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The Indian Economy in a Tailspin
24 September, 2018, Prabhat Patnaik
A combination of direct import controls on inessential items, reduction of petro-product prices, measures for reducing the consumption of such products, and direct taxation, especially on wealth, is the obvious way of getting out of the tailspin in which the Indian economy is currently caught. There is no alternative to these measures if we are to avoid the fate of countries that eventually run to the IMF and get caught in the vice-like grip of “austerity”.
Finance versus the People
27 August, 2018, Prabhat Patnaik
There is a fundamental contradiction between democracy and neo-liberal capitalism. This contradiction can be seen from the exuberance of the market with the removal of a challenge to communal authoritarianism.
Capitalism's Discourse on "Development"
30 July, 2018, Prabhat Patnaik
Capitalism cannot overcome unemployment and poverty in the third world countries because of its inherent tendency to generate greater technological progress, which increases labor productivity and thereby slows down the employment generation process. Because of growing labor reserves, real wages remain at subsistence level, but since labor productivity would be growing, the share of surplus would be increasing. Therefore capitalism produces growth at one pole and aggravates poverty at another.
The State of the Economy
23 July, 2018, Prabhat Patnaik
The Indian Economy is facing remarkable combination of stagnation, inflation and a burgeoning trade deficit which has been erroneously attributed to the rise in oil prices alone.
The Proposed Abolition of the UGC
09 July, 2018, Prabhat Patnaik
The Modi government is bringing in legislation to abolish the University Grants Commission and replace it with Higher Education Commission of India. The composition of the HECI and the advisory council along with the fact that funds will be provided by the HRD ministry is a strong indicator of political interference in the country’s academic life.
The Modi Government's "Achievement"
03 June, 2018, Prabhat Patnaik
Concluding the four years of Modi government is an unparalleled process of social and political retrogression in the country. A look at the declining per capita real income in agriculture and privatization of education and other essential services points at an expedition of neo-liberal tendencies during the Modi regime.
The Gathering Storm Clouds
28 May, 2018, Praveen Jha & Amit Chakraborty
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.
Technological Change and Impoverishment
19 March, 2018, Prabhat Patnaik
Socio-economic effects of technological change depend upon the property relations within the system they occur. While in socialism higher labour productivity can improve the conditions of workers, in capitalism, the same has lead to growing relative labour reserves, and hence impoverishment.
The Importance of Dissatisfaction
17 March, 2018, Prabhat Patnaik
The first step to overthrowing an oppressive system is “epistemic exteriority” or visualizing an alternative system outside of the existing one. But neo-liberal capitalism has been remarkably successful in thwarting such visualization, by proposing “epistemic closure” as an essential component of development.
The Nirav Modi Scandal
23 February, 2018, Prabhat Patnaik
Nirav Modi’s is not a case of crony capitalism supplanting genuine capitalism; it is rather a case of genuine capitalism coming out to display its fundamental unworkability, as a system based on the pursuit of private gain. Having institutional restraints can stem the rot, but not for long.
A Dangerous Period
16 February, 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.
The Dramatic Rise in Wealth Inequality
25 January, 2018, Prabhat Patnaik
Notwithstanding the statistical difficulties associated with the estimates of wealth distribution, there is no gainsaying the fact that something extremely serious for our democracy and freedom is occurring through the extraordinary rise in wealth inequality, as a result of the pursuit of unrestrained neo-liberal economic policies by the present government.
The Problem with the Indian Left
27 December, 2017, Prabhat Patnaik
The current problem with the Indian Left, and in this term I include all sections of the Left, from the so-called "parliamentary Left" to the so-called "revolutionary Left", is in my view, its lack of appreciation of the dialectics between "reform" and "revolution".
Banks And Non-Performing Assets
28 November, 2017, Prabhat Patnaik
What exactly constitutes a non-performing asset (NPA) of a bank is not easy to determine. Since banks tend to roll over credit to borrowers, whether the request for such a roll over arises in the normal course of business or owing to a fundamental inability to pay back the loan, is difficult to decide.
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.
Neo-Liberal Capitalism and its Crisis
24 October, 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.
The Current Upsurge of Fascism
18 October, 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 Growing Income Inequality
05 October, 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.
Financing Education
08 August, 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.
NPAs: All talk and no action
04 August, 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.

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