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Leapfrogging into Services
26 April, 2018, C.P. Chandrasekhar
The argument that services reflect a new dynamism in India and the IMF’s prescription that the sector can be a driver of growth and development are far-fetched.
Bubbles, Stocks and Crashes
21 February, 2018, Prabhat Patnaik
What the current U.S. experience shows is not only the role of bubbles in sustaining the level of activity under a neo-liberal regime, and hence the fact that the lives of millions depend upon the whims of a bunch of speculators, but also the completely evanescent and short-lived character of the booms in this period.
Neo-liberalism has been a disaster for Nepal
20 November, 2017,
Why is neoliberalism bad for India and Nepal? What are its major flaws? Mahabir Paudyal and Prashant Lamichhane from myRepublica caught up with Professor C.P. Chandrasekhar when he was in Kathmandu last week to discuss the impact of neo-liberal economic order in the two countries, and the prospects of a socialist-oriented economy in Nepal.
Engineering a new crisis to resolve an old one
16 November, 2017, C.P. Chandrasekhar
Central banks are deciding to scale back their policy of “quantitative easing” in the form of liquidity infusion through asset purchases, but they are unwilling to commit to a quick unwinding of balance sheets fearing market reaction to a radical change in the easy money environment.
Unbalanced global growth
08 November, 2017, C.P. Chandrasekhar & Jayati Ghosh
The distribution of the weak global economic recovery since the Great Recession provides little reason for optimism about the future.
A Bull in a China Shop
26 September, 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.
The Economy: 70 years after Independence
30 August, 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.
Economy Plunging Headlong into Recession
16 August, 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”.
Twenty Years After The Asian Financial Crisis
07 August, 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.
Three Deaths
19 July, 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.
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.
World Capitalist Crisis getting Accentuated
22 May, 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 Illusion of an Economic Spring
17 May, 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.
Interest Rates and the Use of Cash
08 March, 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.
The Widening Gap between Rich and Poor
23 January, 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.
Who's Afraid of the Fiscal Deficit?
19 October, 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
18 October, 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.
Rajan's Exit
15 September, 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.
The IMF in Pakistan
18 February, 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.
Ideas towards a New International Financial Architecture?
23 December, 2015,
The book is the outcome of an e-conference held between May and July 2015 on ideas towards the new international financial architecture (IFA) with the people from the World Economics Association. It reviews the need for a new international financial architecture understood as the sum of institutions, instruments, rules and practices.

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