In this period of world economic crisis, Indonesia has been hailed as a miracle economy, registering a solid 6% annual growth for the past few years amid a sputtering world economy. However, despite this impressive growth, Indonesia cannot escape from the clutches of austerity that is gripping the whole world.

Over the past few weeks Indian politics has been rife with talk of a new electoral front being built to challenge the political hegemony of the currently ruling United Progressive Alliance (UPA), led by the Congress Party, and its rival National Democratic Alliance (NDA) led by the Hindu-nationalist Bharatiya Janata Party(BJP). But, what does this discussion actually represent?

Since the 2008 financial crisis there has been no respite for world capitalism. Its crisis has been deepening on a daily basis. The European Union, the world second largest economy is back in recession. Stocks and bonds have fallen sharply across world capitals.

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