Maoist party wins election

‘This victory is a command by the Nepali people to establish lasting peace’ Prachanda, April 2008

On 10 April, the Communist Party of Nepal (Maoist) (CPN(M)) won elections for a Constituent Assembly with 31% of the vote: they gained 120 of the 240 directly-elected seats and 100 of the seats allotted through proportional representation. The Maoists’ spectacular victory was a shock for the regional and global powers who presumed that the bourgeois Nepali Congress Party and its allies would form the government. The Nepali Congress and Communist Party of Nepal (UML) had 110 and 103 seats respectively. The US embassy in Kathmandu had scornfully predicted that the CPN(M) would garner a mere 10% of the vote.

 

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EDITORIAL / FRFI 141 Feb / Mar 1998

FRFI 141 February / March 1998

Southeast Asian crisis: gnawing away at the foundations

The smugness of international bankers and US government officials that they have contained the southeast Asian economic crisis should deceive no one. While the world's major stockmarkets may, for the time being, have recovered from the dramatic falls of last autumn, the southeast Asian crisis is gnawing away at the foundations of the international capitalist system.

The massive $100bn IMF-led rescue operation has prevented an immediate collapse of the major southeast Asian economies and delayed the impact of the crisis on the dominant imperialist nations. In the third week of January, IMF managing director Michel Camdessus felt able to reject fears that the Asian crisis would unleash a deflationary wave throughout the world economy. The US economy, he said, was well able to absorb the shocks, the impact on the European Union would be marginal, and the threat to the emerging markets in Latin America and eastern Europe was limited. Confidence is everything when the foundations are rotten and it was, after all, what investors on the stockmarkets needed to hear.

 

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