Demonetisation

Buckling under Pressure
18 January, 2017, Jayati Ghosh
There has been a depressing erosion in the credibility of the major institutions that in different ways are vital for the functioning of our democracy as they are bent to the will of the ruling dispensation.
Barbara Harriss-White on Demonetisation
16 January, 2017,
The notable political economist Barbara Harriss-White, in her interview with Madras Courier has painted a comprehensive picture of what demonetisation has done to India's democracy, agriculture, the 'black economy' and society.
The Demonetization Fiasco
16 January, 2017, Prabhat Patnaik
Demonetization has been a fiasco in achieving its stated objective, apart from being a disaster for the people.
The Pursuit of Unreason
09 January, 2017, Prabhat Patnaik
Modi’s demonetization can be compared with Idi Amin’s fiat in 1972 as both are instances of extreme unreason. But while Amin’s was an untenable and extremely inhumane solution to the problem it addressed, Modi’s is a complete non-solution to the problem it addresses which is also inhumane, and hence constitutes an even greater act of unreason.
The Utter Failure of Demonetization: The RBI Says So Even as it Says Not
29 December, 2016, Surajit Mazumdar
From the figure of the value of fresh banknotes issued by banks by 19 December, it can be concluded that we are still very far away from the full replacement of the cash withdrawn from circulation and the severe cash shortage is going to continue well beyond 30 December.
The Dialectics of Authoritarianism
22 December, 2016, Prabhat Patnaik
The decision to demonetise overnight as much as 86 percent of the currency of a country which is predominantly currency-using, is necessarily irrational, undertaken in the quest of a heroism that is a necessary feature of an authoritarian regime.
The Budget after Demonetisation
21 December, 2016, C.P. Chandrasekhar
If the government adheres to its deficit targets, this could imply a substantial cut in capital expenditures or social expenditures or both which would worsen the contraction set off by demonetisation.
Digital Dreams
21 December, 2016, Jayati Ghosh
The government’s mad rush towards a cashless economy ignores the presence of the large unbanked population that will not gain from incentives being offered for digital transactions.
Committee to Study the Impact of Demonetisation on the State Economy of Kerala
20 December, 2016, C.P. Chandrasekhar, Pinaki Chakraborty, K. M. Abraham & V. S. Senthil
A Committee appointed by the Kerala State Planning Board to study the impact of demonetisation on the economy of the State of Kerala presented its interim report where it stated that after demonetisation, Kerala’s fiscal situation is grim and the day-to-day cash management has become a challenge at the state level that can snowball into a major crisis.
Banks as victims
17 December, 2016, C.P. Chandrasekhar
The damage to the reputation of banks and its employees, which and who have been victims of the engineered cash shortage, is likely to be aggravated by the adverse effects the demonetisation may have for the already damaged profit and loss accounts and balance sheets of the banks.
Supreme Court should Frame an Eleventh Question on Demonetisation
15 December, 2016, Prasenjit Bose and Zico Dasgupta
Whether the demonetisation scheme declared through the November 8 notification qualifies as a fiscal or economic policy is a vital question that merits the attention of the Supreme Court.
Demonetisation and Banks' Lending Rates
13 December, 2016, Prabhat Patnaik
The linking of demonetisation with a fall in banks’ lending rates is illogical and just a false propaganda of the ruling party to mislead people.
Money and the Social Contract in India
13 December, 2016, Jayati Ghosh
We are now in relatively uncharted economic territory in India. But this also means that we may be entering an entirely new phase of our social contract as well.
Demonetisation and India Inc
09 December, 2016, C.P. Chandrasekhar
Demonetisation exercise has adversely affected the functioning of medium and small enterprises, which carries out a substantial part of transactions, to buy inputs, pay workers, and distribute goods, in cash.
Demonetization as the Basis for a Fiscal Stimulus
07 December, 2016, Prabhat Patnaik
What the BJP spokespersons are putting forward that the cash which gets disabled in the black economy would enable the government to spend more on infrastructure or provide cash transfers to the people is sheer deception.
Demonetization as a Means of Fighting "Black Money"
06 December, 2016, Prabhat Patnaik
It is very obvious by now that demonetization, far from being an attack on the black economy, has in effect turned out to be an attack on the vulnerable informal segment of the white economy.
Demonetisation: All pain for the majority
23 November, 2016, C.P. Chandrasekhar
The way the political establishment, sundry pundits, the media and a large section of the untutored or sycophantic elite of the country underestimated the extent of pain that the demonetisation measure would inflict on India’s poor and lower middle classes, points to their disconnect from a reality which bears little resemblance to the vision of a dynamic market economy they presume they inhabit.
Demonetization and its Discontents
23 November, 2016, Arjun Jayadev
The demonetization decree is pure fantasy-on all fronts and absolves everyone of the need to think about the myriad ways in which the collective project of Indian society has been corroded. It has a malign edge that has not been adequately acknowledged yet.
Demonetisation was Primarily a Political Act
22 November, 2016, Jayati Ghosh
It is becoming evident by the day that the primary purpose of the surprise announcement by the Prime Minister was political rather than economic, and that this political purpose was specifically directed towards ensuring the fortunes of the ruling party vis-à-vis its rivals.
Demonetization: Illusory Gains, Enduring Damages
18 November, 2016, Arindam Banerjee
The depressive economic cycle that has been immediately generated by the demonetization measure will not be mitigated within a few months as the government mistakenly assumes. It will have longer and deeper consequences for inequality and under-development in the Indian economy.
Interview with TM Thomas Isaac on Demonetisation
18 November, 2016,
In an interview to Scroll.in, economics professor turned Finance Minister of Kerala, TM Thomas Isaac said that the secrecy surrounding the demonetisation was a blow to cooperative federalism, where the state and centre work collectively, and the move would not have a serious impact on tax evaders.
The Chimera of a 'Cashless' Economy
18 November, 2016, Prabhat Patnaik
In its attempt of moving towards a cashless economy, when the government is forcing people to do so through the demonetisation exercise it is an act of sheer authoritarianism that is no less reprehensible than an attack on people's civil liberties.
Why the Corrupt Rich will Welcome Modi's 'Surgical Strike on Corruption'
17 November, 2016, Jayati Ghosh
Following the sudden withdrawal of the 500 and 1000 rupee notes, it is the poor and the middle classes, hugely reliant on currency for daily activities, who are being battered while the rich are relatively unscathed.
Artificially Created Distress
17 November, 2016, Utsa Patnaik
With the severe loss of purchasing power following the sudden decision of demonetisation, the country is being driven into an artificially created recession and the level of economic activity is declining.
Modi's Demonetisation Move may have permanently damaged India's Informal Sector
17 November, 2016, Pronab Sen
The author explains how the recent demonetisation has penalised virtually the entire informal sector, and perhaps damaged it permanently while doing nothing to curb either corruption or tax evasion.
C.P. Chandrasekhar on India's Currency Chaos
16 November, 2016,
C.P. Chandrasekhar, Professor, Centre for Economic Studies and Planning, JNU talks to World Business Report from the BBC World Service about how the shock announcement by the Modi government is creating unnecessary problems for the ordinary people across the country.
Abhijit Sen Speaks on the Impact of Demonetisation
16 November, 2016,
Abhijit Sen, retired Professor, Centre for Economic Studies and Planning, JNU speaks on the impact of the move by the Modi government on the economy.
Prabhat Patnaik speaks on Demonetisation
16 November, 2016,
Prabhat Patnaik, Professor Emeritus at the Centre for Economic Studies and Planning, JNU, speaks on the withdrawal of the 500 and 1000 rupee notes by the Modi government and associated measures, and the impact of the measures on the economy and people.
The Political Economy of Demonetising High Value Notes
15 November, 2016, Jayati Ghosh
The November 8 announcement by the Prime Minister is an ill-conceived and even more poorly executed move that appears to be an attempt by the government to display a lot of sound and fury, but signifying very little.
Demonetization of Currency Notes
10 November, 2016, Prabhat Patnaik
The argument, that the demonetization of 500 and 1000 rupee notes constitutes an attack on “black money”, is based on an utter lack of understanding of the nature of “black money,” a conception of it that is staggering in its simple-mindedness.


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