Inverted Yield Curve
Most investors across the world are aware of the fact that yield curves are generally upward sloping. This is because, under normal circumstances, yields for bonds with longer maturities tend to be higher. However, it is possible for the opposite scenario to play out. This means that it is possible for bonds with lower maturities […]
The Economics of Human Resources in the Informal Economy
Nonexistent Rules in the Informal Economy The informal economy operates in a very different way from the formal economy. Whereas the latter is structured and governed by laws and regulations, the former operates pretty much on the rules made by individual players and in a “make as you go” manner wherein on the spot rules […]
Actualizing Business as Usual Strategies for Mission Critical Organizations and Functions
What are BAU or Business As Usual Strategies and how do they Work? Business as Usual or BAU strategies and action plans are meant to keep vital organizational functions and processes up and running even in times of extreme events that disrupt the other functions. This is especially the case when such functions and processes […]
What is Prototyping?
In the previous articles, we have already studied about the proof of concept as well as the minimum viable product concept. However, there is one more methodology that is commonly used in the product development stage after the seed funding has been received. This mechanism is known as “prototyping”. In this article, we will further […]
Factors Impacting the Valuation of a Sports Franchise
Sports franchises are also business entities just like other private companies. Hence, it is possible for the owners of these companies to want to sell their stake just like other companies do. If the owner does want to sell off their stake, they need to know its valuation. Also, the valuation of different clubs can […]
An often-overlooked aspect of the modern political economy is the capacity for change and renewal that is inherent in the way modern democracies work. Despite reversals of democracy where world over we are witnessing the retreat of democracy, there have been notable exceptions to the norm wherein some social and political movements have succeeded in effecting change from below.
The term “change from below” is important, as many political scientists believe that true political revolutions are those that change the system from within and below. For instance, the recent Arab Spring of 2011 resulted in the toppling of several dictatorships in the Middle East and Northern Africa as social and political movements rapidly gained strength leading to the powers that be conceding the demand for change posed by these social movements. Of course, this is not always the case where social movements succeed as we have seen with the Occupy Movement in the United States that petered out without securing its objectives.
The point here is that for social movements to succeed in effecting political revolutions there has to be support from the institutions like the Army, Judiciary, and Bureaucracy. Unless these key stakeholders concede the demand for change, it is impossible to succeed as then the ruling dispensation can either use force to quell the revolution or use official channels to deny what is being demanded. For instance, the call for Total Revolution given by the late mass leader, Jayaprakash Narayan in India in the 1970s failed because there was no support from the institutions.
Similarly, the recent protests against corruption have lost steam because though there was popular support, there was no institutional support. Of course, the protests against violence against women succeeded to some extent in forcing the authorities to implement new laws since there was broad based support from the political and bureaucratic establishment. Hence, the implications for political revolutionaries are that they must lobby the institutional powers to get them on board for their change agenda and along with them; they must use the media effectively.
No discussion on political revolutions is complete without the example of the Indian Independence movement that was led from below and succeeded in actualizing its objective of gaining independence from the British. This movement is a stellar example of what happens when people power is hard to ignore and when large sections of the bureaucracy and the police forces support the aims of the political revolutionaries. On the other hand, many political revolutionaries argue that revolution can happen only through armed means.
However, history is replete with examples of failed revolutions that relied only on armed insurgency and nothing else. Hence, the conclusion here is that political revolutions are best actualized when mass movements are led by charismatic figures, have the support of the majority of the people, and include institutional actors in their agenda.
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