheaper, and competitive immigrant labour. Many are forced to take up two or three jobs to make ends meet. They firmly believe that Trump is on the right path. They look at the present struggle as a class war: the American working class against the 'global elites' (In India, during demonetisation: poor citizens against corrupt business magnates).

Doris Haddock argued in 2004, "We need to encourage the localisation and not the globalisation of the economy" to strengthen and 'humanise' it. He felt their jobs had been sold down the ocean. It is true that America now runs massive deficits. In 2008, there was a trade deficit of $821 billion.

Therefore, a school of thought has arisen in Western countries that is both anti-globalisation and anti-immigrant. It is immensely popular among the Middle Class, which sees their income declining. Right-wing parties fiercely supportive of this argument are winning elections in many countries of the West. Trump has been thrown up by this wave. They are forthright in their demand: free trade that weakens the Middle class and strengthens the rich and poor classes should be abolished. They allege that the leadership among the rich are "using" the grievances of the poor to diminish the Middle class.

While we are unable to support all the exaggeration of Far-Right Extremists, the anxieties of the indigenous communities of the Western world cannot be ignored. The flooding of their region by irresponsible immigrants can lead to negative consequences. Migration needs to be regulated, migrants ought to accommodate Western cultures, the heritage of the Western nations ought to be respected, and global trade itself should follow some generally acceptable norms.

Self-criticism Stimulates Thought
Western society, already labouring under guilt consciousness over colonial memories, with ageing populations and a weakening economy, is already dreading an era of decline that seems to press hard on them. They are acutely conscious of the shortage of workers. They long to see creative youthfulness and venturesome initiatives around them. They will need to make responsible decisions about their future.

While the US has the advantage of representing 20-25% of world GDP and has a significant lead in many areas, their resourcefulness too grows limited. They need to be encouraged by an enthusiastic call, "Make America Great Again," which Trump has done. While they may need to pay attention to their own population policy and weakening social habits and value systems, a call to greatness can be given a deeper, broader and farsighted meaning. An evaluation of the political system and social orientations will certainly stimulate thought.

Lee Dimin is merciless when he is at political criticism. He begins by quoting George Bush, who said, "There is distrust in Washington." But Dimin attributes the responsibility to Bush himself, "He lied, misinformed; distorted facts." He surrounded himself with ideologues who were totally incompetent for the positions he appointed them to.

We may seriously ask ourselves whether our situation is any better in India. Amit Shah says there has been perfect peace in Manipur during the last four months. But daily, we hear of violent incidents. Dimin refers to a poster that says, "Politicians lie, people die." Who in America profits from the Ukraine war or Gaza venture, the people or the corporations? The corporations that sell arms prosper, and the people suffer. India grows rich, billionaires thrive, and the poor remain under-nourished. Billionaire wealth forms a third of India's GDP. The others, too, have a right to have a share.

The Chinese philosopher Confucius said centuries ago, "The superior man seeks what is right; the inferior one, what is profitable."