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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.
Strangulating the Informal Economy
12 October, 2017, Prabhat Patnaik
The current slowdown in the economy, aggravated by the persistent world economic crisis, has much to do with the twin coercive instruments of demonetisation and GST wielded by the state to strangulate the informal economy in a bid to formalise it.
The Class Content of the Goods and Services Tax
05 October, 2017, Prabhat Patnaik
In the discussions about GST, the class content of this new tax regime has been missed. Through an overall increase in the taxation of the informal sector i.e. of the petty producers and the small capitalists, it has unleashed the twin process of centralization of political authority and the centralization of capital, which in turn strengthen one another.
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.
C.P. Chandrasekhar speaks on 'Revisiting 'Capital' in the Age of Finance'
23 September, 2017,
The third lecture, titled 'Revisiting Capital in the Age of Finance', was delivered on 23rd September, 2017 at the India Habitat Centre in New Delhi. In this lecture, he talks about the phases that capitalism went through since its inception.
Downturn Blues
18 September, 2017, C.P. Chandrasekhar
The most recent deceleration in growth is the result of the inability of the system to sustain the artificial stimuli that the neoliberal policy environment facilitated. It is a problem that does not lend itself to easy resolution.
C.P. Chandrasekhar Speaks on 'Capital and the Critique of Bourgeois Political Economy'
09 September, 2017,
The first lecture, titled 'Capital and the critique of bourgeois political economy', was delivered on 9 September 2017 at the India Habitat Centre in New Delhi. In this lecture, Professor Chandrasekhar talks about Marx's analysis of capitalism as an inevitably transient mode of production in a constant opposition to political economists of that period, and his contributions to the Labour Theory of Value. He also discusses how Marx's analysis does not fully examine the role of the state and the periphery as sites for primitive accumulation thus overestimating the transformative potential of capitalism.
150 years of 'Das Kapital': How relevant is Marx today?
24 August, 2017, Jayati Ghosh
After 150 years of ‘Das Kapital’, the seminal work of the 19th century economist still provides a framework for understanding contemporary capitalism. The unique social relations such as “free labour” and “commodity fetishism”, that according to Marx, define capital, are reflected in the uneven and unstable development of the world market.
Imperialism Still Alive and Kicking: An Interview With Prabhat Patnaik
20 June, 2017,
Imperialism is the arrangement that the capitalist system sets up for imposing income deflation on the working population of the third world for countering the threat of inflation that would otherwise erode the value of money in the metropolis and make the system unviable. A delinking from globalization by an alternative State, based on a worker-peasant alliance, is required for improved living conditions of the third world working population.
Growing class resistance against "Globalization"
19 June, 2017, Prabhat Patnaik
Universal non-class use of the term “globalisation” and its “other” “nationalism” by the bourgeoisie has enabled them to show the former as progressive and latter reactionary for all classes. But recent election results in major countries reflect the rise of resistance of the worker class against the hegemony of “globalised” finance capital everywhere. Even in India, for the first time in three decades, anti-labour policies are being challenged by strong peasant movements in many states.
Wicked Loans and Bad Banks
08 March, 2017, C.P. Chandrasekhar
A trail of defaults is ensuring that the NPA ratio is not stabilising, as the RBI expected it would, once assets misclassified as restructured and standard are recognised as non-performing.
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.
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.
Finance Capital and the Nature of Capitalism in India Today
25 November, 2016, C.P. Chandrasekhar
This article explains how the growing dependence on foreign finance capital has distorted India’s growth. Due to the accumulated presence of foreign capital in the country since liberalisation, it is turning moribund and losing sovereignty.
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.
Banks and the New Asian Tigers
30 March, 2016, C.P. Chandrasekhar
Substantial accumulation of bad debt in the domestic banking systems of India and China seems to be proving too heavy a burden to bear when the good times are disappearing.
Workshop on feminist economics in China and India, India International Centre, New Delhi, 11-12 November, 2013
30 October, 2013,
Economic Research Foundation, in collaboration with the Centre for Development Alternatives, Ahmedabad and with support from Ford Foundation and UN-Women, is organising a two-day workshop to bring together feminist economists from China and India, including senior and younger scholars and researchers as well as those involved in policy making in both countries.
The Corruption System
29 May, 2013, C.P. Chandrasekhar
The greater corruption witnessed under liberalisation reflects an aggravation of the systemic tendency towards primitive accumulation of capital characteristic of capitalism.
Fragile Foundations: Foreign capital and growth after liberalisation
14 May, 2013, C.P. Chandrasekhar
The shift from debt-financed public expenditure to debt-financed private expenditure-led growth in India has resulted in increased dependence on foreign capital and vulnerability.
Foreign Finance and India's Development
25 September, 2012, C.P. Chandrasekhar
The principal objective of the current government seems to be that of winning and sustaining the whimsical ‘confidence’ of foreign capital at all costs. This is the new and defining feature of economic policy of present day India.

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