Vanishing Green Shoots
Apr 9th 2019, C.P. Chandrasekhar and Jayati Ghosh

Governments and central banks that were upbeat about global economic recovery are turning pessimistic, making this one more episode of a green shoot that died young.

The Anatomy of Imperialist Intervention
Feb 20th 2019, Prabhat Patnaik

U.S. coup attempts, particularly in Venezuela, reveal the nature of imperialist intervention specific to the era of neo-liberalism. Efforts to overthrow democratically-elected government to advance a corporate agenda have never been so explicit earlier.

“Wageless Growth” not “Jobless Growth” the new conundrum
Dec 17 th 2018, C.P. Chandrasekhar

The 'synchronised recovery' that global policy makers are periodically referring to has bypassed much of the world’s working people. If growth is improving and unemployment is on the decline, then one should expect that wage growth would improve. The fact that it is falling poses a conundrum.

The Emerging International Regime 
Dec 10th 2018, Prabhat Patnaik

The world capitalist crisis of reduced aggregate demand and the protectionism of the U.S. has resulted in a reduced export demand for world economies. Third world countries face enlarged trade and current account deficits, to overcome these deficits, countries like India will have to take measures on their own level.

Neo-liberalism and the Diffusion of Development 
Nov 19th 2018, Prabhat Patnaik
The cycles of ebbs and flows under capitalism result in the behaviour of capitalists alternating between riskless and adventurers when it comes to investments. As the ongoing capitalist recession continues and even gets accentuated, as finance begins to flow back increasingly to the metropolis as is already happening, investment and growth rate in the third world will dry up to an even greater extent than in the metropolis.
External Commercial Borrowings: Difficult times ahead
Oct 12th 2018, Parthapratim Pal and Ahana Bose
The rise in the short term benchmark interest rates by the Federal Reserve of United States may lead to higher capital outflows for India. This would result in increased downward pressure on the rupee, and with the oil prices rising in light of the sanctions on oil exports from Iran, international borrowing is becoming costlier, and will become even more so in the short to medium term.
Hype and Facts on Free Trade 
Oct 10th 2018, C.P. Chandrasekhar
In the light Trump's tariffs that are frightening US corporations and European and North American allies along with Japan and China, a report by IMF, World Bank and WTO have produced Reinvigorating Trade and Inclusive Growth. While persisting on "trade reform", the report fails to recognise the arguments about the distribution of gains from trade. In contrast, the evidence-based arguments presented in the UNCTAD's Trade and Development Report 2018 report are telling.
The Real Problem with Free Trade
Sep 11th 2018, Jayati Ghosh
Even if free trade is ultimately broadly beneficial, the fact remains that as trade has become freer, inequality has worsened. One major reason for this is that current global trade rules have enabled a few large firms to capture an ever-larger share of value-added, at a massive cost to economies, workers, and the environment.
Pakistan: Who needs a crisis?
Aug 29th 2018, C.P. Chandrasekhar
As Pakistan's new Prime Minister, Imran Khan faces the current balance of payments, its important to look at Pakistan’s debt history, especially in light of its association with China's Belt and Road Initiative. With IMF's support to Pakistan in the past, it is to be seen how a proxy stand-off between a retreating power and a rising one plays out.
Did Developing Countries Really Recover from the Global Crisis?
Jul 17th 2018, C.P. Chandrasekhar and Jayati Ghosh
A decade after the Global Financial Crisis, developing countries still bear the scars in the form of lower growth and lower investment rates.
The Indiscreet Aggression of the Bourgeoisie
Jul 4th 2018, C.P. Chandrasekhar
The financial crisis and a subsequent period of recession affecting the majority population in economies points to the fact that neoliberal economic policy might have lost its legitimacy. On the contrast, a change in mood with Brexit and Trump's victory might not be subsequent setbacks with a new aggression on part of the neoliberal elite. Today, across the world, big business is attempting to influence economic decision-making in ways that can save the neoliberal project from collapse.
George Soros on the Current Conjuncture
Jun 25th 2018, Prabhat Patnaik
Factors like the U.S. sucking out finance capital from the rest of the world; the appreciating dollar; the looming crisis for the third world; the refugee problem for Europe are together pushing world capitalism into a serious crisis as put by George Soros. A Marshall plan may save the system but the basic foundations of capitalism are against this proposal.
Has Donald Trump Already Changed US Trade?
Jun 19th 2018, C.P. Chandrasekhar and Jayati Ghosh
Donald Trump is threatening to dismantle the current world trading system, but in his first year US trading patterns show strong continuity with the previous administration.
Trump Versus the Rest
Jun 18th 2018, Prabhat Patnaik
Donald Trump's protectionist stance at the G-7 summit is an example of how disunited capitalist countries are on a possible solution to the capitalist crisis. Because of the position of the US economy, Trump can afford to hold on to his protectionist policies while enlarging the fiscal deficit. What is wrong about this strategy is the possibility of long term repercussions, not just for America but for the capitalist world as a whole.
Shadow Cast by the Rupee
Jun 7th 2018, C.P. Chandrasekhar
The rupee has sharply depreciated in the recent weeks giving reason for concern. The external events of rise in oil prices and rate of interest in advanced economies has led to a surge in the current account deficit and capital outflows respectively. The success of 'the liberalization reforms' lies in the huge capital inflows and thus, has enhanced the periodic bouts of the rupee, hinting to symptoms of a bubble economy.
The Gathering Storm Clouds
May 28th 2018, Prabhat Patnaik
The Indian Economy has all along been critically dependent upon the inflow of speculative finance to sustain its balance of payment. It now faces threatening prospects of a spiral as international crude oil prices and U.S. interest rates, that kept its import bill restricted, are on the rise.
Once again, the Oil Price Scare
May 22nd 2018, C.P. Chandrasekhar and Jayati Ghosh
As oil prices rise again, countries like India that had benefited from relatively low prices in recent years have to reconsider their growth and macroeconomic strategies.
The Return of the Oil Threat
May 11th 2018, C.P. Chandrasekhar
As oil-producing countries, especially Saudi Arabia and Russia, stick to their reduced outputs and as Trump threatens to isolate Iran with sanctions once again, the spectre of high oil prices and the accompanying inflation seem very real.
The Return of a Housing Bubble
May 8th 2018, C.P. Chandrasekhar and Jayati Ghosh
While household balance sheets are not rid of the debt accumulated in the years preceding the 2008 crisis, there are signs that purchases financed with new debt are leading to a fresh bubble in property markets.
The Collapse in Developing Country Exports
Apr 25th 2018, C.P. Chandrasekhar and Jayati Ghosh
The period since 2010 has seen a collapse in developing country exports, most of all in South-South trade. Developing countries need to factor this into their future strategies.
Trump's Trade War
Apr 24th 2018, C.P. Chandrasekhar
The trade sanctions on China and other protectionist measures announced by the Trump administration will not only not serve the cause of the U.S.' trade deficit but could also spark off a trade war, resulting in an overall shrinkage of world trade.
The True Face of the Global Recovery
Apr 11th 2018, C.P. Chandrasekhar and Jayati Ghosh
Optimistic assessments of the synchronised recovery across the world economy ignore the factors driving the weak upturn that make it fragile.
Doyen of 'Dependency Theory'
Apr 3rd 2018, Sunanda Sen
Theotonio dos Santos (1936–2018), who passed away on 27th February in Rio de Janeiro, was a major proponent of dependecia or dependency theory, important for those interpreting the growing disparities between the advanced and the developing world. Time will bear testimony to his contributions, as a scholar, a theoretician, and an activist who spent his life in spelling out the injustices in globalization.
How Unequal are World Incomes?
Mar 27th 2018, C.P. Chandrasekhar and Jayati Ghosh
Global inequality has reduced as income growth shifts from the Northern countries to emerging markets like the BRICS. But this shift is quite limited and has not benefited the bulk of people in the developing world.
Market Fever and its Aftermath
Mar 13th 2018, C.P. Chandrasekhar and Jayati Ghosh
As fears of a market downturn cloud sentiment, the factors that led up to the bull run and their implications need to be studied and learnt from.
A Dangerous Period
Feb 16th 2018, Prabhat Patnaik
Contemporary Fascism around the world is emerging as neo-liberal capitalism’s “gift” to mankind in the period of its maturity, when it submerges the world economy in a crisis, and reaches a dead-end from which there is no obvious escape.
A Note On Estimating Income Inequality across countries using PPP Exchange Rates
Feb 1st 2018, Jayati Ghosh
Private banks, especially foreign ones have relied on off-balance sheet liabilities to earn revenues and profits, courting risk and leaving the business of banking proper largely to the public sector banks.
Rising Incomes, Falling Wages
Jan31st 2018, Jayati Ghosh
Changing the unequal economic tendencies brought out in the World Inequality Report 2018 requires changing the politics not just making governments more accountable to the people, but making people realise that they are being fooled.
Making Merry on Bitcoin
Dec 22nd 2017, C.P. Chandrasekhar
Bitcoin has left the world of finance gasping. Though the total market value of all of that cryptocurrency in circulation is only a fraction of the value of the world's financial assets, the rapid rise in the value of the currency has made it the most wanted of those assets.
How China is managing capital flows – and why
Nov 24th 2017, Jayati Ghosh
China is seeking a more influential role in the global economy, and it hopes to achieve this through greater use of its currency by others.
Unbalanced Global Growth
Nov 8th 2017, C.P. Chandrasekhar and Jayati Ghosh
The distribution of the weak global economic recovery since the Great Recession provides little reason for optimism about the future.
Neo-Liberal Capitalism and its Crisis
Oct 24th 2017, Prabhat Patnaik
Neo-liberal capitalism is marked by the hegemony of international finance capital which has many consequences, among which is the alarming upsurge of fascism, differing markedly from the fascism of the 1930s.
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 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.
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.
Where will Global Demand come from?
May 23rd 2017, C.P. Chandrasekhar and Jayati Ghosh
As the US reduces its role as engine of global demand, there are no signs that other economies will be able to pick up the slack. The mercantilist approach exemplified by Germany is creating net global slowdown.
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.
The Growth of Digital Payments
Jan 3rd 2017, C.P. Chandrasekhar and Jayati Ghosh
In the context of the failed demonetisation and continued shortage of currency, the government continues to push cashless digital payments. What are the implications for Indians?
Age of Uncertainty
Dec 23rd 2016, C.P. Chandrasekhar and Jayati Ghosh
With the US Federal Reserve deciding to exit the era of low interest rates even when growth in the rest of the world economy falters or remains sluggish, economic uncertainty intensifies.
Can Developing Asia Hold its Ground?
Dec 6 th 2016, C.P. Chandrasekhar and Jayati Ghosh
Capital flight from Asia points to investor concerns about both political processes in the big Asian developing economies and medium-term economic prospects.
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 Successful is China's Economic Rebalancing?
Nov 8th 2016, C.P. Chandrasekhar and Jayati Ghosh
China’s rapid economic growth has slowed recently - but does this reflect the desired rebalancing of the economy away from investment to consumption and wage-led growth?
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.
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.
The Global "New Normal" is Not New- But it is still a real concern
Jun 21st 2016, C.P. Chandrasekhar and Jayati Ghosh
Global growth rates of the last five years are similar to those in the past, but now they are accompanied by unprecedented monetary expansion that seems to have little impact.
And Now, Price Deflation in India and China?
May 31st 2016, C.P. Chandrasekhar and Jayati Ghosh
While it was presumed the developing world, especially the more prominent emerging markets, were less prone to price deflation, data from China and India show trends of declining producer prices.
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.
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.
How much has Global Economic Power Really Shifted?
Mar 31st 2016, C.P. Chandrasekhar and Jayati Ghosh
This article analyses the significance of shift in global economic power from the North to the South and what exactly it means for the countries in developing Asia like India.
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.
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.
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.
Capital Bleeds from Emerging Asia
Feb 2nd 2016, C.P. Chandrasekhar and Jayati Ghosh
Capital flight, in 2015, from the emerging markets, especially those in Asia, was much worse than has been previously estimated. This augurs ill for the coming year.
The Continuing Debt Problem in Asia
Dec 8 th 2015, C.P. Chandrasekhar and Jayati Ghosh
Private household debt is going to be a major concern for many Asian economies as excessive household debt and falling realty prices combine to create a potentially potent mix.
Understanding "Secular Stagnation"
Oct 15th 2015, C.P. Chandrasekhar and Jayati Ghosh
This article discusses the issue of the "new normal" of low or stagnating output growth that the analysts and reports of international organisations are talking about.
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.
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.
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.
China's RenMinBi Strategys
Aug 18th 2015, C.P. Chandrasekhar and Jayati Ghosh
The sudden depreciation of Chinese currency, that has impacted global markets, may be an attempt to revive export growth and provide stimulus to growth to the flagging economy.
China's Troubled Stock Markets
Aug 4th 2015, C.P. Chandrasekhar and Jayati Ghosh
The boom bust cycles in China's stock markets question the government's view that there is much to be gained from deregulating them.
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.
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.
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.
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.
Economic Forecasts and Reality: Should we believe the World Bank?
Jun 23rd 2015, C.P. Chandrasekhar and Jayati Ghosh
The World Bank’s latest projections for GDP growth are pessimistic, especially for developing countries. But given its poor track record, how far they are reliable is doubtful.
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.
Looking to the US
Jun 9th 2015, C.P. Chandrasekhar and Jayati Ghosh
In a curious turn of events, the US economy rather than the Asian emerging markets is now expected to lead a global recovery. But the reason and implications are not so clear.
The Bursting of China's Housing Bubble
Apr 28th 2015, C.P. Chandrasekhar and Jayati Ghosh
The party is over in China's real estate markets, but the policy makers are trying to revive it through financial deregulation and monetary easing that is unlikely to work.
China and India in the World Economy
Mar 31st 2015, C.P. Chandrasekhar and Jayati Ghosh
As there is excitement about the possibility of India overtaking China in terms of GDP growth, it is useful to remind ourselves of the relative positions of the two economies.
Ever Expanding Debt Bubbles in China and India
Mar 3rd 2015, C.P. Chandrasekhar and Jayati Ghosh
Even though China appears to have a much higher level of debt- GDP ratio, India's debt situation with much lower levels of corporate debt may prove to be more problematic.
Oil: The big 100 per cent story
Feb 2nd 2015, C.P. Chandrasekhar and Jayati Ghosh
In a puzzling development, some financial markets registered a decline in the wake of the recent dramatic fall in oil prices. So, is the oil price fall not all good news?
Asian Banks in Trouble
Jan 2nd 2015,, C.P. Chandrasekhar
Emerging market economies in Asia are confronted with signs of bank fragility owing to overexposure to the private sector, whose mounting external debt compounds the problem.
Debt in Asian Vulnerability
Nov 25th 2014, C.P. Chandrasekhar and Jayati Ghosh
Amidst stock market euphoria, the growing international debt exposure of certain Asian countries, particularly Hong Kong, China and India, is a matter of major concern.
The Gathering Clouds of Recession
Nov 24th 2014, Prabhat Patnaik
The world capitalist economy's slide into a new downturn is likely to be a harbinger of major economic and political changes within the structure of world capitalism.
The Difficult Art of Economic Diversification
Nov 11th 2014, C.P. Chandrasekhar and Jayati Ghosh
Indonesia provides a stark example of an economy that diversified its pattern of trade and domestic production, only to relapse back into a dependence on primary exports.
The Cotton Conundrum
Oct 24th 2014, C.P. Chandrasekhar and Jayati Ghosh
China's decision to liquidate its large raw cotton stocks accumulated as part of a policy of supporting domestic production is hurting the world's cotton exporters.
Oil: Hope of respite?
Aug 22nd 2014, C.P. Chandrasekhar
Despite a downward trend in global oil prices, in the long run India may have to find alternative routes to finance the oil import bill as the trend may be short-lived.
BRICS Gains Currency in Brazil
Jul 25th 2014, Biswajit Dhar
BRICS is poised to make a mark in the global economic governance, if the NDB and the CRA turn into credible financial institutions – as counterparts of the existing structure.
The Rise and Fall of the Global South
Jul 21st 2014, Prabhat Patnaik
The south that was supposedly rising is now witnessing a fall and this can be prevented only if the domestic market is expanded through egalitarian measures of redistribution.
India as a Manufacturing Hub
Jul 8th 2014, C.P. Chandrasekhar and Jayati Ghosh
The strategy of the new government to revive India's manufacturing sector by exploiting global value chains is well known, but how much success this will bring is doubtful.
Chinese Dreams
Jun 11th 2014, C.P. Chandrasekhar
The pursuit of the Chinese dream may become a nightmare for the majority as it involves reduction of expenditures on food subsidies and other welfare measures.
No Help from Abroad
Jun 4th 2014, C.P. Chandrasekhar
The author here shows that the OECD's optimistic growth projections are questionable and the global environment confronting the new government of India is not favourable.
The Threat from Big Pharma
May 15th 2014, C.P. Chandrasekhar
The recent global trend of M&A in the pharmaceutical industry poses a danger for prices of life savings drugs, especially in India, with 100% FDI approval from the government.
How Vulnerable are Emerging Economies?
Mar 6th 2014, C.P. Chandrasekhar and Jayati Ghosh
Developing countries face a complex set of challenges in the changing global scenario that does not seem to be factored into economic policies in most countries.
Cheap Labour and Competitiveness
Feb 7th 2014, C.P. Chandrasekhar
The author analyses the merits of the argument of China having reached the Lewis turning point, which is predicted to make way for new suppliers in the world market.
Search for Recovery
Feb 7th 2014, C.P. Chandrasekhar
Although every significant country of the world is still in the midst of growth deceleration, forecasters confidently hold out hopes of a recovery.
The Geography of Global Manufacturing
Jan 27th 2014, C.P. Chandrasekhar
The US's cries on the looming threat from China seem to be just propaganda to pre-empt any challenge to existing imperial power.
The Employment Challenge
Jan 22nd 2014, C.P. Chandrasekhar and Jayati Ghosh
In recent years, even in those developing countries in Asia where productivity gains have been significant and growth high, increasing employment has been a huge challenge.
Shutting Out the Progressive Agenda
Oct 17th 2013, C.P. Chandrasekhar
The US shut down reflects the extent to which finance capital controlled Right is ready to go to prevent any progressive social sector agenda even in the post crisis scenario.
Those Chinese fears
Oct 1st 2013, C.P. Chandrasekhar and Jayati Ghosh
While speculation of a looming banking crisis in China is not without basis, the fact that its big banks are publicly owned and serve the goals set by the state is ignored.
How Should We Deal with the Current Account Deficit?
Sep 17th 2013, C.P. Chandrasekhar and Jayati Ghosh
Although the Rupee has stabilised for the moment, the resolution of India's external crisis is far from sight as the basic source of the problem still remains unaddressed.
Perils of Borrowed Prosperity
Aug 22nd 2013, Prasenjit Bose
There are structural aspects underlying India's external deficit and financing this by attracting more capital inflows will imply growing external indebtedness for the economy.
The Sensex and the Economy
Apr 8th 2013, C.P. Chandrasekhar
The central bank's cheap credit and easy money policies have helped the Indian stock market to remain reasonably positioned even when the economy sinks.
The Dangers of Fiscal Austerity
Mar 4th 2013, Jayati Ghosh
Despite fiscal austerity measures proving to be counterproductive in dealing with economic contractions worldwide, the Indian government is poised to implement similar policies.
How Not to Urbanise
Feb 6th 2013, Jayati Ghosh
Although recent urbanisation in China is associated with several positive features, it has also generated problems that are making this process unsustainable.
Is China Changing?
Feb 1st 2013, C.P. Chandrasekhar
As evidence suggests, the Chinese economy is experiencing a reversal of the trajectory of high growth driven by excess investment; there is a shift towards consumption now.
India's Growth Story: A comparative view
Dec 11th 2012, C.P. Chandrasekhar and Jayati Ghosh
Indian growth episode was not based on the sorts of stimuli and methods of financing that have characterised the growth of some other more successful Asian economies.
India, China and the World
Oct 19th 2012, Prabhat Patnaik
Those who defend neo-liberal policies in India by citing China's export and growth successes, as if India can simply replicate China's experience, are completely wrong.
Food World
Oct 17th 2012, Jayati Ghosh
The globalised fast-food culture encourages a wasteful and unhealthy pattern of food consumption that is detrimental to the health of people in developing and developed countries.
The Insensitive Sensex
Oct 15th 2012, C.P. Chandrasekhar and Jayati Ghosh
While growth slows down in India, the only index faring well is the Sensex. The short term speculators armed with central bank's cheap credit and easy money policies have helped it remain high though volatile.
The Coming Food Crisis
Sep 12th 2012, C.P. Chandrasekhar
Even as the global recessionary trend continues, the world is waking up to the prospect of another food crisis resulting in a period of political turmoil with unexpected consequences. This will have an adverse affect on poor developing country exporters that have not yet recovered fully from earlier crises.
How Wage-led Growth has Powered Argentina's Economic Recovery
Aug 31st 2012, Jayati Ghosh
The manner in which Argentina has been able to generate more genuinely inclusive growth, through the promotion of productive and fairly remunerated employment and a different approach to social protection, sets a bright example of alternative strategy. This could be a learning lesson for all other countries trying to come out of the current recessionary trends.
Ill Winds from Europe
Aug 8th 2012, C.P. Chandrasekhar and Jayati Ghosh
The crisis intensifies in Europe and threatens to trigger a second global downturn in five years. This time, Asian countries, which weathered the last crisis well, seem less resilient. In fact, the evidence points to many routes to the spread of contagion to Asia.
ILO Leadership Election Must Not be Another Charade
May 21st 2012, Jayati Ghosh
The ILO is uniquely positioned among the multilateral organisations to play an extremely significant role in forging a global consensus around viable alternative economic trajectories. The election of a developing country candidate as its new Director-General would have important consequences that go beyond symbolism.
Time to End the Madness
May 16th 2012, C.P. Chandrasekhar
Irrational insistence on fiscal conservatism has led to widespread growth slowdown not only in the European countries, but also in emerging economies like China and India. The political backlash in major eurozone economies rekindles hope that governments embracing growth stunting fiscal tightening would soon switch back to sound economic policy-making.
Using the Potential of BRICS Financial Co-operation
Apr 9th 2012, Jayati Ghosh
The emergence of BRICS as a global economic entity offers a scope for democratising the entire process of South-South Co-operation that till date has been mainly corporate led. The commonalities of the challenges faced by the individual members of BRICS can act as a platform for developing a more progressive developmental trajectory for the member countries, and all emerging economies at large.
Post-Crisis Reform: A lost opportunity?
Apr 3rd 2012, C.P. Chandrasekhar and Jayati Ghosh
In its recently released annual report, the Federal Reserve Bank of Dallas makes a case for breaking up banks considered too big to fail. But the failure to do that is only one possible way in which the opportunity provided by the crisis to reform and regulate finance has been lost.
The Chinese Way 
Feb 24th 2012, C.P. Chandrasekhar
Although the use of the banking system as a development instrumentality in China has been useful, there are a host of new problems that has cropped up. This would possibly encourage the government to retrace its steps and strike a new path.
Can Asia Decouple?
Feb 22nd 2012, C.P. Chandrasekhar and Jayati Ghosh
As the global economic situation worsens, there are renewed concerns about the fate of developing countries. The authors consider recent trends in global GDP growth, investment and trade, and argue that the expectations of Asia being able to blithely withstand the latest round of economic crisis are not just over-optimistic but probably wrong.
We Need a New World Order at the World Bank 
Feb 18th 2012, Jayati Ghosh
For long, the IMF and the World Bank have been zealously controlled by the USA and the European Countries on flimsy grounds. It is high time such practices are changed taking into account the new world realities.
The Role China Plays
Jan 25th 2012, C.P. Chandrasekhar
China, which is being touted as the biggest challenger to US economic supremacy, is witnessing slowdown in its growth rates. However, such a slowdown could prove to be bad news for the US economy as well, because China also happens to be the biggest market for all US MNCs.
Year of Centenaries
Jan 12th 2012, Jayati Ghosh
100 years ago when Gustav Mahler composed his 9th Symphony, it reflected the troubling times he lived in. It was music for uncertain times, even though it contains within it certainties of different kinds. 100 years later, there is almost a sense of déjà vu with Europe, and indeed the whole world, now faced with another period of political and economic volatility.
Prospects for the World Economy in 2012
Dec 27th 2011, C.P. Chandrasekhar and Jayati Ghosh
2011 revealed that the much vaunted economic recovery after the Great Recession was not inherently sustainable, as the recent problems of global capitalism, including those associated with excessive debt build-up, were reflected in new areas and caused economic slowdown across the world. Against the backdrop of economic trends in 2011, this article assesses the prospects for the world economy in 2012.
European Banks and Asia
Nov 17th 2011, C.P. Chandrasekhar and Jayati Ghosh
European banks are being forced to take a haircut to deal with the region's crisis. Given their greater role in total international funding and the significant exposure of Asian financial systems to global capital, this raises concerns about the likely impact that the European banking crisis would have on Asia.
Employment Generation as an Economic Strategy for Uncertain Times
Nov 14th 2011, Jayati Ghosh
This is the acceptance speech made by the author at the award function of the ILO Decent Work Research Prize, 2010. Discussing the growing pressures in the current global scenario, she argues for a shift in macroeconomic strategy towards domestic wage- and employment-led growth as a means to sustainable growth, as well as an end in itself.
The G20 and Employment Outlook
Oct 12th 2011, Jayati Ghosh
A recent ILO document on employment and labour market outlook in G20 countries points towards an economic crisis of major magnitude in most of them. According to the report, the two key challenges for global policy makers at present are to ensure better utilisation of labour resources and better quality jobs.
What World Leaders Need to Do Urgently (but are not)
Oct 4th 2011, Jayati Ghosh
Global leaders' efforts to control the prevailing anarchy and enable recovery in their economies end up having the opposite effect, because the direction of their macroeconomic policies is all wrong and mobile finance capital is still largely unregulated. Here are five basic steps that world leaders need to take.
Shifting Havens for Capital
Sep 30th 2011, C.P. Chandrasekhar
In parallel with the sudden strengthening of the dollar recently, the value of a whole host of alternative assets has fallen. In the process developing countries that have been the targets of financial investors and those dependent on commodity exports have become particularly vulnerable.
The Persistent Global Crisis
Sep22nd 2011, C.P. Chandrasekhar and Jayati Ghosh
World financial leaders gather at Washington for the annual meetings of the World Bank and the IMF amid fears of another global recession. But the perspective and will needed to address the problem appear to be absent.
The Global Recession and India
Aug 29th 2011, C.P. Chandrasekhar and Jayati Ghosh
With global growth slowing and financial markets experiencing a downturn, the fallout for India is a matter of concern. The channels through which these effects could be transmitted are more in number than conventionally recognised.
Global Disorder and the Indian Economy
Aug 25th 2011, Jayati Ghosh
The Indian economy is showing the classic signs of a bubble economy and any small signs of external vulnerability and economic fragility can cause it to burst. Crucial possible downsides of the current round of global uncertainty for India and other emerging markets include the lack of import demand growth in the US and the EU, renewed inflows of mobile capital, etc.
Is China next?
Aug 10th 2011, C.P. Chandrasekhar
While some observers expect a collapse of the property boom in China and a resultant crisis, this seems unlikely to happen because the state, still a major player in China, is responding to the danger in more ways than one.
America's Debt-ceiling Crisis
Aug 4th 2011, Prabhat Patnaik
The compromise between Obama and the Republicans to end the US debt-ceiling crisis has done great damage in terms of a sharp regression in income distribution and a remarkable shift to the Right in the US, as well as an aggravation of the recession in the world economy.
Global Oil Prices
Jul 13th 2011, Jayati Ghosh
Recent price changes in global oil markets are increasingly affected by forces that have more to do with financial speculation and expectations than with current movements in demand and supply. In the current oil price surge, the real gainers are the financial speculators in oil futures markets and the big oil companies.
Changing Guard at the IMF?
Jul 6th 2011, Jayati Ghosh
The change of guard at the IMF would not make a difference as long as there is no significant change in the Fund's approach to economic policies. Despite the experience of continually getting it wrong in so many countries over so many decades, the Fund is still persisting in imposing the blatantly counterproductive strategy of fiscal austerity everywhere.
Food Price Transmission in South Asia
Jun 14th 2011, C.P. Chandrasekhar and Jayati Ghosh
The recent increase in global food prices has once again set off alarm signals in developing countries, especially in South Asia, where food inflation has been a major problem for some years now. Evidence from South Asian countries corroborates the fact that domestic factors do play a role in the international transmission; while rising global prices put upward pressure on domestic prices in a much rapid manner, its downward movements are less rapidly or effectively transmitted and often do not have any such impact.
Revisiting Capital Flows
May 4th 2011, C.P. Chandrasekhar and Jayati Ghosh
In a recent move the IMF surprised many by revising its position on the use of capital controls and making a case for them in special circumstances. It has followed this up with an analysis of capital flows to developing countries, which also explains its partial rethink on the use of capital controls by developing countries.
The Transmission of Global Food Prices
Mar 22nd 2011, C.P. Chandrasekhar and Jayati Ghosh
Global food prices are spiking once again, creating fears of a renewal or intensification of the global food crisis. Given that recent domestic food price changes in different Asian countries point to a broader trend whereby they have been strongly related to international price changes, this is a matter of extreme concern.
Disarray in the Global Economy
Oct 20th 2010, C.P. Chandrasekhar
The injection of cheap money at home to invest in emerging markets for profit by the US Federal Reserve, and its pressure on emerging market economies to allow their exchange rates to appreciate, in the hope that it would expand US exports and reduce its imports and facilitate a recovery, are a sure recipe for conflict.
Fiscal Policy and Global Growth
Jul 27th 2010, C.P. Chandrasekhar and Jayati Ghosh
Across the world governments are debating whether it is time to exit from their fiscal response to the global crisis and return to austerity and fiscal consolidation. This may be premature, since the question whether there was indeed such a generalized and adequate fiscal response that triggered a recovery remains unanswered.
Fiscal Discipline and All That
Jul 27th 2010, Jayati Ghosh
There was a sudden resurgence in Keynesian ideas everywhere when the global financial crisis broke in September 2008. But, equally suddenly, financial markets have once again turned back on state intervention and policy makers are giving in to demands for massive cuts in public expenditure that would require enormous sacrifices from their populations.
Financial Euphoria and Aftershock
Feb 24th 2010, Jayati Ghosh
John Kenneth Galbraith's analysis of the capitalist economy in the delightfully written tract ''A Short History of Financial Euphoria'' remains as relevant today as it was then. However, unlike what Galbraith offers, the solution to capitalism's proneness to recurrent bouts of speculation has to go beyond capitalist markets and profit motivation.
The Crisis and Employment in Asia
Feb 15th 2010, C.P. Chandrasekhar and Jayati Ghosh
Despite scepticism about its sustainability, evidence shows that the crisis of 2008-09 has bottomed out and a recovery is likely, driven by the fiscal stimulus offered by governments across the world. But figures from the ILO indicate that the impact of the stimulus on employment appears uneven, with export dependent economies in Asia too adversely affected.
Archives >>

Site optimised for 800 x 600 and above for Internet Explorer 5 and above