Political Economy

Why workers lose
30 May, 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.
Industrial Growth and Demonetization
24 April, 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.
The Nefarious Money Bills
03 April, 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 Rise and Fall of South Korea's Chaebols
15 March, 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.
Evolution of India as a Nation
06 March, 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.
Spreading light: Are the Modi government’s electricity promises being fulfilled?
31 January, 2017, C.P. Chandrasekhar & Jayati Ghosh
The government's claim that it has ensured electricity for all does not seem to be warranted by the evidence.
No Digital Base for a Cashless Economy
27 January, 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 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 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.
Understanding the American Right
26 October, 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"
25 October, 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.
Managing the Corporate-Communal Alliance
02 August, 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
29 July, 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.
25 Years of Economic Reforms: Agriculture
27 July, 2016, Jayati Ghosh
The inability to resolve the pressing concerns with respect to food production, distribution and availability is one of the important failures of the entire economic reform process.
Globalization and the World’s Working People
11 July, 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.
Broken Promises to India's Youth
13 June, 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
26 May, 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.
Societal Involution in the North
16 May, 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.
Capitalism and the Oppressed Castes
29 April, 2016, Prabhat Patnaik
The development of capitalism in any society brings about a complete transformation in the way we look at all social questions including the question of caste oppression.
The State of the Economy
08 April, 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.
Budget 2016-17: Signs of paralysis
16 March, 2016, C.P. Chandrasekhar
The divergence between the rhetoric and the actual allocations in the Budget 2016-17 depicts the ruling party's inability to use the fiscal lever to push for growth and welfare.
Anti-national Economics
16 March, 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.
Budget 2016-17: Hype is all
15 March, 2016, Prabhat Patnaik
Behind all the hype about a pro-poor budget, the actual provisions of the government for the major social sectors are found to be too paltry to improve the lives of the poor.
Why do we have Unemployment?
14 March, 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
07 March, 2016, Aruna Roy & 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 Battle to Defend the Employment Guarantee Scheme!
12 February, 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.
Privatization: Any method in this madness?
03 February, 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.
MNREGA under the Modi Regime
21 January, 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.
Growth through Redistribution
21 January, 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.
The Abolition of the NDC
11 January, 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
07 January, 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?
06 January, 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
04 January, 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.
What can Corporate Planning Learn from National Planning
29 December, 2015, Pronab Sen
This paper examines the historical development of national planning in India and identifies the lessons that corporate planning can draw from the long and varied experience.
The Seventh Pay Commission Report
14 December, 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.
Capital Goods Conundrum
24 November, 2015, C.P. Chandrasekhar & Jayati Ghosh
While the Government appears to recognise the importance of expanding and strengthening India's capital goods industry, the policy signals it sends seem contrary and confusing.
The Stench of Counter-Revolution
13 November, 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"
10 November, 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 State as Fiefdom
06 October, 2015, Prabhat Patnaik
Using the State machinery for settling personal scores must qualify as corruption and must be opposed.
Europe's Refugee "Crisis"
30 September, 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
16 September, 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.
"De-Linking" and Domestic Reaction
07 September, 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.
The Debate on GST
19 August, 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.
Why the Fight for a GST?
06 August, 2015, C.P. Chandrasekhar
The claims of the government that the transition to a GST regime would increase revenues mobilised and raise GDP growth are based on models that are by no means robust.
The Internet in "Digital India"
24 July, 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.
Looking Back at Debt Relief for the Germans
21 July, 2015, C.P. Chandrasekhar & 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.
Pachhwara Coal Mines, Jharkhand: Privatisation of coal mining and rights of adivasis
21 July, 2015, Vikas Rawal & Prakash Viplav
Privatisation of coal mining in Amrapara has facilitated a loot of national resources and deprived the poor adivasi peasants of the benefits that rightfully belong to them.
Great Dream of Prosperity
21 July, 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.
A Greek Tragedy that could have been Avoided
08 July, 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 Destruction of Education
26 June, 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.
The Beleaguered Indian Farmer
24 June, 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.
Economics and the Two Concepts of Nationalism
22 June, 2015, Prabhat Patnaik
It is important to differentiate the kind of nationalism that informed the anti-colonial struggle in India from the bourgeois nationalism that had emerged in Europe.
Skating on Thin Ice
01 June, 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.
How Food was Moved to the Margins of the New Household Budget
29 May, 2015, Rahul Goswami
An enquiry into the private consumption expenditure indicates that a huge majority of India’s population are experiencing food insecurity in one or several forms.
The Economy: The end of euphoria
27 May, 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.
One Year of Modi Government: Social sector
27 May, 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.
Fiscal Consolidation through Austerity
25 May, 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.
Unseen Workers: Women in Indian agriculture
01 April, 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.
How Not to Treat Agriculture
19 March, 2015, Jayati Ghosh
The Union Budget 2015 indicates that the government is going beyond what could be called benign neglect of agriculture to policy moves that are likely to harm its viability.
The Modi Government's Economic Strategy
19 March, 2015, C.P. Chandrasekhar
In its pursuit of pushing ahead with the neoliberal agenda, the government is willing to adopt measures which, as evidence suggests, would fail as strategy.
Budget 2015-16: Bonanza for the corporate
09 March, 2015, Prabhat Patnaik
Budget 2015 is a major step towards increasing the class power of capital; it is the true expression of the ideology of a neo-liberal State without any attempt at a human face.
India's Daughter: Since the Delhi rape things have got worse
09 March, 2015, Jayati Ghosh
The banning of the BBC documentary points to the fact that the Indian government's real concern is the international image of the country rather than the safety of women.
Averting a Greek Tragedy - For Now
04 March, 2015, Jayati Ghosh
The negotiations between the Syriza led Greece government and the EU is the struggle between the democratic will of the people and global finance.
Lessons from the Coal Blocks Auction
04 March, 2015, C.P. Chandrasekhar
The outcome of coal block auction suggests that the government could have stuck to expanding public sector coal production without handing the mines over to the private sector.
Growth and Hunger
23 February, 2015, Prabhat Patnaik
The declining foodgrain absorption in India is indicative of growing hunger- a symptom of deprivation, caused by the privatisation of services like education and health.
In Search of Clean Air
20 February, 2015, Jayati Ghosh
The worsening atmospheric pollution in India threatens the basic health and well-being of people but sadly, almost nothing is being done in terms of effective public policy.
Prof. Bhagwati has Got It Wrong
12 January, 2015, Rohit
Jagadish Bhagwati's recent pitch for make-in-India is flawed as it ignores domestic demand and other pitfalls of an export-oriented growth strategy.
The "Niti Ayog"
12 January, 2015, Prabhat Patnaik
The replacement of the Planning Commission by the NITI Ayog marks a centralization of economic power in the hands of the Central Government at the behest of neoliberalism.
Who's Really Paying for Oil
07 January, 2015, C.P. Chandrasekhar & Jayati Ghosh
As the central government raises excise duties on petroleum products yet again, it is the poor that end up paying the price.
The RBI Governor's Unwarranted Remarks
02 January, 2015, Prabhat Patnaik
Dr. Rajan's criticism of the debt-waiver scheme for farmers underscores the fact that "social banking" gets progressively eliminated in the era of neo-liberalism.
Make in India
29 December, 2014, Jayati Ghosh
The new ambitious "Make in India" initiative is based largely on bluster, bravado and marketing hype that lacks any clear strategy for proactive trade and industrial policies.
Bad News in the Good Days
16 December, 2014, C.P. Chandrasekhar
While the collapse in oil prices and moderation in food price inflation are good news for the Modi government, there is a real danger of it turning complacent as a result.
The Phenomenal Increase in Wealth Inequality
16 December, 2014, Prabhat Patnaik
The recent Global Wealth Report by Credit Suisse shows inequality growth in India since 2000 has been the highest with the top one percent controlling 49% of total wealth.
Fiscal Correction versus Democracy in India
12 December, 2014, Jayati Ghosh
The current government's strategy of imposing sweeping cuts to important areas of public spending without any public scrutiny and discussion is deeply anti-democratic.
The Nehru Legacy
27 November, 2014, C.P. Chandrasekhar
Although the Congress is using the Nehruvian tradition to win political legitimacy, it has actually rejected the essentials of the Nehruvian economic trajectory.
Turning Citizens into Mendicants
18 November, 2014, Prabhat Patnaik
The shifting of responsibility of sanitation infrastructure from the state to corporate sector is a breach of the rights and dignity of the common citizenry.
India Concludes Bilateral Agreement with US, Agrees to an Indefinite 'Peace Clause'
17 November, 2014, Biswajit Dhar
By making a bilateral agreement with the US, India is able to avert any challenge to its food security programme for now, but the programme will be under WTO surveillance.
Is the Swachch Bharat Mission the Way to a Cleaner India?
13 November, 2014, Jayati Ghosh
If Bharat is to become Swachch, it cannot achieve this without proactive concern for the lives and working conditions of those who are responsible for keeping our spaces clean.
Recent Changes in Labour Laws: An exploratory note
12 November, 2014, Anamitra Roychowdhury
This article explores the possible implications of amending the Contract Labour Act, 1970 and questions the rationale behind amending the Industrial Disputes Act, 1947.
Dilma Rousseff's Victory
05 November, 2014, Prabhat Patnaik
While Dilma’s victory represents an important step in the right direction, intensified class struggle will be required to sustain the scheme of “transfers” to the working poor.
Deregulating Diesel Prices
30 October, 2014, Jayati Ghosh
Linking the price of oil to global market prices is simply another way of putting the squeeze on mass consumers whose incomes are well below the global average.
An Obsession to Sell
30 October, 2014, C.P. Chandrasekhar
The NDA government’s strategy of accelerating the process of privatisation is fiscally irrational and unsustainable that will adversely affect the workers in the public sector.
Exploiting the Oil Price Crash
30 October, 2014, C.P. Chandrasekhar & Jayati Ghosh
The government has decided to exploit the recent sharp decline in oil prices to push deregulation. But this may not help growth nor prove wise in the medium term.
In Search of a New Industrial Stimulus
24 October, 2014, C.P. Chandrasekhar
The new Modi slogan ‘Make in India’ is an old idea with a new label and there is no reason to believe that a new label can deliver the success that has been thus far elusive.
Is Rising Income Inequality Inevitable?
16 September, 2014, C.P. Chandrasekhar & Jayati Ghosh
In spite of globalisation and technological change, patterns of inequality within a country reflect internal political economy, and can be changed by political choice.
The Real Story on Gujarat's Development
10 September, 2014, Jayati Ghosh
The book, "Growth or Development: Which way is Gujarat going?", provides a sober, balanced and solidly researched account of Gujarat's development over the past decade.
The State and Indian Planning
09 September, 2014, C.P. Chandrasekhar
Though the Planning Commission faltered in residual developmental role, but instead of reforming it the scrapping indicates towards systematic dismantling of checks and balances.
The Logic of Neoliberal Anti-Populism
27 August, 2014, C.P. Chandrasekhar
Pursuing fiscal consolidation by providing large transfers to the rich while trimming expenditures that benefit the poor is the best example of the ideology of anti-populism.
New Macroeconomic Consensus Rules Budget 2014-15
04 August, 2014, Rohit
The author critiques the macroeconomic framework that underlies the fiscal consolidation approach of the Union Budget for 2014-15.
Social Spending under the Modi Government
25 July, 2014, Jayati Ghosh
A decline in real terms in the budget allocations to the crucial areas of public spending is a sign of the new government's lack of respect for the rights of their citizens.
Corporate Karza Maafi at Rs. 36.5 Trillion
21 July, 2014, P. Sainath
Since 2005-06 a cumulative amount of Rs. 36.5 trillion has been given away to corporate sector in terms of various sops in corporate income tax, excise duty and customs duty.
Union Budget 2014-15
15 July, 2014, Prabhat Patnaik
The basic fiscal strategy of the Union Budget 2014-15 is to increase transfers to the rich and the affluent, while reducing the outlays earmarked for the poor.
No Sign of Change
11 July, 2014, C.P. Chandrasekhar
The people of India, who have voted for a change, are likely to be disappointed by the NDA government's first budget as it signals no change on the economic policy front.
The Missing Honeymoon
09 July, 2014, C.P. Chandrasekhar
The government's decisiveness in ensuring quick clearances for big, infrastructure projects would please the corporate sector and private capital, but not the rest of India.
India as a Manufacturing Hub
08 July, 2014, C.P. Chandrasekhar & 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.
The Moves towards 'De-Dollarization'
18 June, 2014, Prabhat Patnaik
The de-Dollarisation attempts by Russia via the recent trade deals with China and Iran can have major consequences, but may be difficult to sustain due to internal pressures.
India's External Resilience
17 June, 2014, C.P. Chandrasekhar & Jayati Ghosh
The fall in the current account deficit of India may seem heartening but this is possibly because of a temporary respite in the areas where India’s vulnerability resides.
Who is afraid of Illicit Finance?
16 June, 2014, C.P. Chandrasekhar
NDA government's move to appoint an SIT to bring back illegal money from abroad brought more complex issues of finance and government's real intention to the foreground.
Modi with the Magic Wand
11 June, 2014, C.P. Chandrasekhar
Modi has persuaded people that his development magic wand can deliver what others dare to promise. If he fails to deliver on this the current euphoria can prove short-lived.


Site optimised for 800 x 600 and above for Internet Explorer 5 and above
© MACROSCAN 2017