The Current Upsurge of Fascism
Oct 18th 2017, Prabhat Patnaik
To describe the present upsurge of fascism as nationalist or populist would be misleading. Neither is it a replication of the fascism of the 1930s. However, it is marked by four features, which have been common to all fascist upsurges in the past, namely: rise of supremacism, apotheosis of unreason, proliferation of fascism as a movement, and intertwining of fascist movement and corporate capital.
The de-digitisation of India
Oct 12th 2017, Jayati Ghosh
The failure of digitisation is the result of the Central government's cart-before-horse attitude to policy, which does not take into account the wider context and the supportive and enabling conditions that must be met for any policy measure to succeed.
Create a Crisis and make it Worse
Oct 12th 2017, C.P. Chandrasekhar
The government's proposal to set up an all-powerful entity to solve the NPA problem has serious implications for banks and could leave them vulnerable to, among other things, runs by depositors.
Strangulating the Informal Economy
Oct 12th 2017, Prabhat Patnaik
The current slowdown in the economy, aggravated by the persistent world economic crisis, has much to do with the twin coercive instruments of demonetisation and GST wielded by the state to strangulate the informal economy in a bid to "formalise" it.
The Class Content of the Goods and Services Tax
Oct 5th 2017, Prabhat Patnaik
In the discussions about GST, the class content of this new tax regime has been missed. Through an overall increase in the taxation of the informal sector i.e. of the petty producers and the small capitalists, it has unleashed the twin process of centralization of political authority and the centralization of capital, which in turn strengthen one another.
The Growing Income Inequality
Oct 5th 2017, Prabhat Patnaik
The conclusion drawn by Piketty and Chancel in their recent paper shows a greater income inequality in India than it has ever been in the past century. But what stands out is that the trend perfectly synchronizes with transition to neo-liberalism, a stage of capitalism wherein international finance has gained hegemony, and no longer remains a policy choice.
Winner-take-all Political Funding
Sep 28th 2017, Jayati Ghosh
By introducing the opaque and hugely problematic system of electoral bonds, the BJP-led government at the Centre has indicated that it is not really interested in fighting corruption but only concerned with expanding its hold on power.
Mixed Signals from the External Sector
Sep 28th 2017, C.P. Chandrasekhar
Large capital inflows have boosted foreign exchange reserves and resulted in the rupee strengthening. Although exports have not done badly, the widening trade deficit owing to a rise in the import bill can worsen the current account position and create a vicious circle.
A Bull in a China Shop
Sep 26th 2017, Prabhat Patnaik
The BJP government, through demonetization and GST, coupled with the world economic situation, it is causing a rare co-occurrence of three phenomena: a stagnation of the countrys' economy, a revival of inflation, and a yawning current account deficit on the balance of payments. As the era of cheap money in the U.S. and elsewhere come to an end, Indian assets might pass into foreign hands.
Agrarian Conditions and Recent Peasant Struggles in Sikar
Sep 25th 2017, Vikas Rawal
Kisans of Sikar have fought many valiant struggles against oppression and against anti-people state policies. This year's struggle in Sikar has once again shown that it is only through such mobilisations of working people that anti-people actions of the current government can be checked.
The Epidemic of Vigilantism
Sep 20th 2017, Prabhat Patnaik
In a situation where the secular political leadership has lost a good deal of its credibility and "grassroots vigilantism" is becoming a widespread, veritable epidemic under growing fascism, the judiciary continues to remain a credible instrument for the reassertion of the values that the Constitution associated with a "modern" India.
Deras and Evangelicals
Sep 20th 2017, Jayati Ghosh
Deras, like the Pentecostal Church in the U.S. and elsewhere, are popular because they address the needs and aspirations of those socially excluded by organised religion and economically marginalised by globalisation.
Downturn Blues
Sep 20th 2017, C.P. Chandrasekhar
The most recent deceleration in growth is the result of the inability of the system to sustain the artificial stimuli that the neoliberal policy environment facilitated. It is a problem that does not lend itself to easy resolution.
Peasant Struggles in Shekhawati in the Early Twentieth Century
Sep 13th 2017, Vikas Rawal
The article is highly relevant to the ongoing peasant struggle in Rajasthan (Sikar) today. It examines the historical evidence that shows that the emergence of economically and politically dominant landlords from among Jat, and to a smaller extent Brahmin, castes in Shekhawati is a relatively recent phenomenon. Peasant struggles in Shekhawati in the first half of the twentieth century brought an end to the shackles of the Jagirdari system, which fundamentally changed the structure of control over land with tenants-at-will getting ownership rights over land.
Sanitation workers in India
Sep 9th 2017, Jayati Ghosh
The deeply entrenched casteist approach to manual scavenging is part of public policy and explains why the practice continues unabated and why the Swachh Bharat Abhiyan in effect relies on it.
America's Turn Towards Fascism and Its Contradictions
Sep 4th 2017, Prabhat Patnaik
While the turn of the U.S. towards fascism is unmistakable, the contradictions associated with this turn, and the complexity of the process of formation of the partnership between big business and fascist upstarts within the framework of a non-fascist bourgeois State to start with, are also clearly visible.
The Truth About Demonetization
Sep 1st 2017, Prabhat Patnaik
The recent RBI report that shows that 99% of the demonetized currency notes have been returned proves false the governments’ claim that the scheme, that shook the whole economy, would cripple the black economy, an argument whose success lay in the demonetized currency not coming back to the system. Moreover, with re-monetization complete, there has been no "flushing out" of black money whatsoever.
The Economy: 70 years after Independence
Aug 30th 2017, C.P. Chandrasekhar
Indias' reliance on fortuitous and volatile stimuli to drive growth has resulted in inadequate job creation and widened inequalities while failing to address social deprivation.
A Dangerous Analogy
Aug 24th 2017, Prabhat Patnaik
Democracy in India faces a severe threat from the penchant for centralization and uniformity that the Hindutva forces have and which Modi articulated in the Central Hall on July 1 through his misleading analogy between the GST and the integration of princely states by Vallabhbhai Patel during Independence. Such comparison puts a tax reform and democratic revolution on the same platform, confusing biased centralization with unity of the country.
150 years of 'Das Kapital': How relevant is Marx today?
Aug 24th 2017, Jayati Ghosh
After 150 years of 'Das Kapital', the seminal work of the 19th century economist still provides a framework for understanding contemporary capitalism. The unique social relations such as "free labour" and "commodity fetishism", that according to Marx, define capital, are reflected in the uneven and unstable development of the world market.
Economy Plunging Headlong into Recession
Aug 16th 2017, Prabhat Patnaik
The few days old Volume II of the Economic Survey by Ministry of Finance shows a GVA growth rate much less than that of the previous year, and that too artificially boosted by seasonal variations in non-core sectors. This deceleration is most likely to continue, with growing NPAs and plunging exports, and interest rate cuts will not help in a demand-constrained economy unless the government starts thinking beyond "fiscal rectitude".
Financing Education
Aug 8th 2017, Prabhat Patnaik
The central governments' Draft National Education Policy promotes privatization of education to meet its target, which is not only logically absurd but also legitimizes inequality. Solutions like student loans are impractical with educated unemployment, and fee subsidies turn counterproductive. The one efficient way is to extract the private funds through progressive direct tax, but that seems impossible in this neo-liberal era.
Twenty Years after the Asian Financial Crisis
Aug 7th 2017, Prabhat Patnaik
It was the free flow of foreign capital through "financial liberalization" that led to the East Asian Crisis of 1997, from which the "tiger economies" have not yet recovered fully. Even now, the augmented foreign reserves of these third world countries remain woefully inadequate to finance debt to foreigners, as the hegemony of international finance capital builds over their own assets.
NPAs: All talk and no action
Aug 4th 2017, C.P. Chandrasekhar
The problem of large NPAs of nationalised banks can be traced to the neoliberal reforms in the financial sector and outside, which prevent large government investments in infrastructure and capital-intensive industries that are imperative for development but too difficult a responsibility for the private sector to shoulder.
Progressive Mobilization in Europe
Jul 19th 2017, Jayati Ghosh
The G20 summit in Hamburg was an occasion for public affirmations of the continued power of progressive ideas and calls for action around issues that really matter, in the form of an alternative summit, performance art demonstrations, and marches.
The Hamburg Fiasco
Jul 19th 2017, C.P. Chandrasekhar
There is no sign of any consensus coming out of the G20 on the need for a mix of globally coordinated policies and a fiscal push to pull the world economy out of recession. What we have once again is a set of statements that says everything and therefore nothing.
Three Deaths
Jul 19th 2017, Prabhat Patnaik
Prabhat Patnaik mourns the deaths of three of his close friends, all brilliant people: Arup Mullick, Basudev Chatterji, and Nirupam Sen, whose outstanding character and intellectual genius will be greatly missed.
Justice in the Age of Finance
Jul 7th 2017, C.P. Chandrasekhar
The very limited Barclays prosecution comes in the wake of a half-hearted investigation effort, which has thus far completely let off all those who took the world economy to the verge of a crisis akin to the Great Depression. It is not clear if anything will finally come out of even this case, which is aimed at merely teaching a lesson to those who hurt a bunch of financial investors by violating insider rules.
The Macroeconomics of Basic Income Grants
Jul 7th 2017, Jayati Ghosh
The idea of "Universal Basic Income", today treated as novel, in fact dates back to Kautilya's Arthashastra and Thomas Mores' Utopia in the 16th century. Milton Friedman's "negative income tax" also revolved around the same idea, which was rightfully criticized by Minsky for inducing inflationary expansion in place of direct welfare schemes. Considering distributional effects, direct job creation is a more effective way to tackle poverty.
The Rights of the Child and the G20 Summit
Jul 3rd 2017, Sir Richard Jolly
Fresh research from UNICEF shows that the number of children in poverty, in rich countries has increased as a result of austerity policies. An average of one in five children in 41 high income countries lives in poverty. Children and their rights do not even seem to feature in the G20 manifesto, even as it stresses the ending of austerity policies and encouraging public budgets that promote development and poverty eradication.
The Roots of the Agrarian Distress in India
Jun 29th 2017, C.P. Chandrasekhar
The policy shifts of the reform era have not been in favor of agriculture. Trade liberalisation, deregulation and a greater role for market forces have not benefited the farmer, who is trapped in a persisting crisis. It is time for today's policy makers to recognise their own disconnect, and learn from the evidence at hand.
Development for Whom?
Jun 22nd 2017, Jayati Ghosh
Calls for a new development paradigm grow louder each day, especially in rapidly growing countries like India. Award-winning development economist Jayati Ghosh explores prospects for such a new model of equitable and sustainable development with Allen White, Senior Fellow at the Tellus Institute.
Computer Outages
Jun 22nd 2017, Jayati Ghosh
While our dependency and vulnerability towards computers is becoming almost universal, the false resilience and reliability of the cyberspace is being exposed through recent system breakdowns caused due to extremely minor human errors and absen and governments see cyber maintenance as a luxury, which itsece of adequate backup. In these days of cost cutting, CEOslf has become a reason for its fragility.
The Economy under Modi
Jun 20th 2017, Prabhat Patnaik
As per official data, half of the country's population witnessed no improvement in real per capita income over the three Modi years. Other indicators like the demand from net exports, Central Government expenditure (as a proportion of nominal GDP) and number of new jobs created in the organized sector, all reflect a gloomy picture of the Indian economy. The government has been keen on keeping finance capital happy while compromising on these matters.
Imperialism Still Alive and Kicking: An interview with Prabhat Patnaik
Jun 20th 2017, C. J. Polychroniou
Imperialism is the arrangement that the capitalist system sets up for imposing income deflation on the working population of the third world for countering the threat of inflation that would otherwise erode the value of money in the metropolis and make the system unviable. A delinking from globalization by an alternative State, based on a worker-peasant alliance, is required for improved living conditions of the third world working population.
Growing Class Resistance Against "Globalization"
Jun 19th 2017, Prabhat Patnaik
Universal non-class use of the term "globalisation" and its "other" "nationalism" by the bourgeoisie has enabled them to show the former as progressive and latter reactionary for all classes. But recent election results in major countries reflect the rise of resistance of the worker class against the hegemony of "globalised" finance capital everywhere. Even in India, for the first time in three decades, anti-labour policies are being challenged by strong peasant movements in many states.
One Belt, One Road, One Grand Design?
Jun 10th 2017, Jayati Ghosh
As Trump adopts protectionist measures, President Xi Jingpings' project "One Belt One Road" is an overwhelmingly ambitious plan to restore faith in globalization. Aiming to perfectly connect 60 countries to China, it is expected to face huge political and financial difficulties. Although it points to a new kind of Chinese imperialism, such a world of competitive superpowers might open new opportunities for the developing nations.
The GDP Elephant
Jun 6th 2017, Jayati Ghosh
National income is hard to estimate in India where so much activity and employment is in the informal sector. Much of GDP calculation is not purely "technocratic" but relies on judgments and assumptions. As long as our system of national accounting does not clarify the real impact on the economy and the actual degree of deceleration of economic activity, we will remain in the dark.
Why Workers Lose
May 30th 2017, C.P. Chandrasekhar
The IMF's push to delink the decline in the share of labour in national income from the rise of finance, neoliberalism and globalisation leads to a set of banal prescriptions on how to deal with a problem that is at the centre of the crisis of capitalism today.
What the data tells us about 'Sabka Saath, Sabka Vikas'?
May 26th 2017, Anamitra Roychowdhury
Modi rose to power by promising development for all, but his policies have fallen short in meeting any of the related targets, especially with respect to employment and livelihoods. A minor increase in farm income was met by the lowest-yet wage increase under MGNREGA. Belying the promises of the Skill India programme, Quarterly Employment Surveys show even greater joblessness. Resource allocation to health and education has seen negligible growth in the past three years. And the government narrative has shifted from development to moral policing.
A Simple Arithmetic
May 25th 2017, Prabhat Patnaik
The advance GDP estimates for 2016-17, however calculated, show a grim picture of the economy. The real per capita income of the agriculture-dependent population, which constitutes half the country's populace, has remained stagnant or even marginally declined during the three years of the Modi government. While the pursuit of neoliberal policies can be held responsible for this, treating the aggregate growth as a "great achievement" for political mileage is unwarranted.
World Capitalist Crisis getting Accentuated
May 22nd 2017, Prabhat Patnaik
After a brief illusion of recovery in the U.S., the world economic crisis is getting accentuated. Trump administration would rather increase its fiscal deficit, if at all it does, through tax cuts than state expenditure under the hegemony of finance capital. This might further suppress consumption expenditure, already constricted by falling global wages. Such policies, paired with hostile protectionism, would make correcting over-production and hence overcoming world crisis, almost impossible.
Public Bank Privatisation in a Post-truth World
May 17th 2017, C.P. Chandrasekhar
Narendra Modi government appears to have decided to privatise public sector banks (PSBs). Preparations are underway with arguments being marshalled that "there is no alternative" to privatisation.
The Illusion of an Economic Spring
May 17th 2017, C.P. Chandrasekhar
While policy makers, analysts and observers paint a picture of an ongoing global economic recovery, the numbers seem to drag the optimists down.
The Ways of the Judiciary
Apr 26th 2017, Prabhat Patnaik
There is a disturbing common pattern underlying the cases of Babri Masjid and the location of liquor shops and bars; and it is that the proverbial blindness of justice appears to be absent in both cases.
Industrial Growth and Demonetization
Apr 24th 2017, Prabhat Patnaik
Recent data on the manufacturing sector dispel all the lies that government propaganda has been peddling of late about demonetization having had no recessionary effect.
Communalism and Working Class Struggles
Apr 10th 2017, Prabhat Patnaik
Neo-liberalism creates the condition for the growth of majority communalism by making mobilizations along class lines more difficult, despite the squeeze it imposes on the toiling classes.
The Nefarious Money Bills
Apr 3rd 2017, Prabhat Patnaik
The amendment of the Company Act by the BJP government is a massive assault on democracy and a legitimisation of the fusion of corporate and State power, and a license for big-ticket corruption.
The Persistence of Child Marriage
Mar 29th 2017, Jayati Ghosh
Despite all the talk of modernisation the prevalence of child marriage still continues across most parts of the country.
Narendra Modi on Poverty
Mar 20th 2017, Prabhat Patnaik
When Narendra Modi talks of shifting away from giving doles to the poor, what he has in mind is that the money being currently used for welfare schemes for the poor should be withdrawn from such schemes and handed over to the corporate magnates.
The Rise and Fall of South Korea's Chaebols
Mar 15th 2017, C.P. Chandrasekhar
Even though an alliance between big business and politicians is threatening the survival of democracy in South Korea, a near-unprecedented process of penalising corruption and bribery has begun there because of popular pressure.
The Consequences of Legal Impunity
Mar 15th 2017, Jayati Ghosh
The way the state dealt with the two communal massacres and their aftermath in Bihar and Gujarat is a stinging commentary on India's justice system in an area where it possibly matters the most.
Bad Bank Proposal for India
Mar 15th 2017, T Sabri Öncü
The author's bad bank proposal for India would be capitalised with zero coupon perpetual bonds the government would issue and would give the country some breathing time so that she can attack and tackle all her other problems.
The Latest GDP Estimatess
Mar 13th 2017, Prabhat Patnaik
The article discusses the possible reasons for the latest GDP estimates provided by the CSO not capturing the recessionary impact of demonetization which is an indisputable and established fact.
Wicked Loans and Bad Banks
Mar 8th 2017, C.P. Chandrasekhar
A trail of defaults is ensuring that the NPA ratio is not stabilising, as the RBI expected it would, once assets misclassified as restructured and standard are recognised as non-performing.
Interest Rates and the Use of Cash
Mar 7th 2017, Prabhat Patnaik
It is ironic that under the most advanced form of capitalism today demands are being made which would push us back into the age of gold-money from where mankind had begun its journey into the realm of money.
Evolution of India as a Nation
Mar 6th 2017, Sitaram Yechury
This piece is the author's deliberations made in the Opening Session, "The Idea of the Nation" of the day-long Seminar on "Interpreting the World to Change It", held on February 11, 2017, in New Delhi to mark the release of Festschrift for Prabhat Patnaik.
Quarterly GDP Estimates: Curiouser and curiouser
Mar 2nd 2017, Jayati Ghosh
CSO's latest GDP estimates for the third quarter throw up some real surprises as these run counter to all the evidence of depressed demand, of massive drops in sales, of job losses and of a significant hit especially on small scale and informal manufactured goods producers following demonetisation.
Is it India's Subprime?
Feb 14th 2017, Rohit Azad
By presenting a comprehensive picture of the current corporate debt crisis in India, the author cautions that the situation is very similar to the one that led to the US subprime crisis.
Before UBI, We must First Get Social Spending Basics Right
Feb 13th 2017, Anjana Thampi and Ishan Anand
Providing a UBI in place of existing schemes will not change the fundamentally unequal income distribution in the country. The way to resolve the crisis is a redistribution from the rich to the poor.
A Quiet Scholar
Feb 6th 2017, Prabhat Patnaik
Amitava Bose, as described by the author, was not only the finest macro-economist in the country, but among the best anywhere in the world and a true gentleman.
Power: The web of debt
Feb 3rd 2017, C.P. Chandrasekhar
Caught in a peculiar web of debt, Jharkhand defaults on payments for power making the aim of NDA government's scheme UDAY, announced with much fanfare, remain unrealised.
A Universal Basic Income in India?
Feb 3rd 2017, Jayati Ghosh
The idea of basic income that is very much part of the idea of a universal social protection floor, cannot be seen as a substitute for public provision of basic goods and services; rather it must be an addition to it.
China's Capital Flight Syndrome
Jan 30th 2017, C.P. Chandrasekhar
The sudden collapse in reserves due to an outflow of capital in a country that was considered the favoured destination for FDI points towards the fact that China is now paying the price for the capital account liberalisation measures adopted with its entry into the WTO.
Neo-Liberal Capitalism and India's Nationhood
Jan 30th 2017, Prabhat Patnaik
The era of neo-liberalism has seen a retrogression when it comes to the material pre-requisites for the nation-building project that had been launched with the anti-colonial struggle.
No Digital Base for a Cashless Economy
Jan 27th 2017, C.P. Chandrasekhar
In the absence of a digital base for a cashless economy, India's road to a near-cashless economy seems fairly long and the journey is likely to be slow and tedious.
The Widening Gap between Rich and Poor
Jan 23rd 2017, Jayati Ghosh
Evidently the problem of inequality has intensified over the last decade or so, and this is largely because of worsening income and asset distribution in the era of globalisation.
The Tenuous Relationship between Make in India and FDI Inflows
Dec 29th 2016, K.S. Chalapati Rao and Biswajit Dhar
This policy brief looks at the magnitude and nature of FDI inflows into India since the Make in India programme was initiated. In the process it raises serious doubts about the reliability and suitability of the official data.
It's the Private Debt, Stupid!
Nov 15th 2016, T Sabri Öncü
The global debt of the non-financial sector has reached an all-time high in 2015 and two-thirds of this debt, amounting to about $100 trillion, consists of liabilities of the private sector.
Colombia: The search for elusive peace
Nov 9th 2016, Jayati Ghosh
Despite the peace agreement was rejected by the referendum, the peace process in Colombia is not over and there is hope that the agreement can be tweaked and then implemented.
How is India Inc Doing?
Oct 28th 2016, C.P. Chandrasekhar
The scenario of India's manufacturing sector seems to be one where the sector, when considered as a whole, is settling for higher profits even at the expense of lower sales volumes.
Understanding the American Right
Oct 26th 2016, Jayati Ghosh
One of the reasons for the solid, intense support that Donald Trump commands is his complete disdain for political correctness, which appears exhilarating and liberating to such people who have felt suppressed for so long.
Developing "Infrastructure"
Oct 25th 2016, Prabhat Patnaik
One can intervene in income distribution in an egalitarian direction by restraining the investment in infrastructure that is met at the expense of other socially-pressing needs and rationing the infrastructure in question.
The Growing Resistance against Globalization
Oct 21st 2016, Prabhat Patnaik
All across the world the tide is beginning to turn against globalization through the growing resistance of the working people and remarkably, nowhere it is being led by the Left.
The Hegemony of Finance
Oct 19th 2016, C.P. Chandrasekhar
Finance has been able to successfully stall reforms that the 2008-09 crisis had established as being urgent and imperative, and the consequences of that are bound to be damaging.
Who's Afraid of the Fiscal Deficit?
Oct 19th 2016, Jayati Ghosh
The FRBM Act has generated one of the biggest practical problems of increasing the propensity of the government in many countries to evade it by making various off-budget expenditures through SPVs and other such devices.
Focus on Inequality
Oct 18th 2016, Prabhat Patnaik
While in its publication tracking progress towards poverty removal and curtailment of inequality, the World Bank expresses optimism over the fact that two-thirds of the countries it examined showed a positive shared prosperity premium, the author here explains why this optimism is misplaced.
Agribusiness: Consolidating against the farmer
Oct 4th 2016, C.P. Chandrasekhar
American seed major Monsanto's aggression shows that the mega merger movement in the global agribusiness area is less about cutting costs and more about protecting profits.
Federalism and the Goods and Services Tax
Sep 16th 2016, Prabhat Patnaik
The introduction of the Goods and Services Tax as currently visualized amounts to an interference with the "basic structure" of our Constitution of which federalism constitutes a prominent part.
Rajan's Exit
Sep 15th 2016, Prabhat Patnaik
The reason for the government's dithering over an extension of Raghuram Rajan's term, which led to his decision not to ask for one, cannot be attributed to his stance on interest rates.
Recognising Different Skills and their Uses
Sep 14th 2016, Jayati Ghosh
Definition of skill with reference of economic activities is more complex, involving different kinds of skills that are not always easily recognised, since purely technical skills seem to get all the attention in the discussion about skill formation.
Revving Up the Bond Market
Sep 12th 2016, C.P. Chandrasekhar
The new measures announced by the RBI aim at making the conservative institutional investors more bond-savvy and the bond market an important source for long term capital but in the process household savings would be exposed to increased risk.
An Overburdened Instrument
Sep 7th 2016, C.P. Chandrasekhar
The interest rate that is seen as being the principal instrument for macroeconomic management is proving to be a blunt tool when combatting inflation or promoting growth.
The Flawed Premises of GST
Aug 30th 2016, Chirashree Das Gupta
The author in this article takes a second look at the biggest tax reform in a long time and points out where the rationale for the goods and services tax is flawed.
The Business of Wilful Default
Aug 3rd 2016, C.P. Chandrasekhar
Adventurous lending followed by wilful default that has become more common in recent years, is linked to the change in banking practices and the pursuit of quick profits after liberalization.
Managing the Corporate-Communal Alliance
Aug 2nd 2016, Prabhat Patnaik
To keep the corporate-communal alliance going, the recalcitrant elements on both sides have to be managed carefully and the alliance must deliver to the partners who constitute it.
The Post-1991 Growth Story
Jul 29th 2016, C.P. Chandrasekhar
Economic growth post liberalization has been riding on a credit bubble. Neither has it made the manufacturing or exports sector robust, nor has delivered any benefits to those steeped in poverty and deprivation.
Globalization and the World's Working People
Jul 11th 2016, Prabhat Patnaik
Contrary to the impression that Globalization would benefit all, it has actually worsened the conditions of the broad mass of the working people in both parts of the world.
After Brexit
Jul 6th 2016, C.P. Chandrasekhar
Whatever the long term implications of Brexit are, it could, in the short run, disrupt world trade, and worsen the depressed conditions confronting the current world economy.
Broken Promises to India's Youth
Jun 10th 2016, Jayati Ghosh
Quite contrary to its original promise, job creation no longer seems to be a major policy priority of the Modi government, which has shown itself to be remarkably anti-youth.
Two Tales of Contrast
May 26th 2016, Jayati Ghosh
Among the terrible legacies of the Modi government's first two years, are its double standards, as evidenced by the recent experiences, which will have negative repercussions.
India's Collapsing Exports
May 26th 2016, C.P. Chandrasekhar
The downturn in India's export performance, that is much worse than other comparable countries, is a reflection of deeper structural weaknesses in the composition of its exports.
Societal Involution in the North
May 16th 2016, Jayati Ghosh
Recent social and political trends in the US and in parts of Europe point to the regressive tendencies that seek to recreate a past that seems less complicated, but manages to intensify unhappiness.
Against the Assault on Thought: A lesson for the Left
Apr 28th 2016, Rohit Azad
When the state cannot hide behind a facade of national performance, the government looks for an alternative category of us versus them which is used to divide the people and rule.
No Clue to the Future
Apr 27th 2016, C.P. Chandrasekhar
The failure of the G20 countries to agree to an action plan not just to ensure recovery but prevent a second slump, may lead to countries adopting beggar-thy-neighbour policies.
A Singular Person
Apr 27th 2016, Jayati Ghosh
The new collection of Ashok Mitra's essays gives a sharp analysis of contemporary India and a sentimental journey that provides an evocative and memorable tour of some aspects of its making.
The Phenomenon of Negative Interest Rates
Apr 21st 2016, Prabhat Patnaik
Even the unconventional measure of charging negative interest rates, as the author says, is unlikely to end the recession because capitalism today is in a deep structural crisis.
Another Setback for the Tatas
Apr 13th 2016, C.P. Chandrasekhar
Tata Steel's decision of closing its steel operations in the UK reflects the pitfalls of Indian companies seeking success abroad rather than fixing problems at home.
The State of the Economy
Apr 8th 2016, Prabhat Patnaik
There is a remarkable constriction of the size of the domestic market and stagnation of industrial sector in India due to inadequate purchasing power in the hands of the people.
Tata Tried to Turn the Tables on Britain. It Failed
Mar 31st 2016, Jayati Ghosh
A sense of reversal of colonial roles might have played a role in Tata Steel's acquisition of the British steel giant, but the Indian conglomerate seems to have overreached itself.
Exclusion from Public Service, Indian Style
Mar 30th 2016, Jayati Ghosh
Even with a limited focus on three essential public goods the India Exclusion Report 2015 brings out the comprehensive and overlapping character of exclusion in Indian society.
Banks and the New Asian Tigers
Mar 30th 2016, C.P. Chandrasekhar
Substantial accumulation of bad debt in the domestic banking systems of India and China seems to be proving too heavy a burden to bear when the good times are disappearing.
Anti-national Economics
Mar 16th 2016, Jayati Ghosh
The author here argues that the policies that go against the interests of the people are anti-national and NDA's economic policies are profoundly anti-national in that sense.
Why do we have Unemployment?
Mar 14th 2016, Prabhat Patnaik
Under neoliberal capitalism, where the level of activity requires bubbles to sustain itself, the existence of unemployment must be attributed to the paucity of aggregate demand.
A Sinister Pattern Underway
Mar 7th 2016, Aruna Roy and Nikhil Dey
The ruling party is doing its best to establish that being critical of its government is tantamount to being anti-national. It is time for us to realise that the freedom won so hard, is under threat unless we collectively protect our constitutional rights.
The IMF in Pakistan
Feb 18th 2016, C.P. Chandrasekhar
While presenting a positive picture of the Pakistan economy the IMF conceals the fact that Pakistan's role as an on-and-off strategic partner of the US has undermined its ability to find an independently funded growth strategy.
The Battle to Defend the Employment Guarantee Scheme!
Feb 12th 2016, Smita Gupta
In the face of the strong opposition from various sections of the society, ensuring the proper implementation of MGNREGA is one struggle that has to be constantly fought.
A Different Oil Shock
Feb 4th 2016, C.P. Chandrasekhar
Given the magnitude of the oil price fall, the world economy seems set for a deflationary crisis rather than expansionary deflation.
Technology and the Future of Work
Feb 4th 2016, Jayati Ghosh
We need to take a new look at technological change because the kind of technological change that is more disruptive rather than productive is neither inevitable nor that desirable.
Privatization: Any method in this madness?
Feb 3rd 2016, C.P. Chandrasekhar
The government signals towards winding down the public sector allowing the private sector to occupy the spaces it has, for long, avoided. But this predatory exercise involves large developmental costs.
Growth through Redistribution
Jan 21st 2016, Prabhat Patnaik
Contrary to the portrayal by the neoliberal spokesmen, the Left position does not accept the growth versus redistribution dichotomy, rather asserts that growth can occur in a sustained manner through redistributive measures.
MNREGA under the Modi Regime
Jan 21st 2016, Jayati Ghosh
The continuous cutting down of the financial outlays for the programmes like MNREGA clearly indicates the central government's appalling disregard for its legal obligations.
The Abolition of the NDC
Jan 11th 2016, Prabhat Patnaik
The abolition of the NDC adds a final touch to the Modi government's project of centralizing powers and resources, which is an essential element of the neo-liberal strategy.
The Heavy Price of Economic Policy Failures
Jan 7th 2016, Jayati Ghosh
While the citizenry pay a heavy price for economic policy failures, those responsible for the implementation of this are never blamed and they continue to impose their power and expertise on economic policies and on governing institutions.
A Candid Assessment?
Jan 6th 2016, C.P. Chandrasekhar
The Finance Ministry's mid-year review talks of positives, that are more in the nature of disappearing negatives, but it cannot conceal the fact that there has been little advance on the development front.
IDBI Bank: The door to denationalisation
Jan 4th 2016, C.P. Chandrasekhar
The decision to privatise IDBI Bank is the beginning of a larger process of denationalisation of banking in India that would lead to exclusionary banking structure most unsuited to India's development needs.
Imperialism's New Trade-Negotiating Strategy
Dec 28th 2015, Prabhat Patnaik
The Nairobi ministerial meet marks a shift in the strategy of imperialism from multilateral trade agreements to regional trade agreements and from seeking grand agreements to negotiating only specific issues.
Financial Services under WTO: Disciplining governments and freeing
business
Dec 22nd 2015, C.P. Chandrasekhar
Services trade negotiations at the World Trade Organization may fail at the Doha Round, only because there has been no progress in agriculture and industrial goods trade.
The Seventh Pay Commission Report
Dec 14th 2015, Prabhat Patnaik
A drastic squeeze on salary increases and a widening of disparities within the real emoluments of the central government employees imposed by the 7th Pay Commission typically characterizes a neo-liberal regime that must be resisted.
Of Polls, Politics and Punditry
Nov 30th 2015, Jayati Ghosh
Bihar election results have proved to be an outstanding example of the limits of the English speaking national media, both in terms of predictions and analysis.
The Stench of Counter-Revolution
Nov 13th 2015, Prabhat Patnaik
Today we witness an attempt to change the nature of the Indian State to a Hindu Rashtra, which is a hallmark of the counter-revolution and needs to be resisted with all strength.
The Slogan of "Make in India"
Nov 10th 2015, Prabhat Patnaik
Although apparently the "Make in India" campaign appears innocuous, it is actually a dangerous one since the potential thrust of the campaign is in the direction of constricting democracy and squeezing the working people.
The Nobel Committee for Economics Makes Amends, at Least for Now
Oct 16th 2015, C.P. Chandrasekhar
The choice of Angus Deaton as winner of the 2015 Economics Nobel comes at a time when there is increasing global concern about rising inequality.
The Question of Learning
Oct 15th 2015, Jayati Ghosh
The abysmal state of school education in Rajasthan is symptomatic of a deep and cynical neglect of public education that is likely to have devastating consequences for the future of our society.
Interesting Turn Around
Oct 14th 2015, C.P. Chandrasekhar
The recent rate cut by the RBI reflects a shift in its policy stance and signals that it has accepted that the biggest threat in India today is not inflation, but deflation.
Cutting off Aid to India is more about Selfishness than Sense
Oct 12th 2015, Jayati Ghosh
The cessation of foreign aid to India symbolises Britain's lack of empathy for the less fortunate and the absence of any sense of accountability for its own past actions.
The Retail Investor as Anchor
Oct 6th 2015, C.P. Chandrasekhar
A pullout by FIIs underlies the market decline is broadly agreed upon, but that the decline would have been much greater but for a contrary entry of retail investors is less commented on.
The State as Fiefdom
Oct 6th 2015, Prabhat Patnaik
Using the State machinery for settling personal scores must qualify as corruption and must be opposed.
No Case for Complacence
Oct 5th 2015, C.P. Chandrasekhar
The yuan depreciation can trigger a chain of events that would convert the creeping world recession into another full-fledged crisis and India cannot be immune from contagion.
Europe's Refugee "Crisis"
Sep 30th 2015, Jayati Ghosh
Asylum seekers do not have an easy time anywhere, but the richer countries have without question been meaner, more oppressive and more restrictive in their dealings with them.
The Retreat of the Emerging Markets
Sep 16th 2015, Jayati Ghosh
The process of export-led growth strategy that led to declining wage share and increasing inequalities and environmental problems has ultimately proved to be unsustainable.
Giving Water Workers their Due
Sep 11th 2015, Jayati Ghosh
The workers who ensure the treatment, delivery and conservation of water across societies are the vast majority who are informal workers, often unpaid and largely unrecognised.
The Devaluation of the Yuan
Sep 8th 2015, Prabhat Patnaik
With the depreciation in the Chinese yuan, the world economy in all probability is going to face a deflation and a "debt-deflation" syndrome.
"De-Linking" and Domestic Reaction
Sep 7th 2015, Prabhat Patnaik
The author here highlights the fact that it is not de-linking from globalization but globalization itself that conduces to a strengthening of reactionary forces.
Educational Matters
Sep 4th 2015, Prabhat Patnaik
The general absence of any intensity of intellectual engagement in the Indian institutions of higher education today makes the overall situation extremely and indubitably bleak.
Emerging Markets in Retreat
Aug 25th 2015, Jayati Ghosh
From Brazil to Thailand, experiences of the emerging markets confirm that relying only on net export growth or debt-driven bubbles for rapid growth cannot work for very long.
The Future of Public Banking
Aug 21st 2015, C.P. Chandrasekhar
The objective underlying the revival of the recapitalisation of public sector banks is privatisation, which would seriously impact India's infrastructure development programme.
The Debate on GST
Aug 19th 2015, Prabhat Patnaik
Transition to a GST regime involves various issues; of which reduction in the powers of the states and the regressive nature of its distributive impact deserve greater attention.
From "Development" to "Poverty Alleviation": What have we lost?
Aug 19th 2015, Jayati Ghosh
The perspective of development has shifted in the neoliberal marketist paradigm and the place of development economics has been replaced by a focus on poverty alleviation.
Black Notes in the Stock Market
Aug 17th 2015, C.P. Chandrasekhar
Even though SIT strongly recommends that PNs should be phased out if they cannot be made more transparent, they are unlikely to be banned as the government fears investor exit.
Why the Fight for a GST?
Aug 6th 2015, C.P. Chandrasekhar
The claims of the government that the transition to a GST regime would increase revenue mobilisation and raise GDP growth are based on models that are by no means robust.
The Socio Economic and Caste Census
Aug 5th 2015, Jayati Ghosh
The Socio Economic and Caste Census provides more comprehensive household listings, but the method of determining the poor that has been adopted in the Census is deeply flawed.
The Internet in "Digital India"
Jul 24th 2015, C.P. Chandrasekhar
According to the latest NSSO data, the proportion of Indian households in which at least one member had access to the internet is far short of the near universal connectivity envisaged by the Digital India mission.
The Search for India's Bulky Middle
Jul 22nd 2015, C.P. Chandrasekhar
The Pew study estimates suggest that in the most successful years of the neoliberal project, the expected expansion of the global middle class, which is required to sustain high growth has not been realised.
China's Stock Market Collapse
Jul 22nd 2015, Jayati Ghosh
The negative impacts of China's stock market collapse, falling exports and the explosion of debt are not just felt within the economy but across the globe.
Great Dream of Prosperity
Jul 21st 2015, C.P. Chandrasekhar
The emphasis on the latest GDP growth numbers, when the figures from other indicators point to the opposite, may be the government's only option to show that all is well.
Looking Back at Debt Relief for the Germans
Jul 21st 2015, C.P. Chandrasekhar and Jayati Ghosh
In the current Eurozone attitudes towards Greece, it is often forgotten that Germany was the major beneficiary of debt write-offs in the 20th century when Greece was its creditor.
The Dismal State of Rural India
Jul 10th 2015, Prabhat Patnaik
The recently released socio economic and caste census paints a dismal picture of rural India where more than half of the total rural households survive on manual casual labour.
A Greek Tragedy that could have been Avoided
Jul 8th 2015, Jayati Ghosh
The EU's insistence on grinding austerity measures and stubborn resistance to even consider the option of debt restructuring forced the Greek people into greater hardship.
The Spectre of the Thirties
Jul 7th 2015, Prabhat Patnaik
The world economy today is reminiscent of the 1930s where competitive easing of monetary policy is not boosting aggregate demand and fiscal policy is barred by finance capital.
The Destruction of Education
Jun 26th 2015, Prabhat Patnaik
The era of globalization of capital brings along a process of destruction of education, but the intrusion of communal-fascism into education is an added element in case of India.
India's Foreign Exchange Hoard
Jun 25th 2015, C.P. Chandrasekhar
Rising foreign exchange reserves have been taken as an indicator of strength of India's external sector, but an examination of how these reserves have accumulated calls for caution.
The Beleaguered Indian Farmer
Jun 24th 2015, C.P. Chandrasekhar
The forecast of a poor monsoon is a real bad news for the Indian farmers as it would not only reduce crop production leading to shortages but also encourage speculative holding.
Calling a Halt to the Pseudo "Trade Deals"
Jun 24th 2015, Jayati Ghosh
The TPP or the TTIP deal is not really about trade; they both are about strengthening the rules that favour capital over not just workers but over citizens in general.
When Will the Next Financial Crisis Start?
Jun 15th 2015, T. Sabri Öncü
The global financial crisis that started in 2007 has never ended and now there are warnings of a looming market liquidity crisis, but when this will hit remains to be seen.
The Declining World Foreign Exchange Reserves
Jun 12th 2015, Prabhat Patnaik
The author in this article explains the reason behind the sudden decline in the world foreign exchange reserves.
Skating on Thin Ice
Jun 1st 2015, Prabhat Patnaik
Indian economy, under the first year of Modi's rule, has experienced massive attack on the welfare programmes, sluggish growth of exports and an increase in the trade deficit.
One Year of Modi Government: Social sector
May 27th 2015, Jayati Ghosh
The Modi government's vast and sweeping cuts in essential social spending will adversely impact the basic conditions of living and affect the prospects of the aspirational youth.
The Economy: The end of euphoria
May 27th 2015, C.P. Chandrasekhar
Despite having a good fortune of lower international oil prices, the Modi government failed to deliver growth in its first year while the expectations are still very high.
Fiscal Consolidation through Austerity
May 25th 2015, C.P. Chandrasekhar
The government's attempt at fiscal consolidation through austerity would not only affect growth adversely, but also has damaging effects on welfare.
Government and RBI: No real stand-off over macro policy
May 8th 2015, C.P. Chandrasekhar
The current stand-off is more of a government effort to regain influence over macroeconomic management, as the government is accountable to the people whereas the RBI is not.
Is the Bull Run Over?
May 8th 2015, C.P. Chandrasekhar
Downturn in financial market is inevitable, but the fact that a host of investors driven by the herd instinct live in denial complicates matters and worsens the outcome.
North Cyprus: Complicated, contradictory, charismatic
Apr 15th 2015, Jayati Ghosh
The historical strife between the Turks and the Greeks has led to a peculiar dilemma for North Cyprus that can only be resolved by the very cosmopolitanism that defines it.
Unseen Workers: Women in Indian agriculture
Apr 1st 2015, Jayati Ghosh
Although women play a pivotal role in Indian agriculture, it is amazing to see how their work goes unnoticed in the public domain.
Questioning India's GDP figures
Mar 16th 2015, C.P. Chandrasekhar
The "too good to be realistic" growth estimate for India put forward by the CSO has been the result of the changes adopted in the data sources and methods.
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