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Pakistan: Who needs a crisis?
29 August, 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.
The return of the oil threat
11 May, 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.
America's Turn Towards Fascism and Its Contradictions
04 September, 2017, Prabhat Patnaik
While the turn of the U.S. towards fascism is unmistakable, the contradictions associated with this turn, and the complexity of the process of formation of the partnership between big business and fascist upstarts within the framework of a non-fascist bourgeois State to start with, are also clearly visible.
One Belt, One Road, One grand design?
10 June, 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.
BRICS Gains Currency in Brazil
25 July, 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 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.
Prospects for the World Economy in 2012
27 December, 2011, C.P. Chandrasekhar & 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.
The G20 and Employment Outlook
12 October, 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.
Global Oil Prices
13 July, 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?
06 July, 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.
A Tax to Rein in Finance
25 November, 2009, C.P. Chandrasekhar
It is a proposal that refuses to die. When Finance Ministers of the overactive G20 met at St Andrews, Scotland in early November, the UK's Prime Minister Gordon Brown decided to use what would be the last meeting under his presidency to make a case for taxing finance.
G20 and the Global Power Balance
06 October, 2009, C.P. Chandrasekhar
When the 19 heads of state and a representative of the European Union declared that from now on it would be the G20 and not the G8 that would be responsible for managing global capitalism they were merely recognising the unavoidable. However, if expansion of the club responsible for managing global capitalism was unavoidable, the G20 reflects the combination which would be preferred by the leading powers.
Tainted Money
10 May, 2009, C.P. Chandrasekhar
There is increasing concern the world over regarding the role of tax havens in promoting tax evasion and money laundering. This is the opportunity to fulfil demands that the violations of law that permit the accumulation of illegal wealth abroad by India's rich and powerful in Swiss and similar banks accounts need to be investigated, the offenders must be prosecuted and the money brought back and directed towards pushing growth and improving welfare domestically.
The Financial Crisis and the Developing World
25 October, 2008, Jayati Ghosh
Violent fluctuations in stock prices along with other factors witnessed in emerging markets in the past two weeks have made it clear that the developing world is not insulated from the financial turmoil raging in industrial countries. The crisis will have different impacts in different places, depending on, in particular, the extent of integration of the capital market of the concerned developing country. An important positive fall-out of this financial crisis is that it has created an opportunity for replacing the economic model of neoliberalism with more progressive and democratic alternatives.
The CPI(M) and the Building of Capitalism
17 January, 2008, Prabhat Patnaik
This article argues that the reaction of certain sections of the media and the younger generation to certain statements made in the West Bengal CPI(M) political circles which was read as the CPI(M) having abandoned socialism is misplaced on three counts. Their arguments do not distinguish between socialist and people's democratic revolutions; between working within a system and working not to transcend the system; and between the Party and Party-led governments. All of this point towards the complexities of the Indian revolution and require an in depth understanding of the political situation.
Wheat Inflation and India
12 December, 2007, C.P. Chandrasekhar & Jayati Ghosh
Having decided to import wheat in sequential lots to beef up its reserve, the government finds that it is having to pay continuously rising prices for the commodity. According to reports, as compared with the weighted average price of $205 per tonne paid for wheat imported in 2006-07, the average price paid on tenders floated on June 26, August 30 and November 12, 2007 was $326, $389 and $400 per tonne respectively.
Convertibility: Road Map for Whom?
14 September, 2006, C.P. Chandrasekhar
The Reserve Bank of India has released the report of the special Committee on Fuller Capital Account Convertibility, which was constituted to revisit the issue of making the rupee convertible for capital account transactions. The recommendation of the FCAC committee to push ahead with capital account liberalisation, even in phases and with some caution, seems as unwarranted today as it was in 1997.
Insider Story on Crime and Empire
05 April, 2005, C.P. Chandrasekhar
Book buyers in the US have obviously been lapping up the hard-back authored by John Perkins titled Confessions of an Economic Hit Man. The book, which was published in November last year has found, to the surprise and dismay of some, a place in the New York Times non-fiction best-seller list in 7 out of 10 weeks between weeks-ending January 8 and March 12.
Equitable Equity: India Introduces Securities Transaction Tax
19 July, 2004, Kavaljit Singh
In the budget for 2004-05, India's Finance Minister has proposed the introduction of Securities Transaction Tax (STT). While supporting the need to impose STT in the Indian markets, this article examines the benefits of STT in the light of international experiences with similar taxes. It debunks several apprehensions expressed by the opponents of the proposed tax.
Poverty and Inequality in India : Getting closer to the truth
07 May, 2004, Abhijit Sen and Himanshu
In this revised paper examining the comparability and consistency of the National Sample Survey data from the 55th round with the earlier rounds on consumption expenditure in India, Abhijit Sen and Himanshu establish that economic inequality increased sharply during the 1990s in all its aspects and, as a result, poverty reduction deteriorated markedly despite higher growth. This has implications for policy, and lessons for future survey design.

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