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Moody's Upgrade
20 November, 2017, Prabhat Patnaik
The slight upgrade of India’s credit worthiness by Moody, that equates finance with nation, is being celebrated by the media as a mark of Modi’s success, but the criteria it has used to judge are in actuality open assaults by the government on the working population. To transcend such neo-liberal capitalism, the wrongness of this criteria must be understood first.
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.
Not with a Bang but with a (prolonged) Whimper
16 November, 2017, Jayati Ghosh
The German thinker Wolfgang Streeck in his brilliant book provides a cogent critique of the nature of contemporary capitalism, and describes its ongoing extended demise without surrendering to any optimism that as it fails to deliver even in terms of its own logic all the injustice it has generated must inevitably change for the better.
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.
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 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.
C.P. Chandrasekhar speaks on "Karl Marx's Capital & the Present"
30 September, 2017,
The fourth lecture, titled 'Karl Marx's Capital & the Present', was delivered on 30th September, 2017 at the India Habitat Centre in New Delhi. In this, the professor talks about contemporary insights that can be drawn from Das Kapital after 150 years of its publication.
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.
C.P. Chandrasekhar speaks on "Order and Anarchy in Capitalist System"
16 September, 2017,
The second lecture, titled 'Order and Anarchy in Capitalist Systems, was delivered on 16th September, 2017 at the India Habitat Centre in New Delhi. In this, the professor talks about the various anarchic tendencies of capitalism, which culminate in a crisis due to overproduction at one pole and underconsumption at the other.
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.
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.
'Riskless Capitalism' in India: Bank credit and economic activity
07 August, 2017, Rohit Azad, Prasenjit Bose & Zico Dasgupta
The Indian growth story of the 2000s’ cannot be over-simplistically explained as a result of “market-oriented” reforms. Public sector bank credit-financed investments, particularly in the infrastructure sector, played a significant role in sustaining growth, most crucially after the global economic crisis. Such a growth trajectory, however, proved to be unsustainable with the expansionary phase coming to an end in 2011–12 and bad loans piling up in the banking system.
Progressive mobilization in Europe
20 July, 2017, Jayati Ghosh
The G20 summit in Hamburg was an occasion for public affirmations of the continued power of progressive ideas and calls for action around issues that really matter, in the form of an alternative summit, performance art demonstrations, and marches.
The Macroeconomics of Basic Income Grants
07 July, 2017, Jayati Ghosh
The idea of “Universal Basic Income”, today treated as novel, in fact dates back to Kautilya’s Arthashastra and Thomas Mores’ Utopia in the 16th century. Milton Friedman's “negative income tax” also revolved around the same idea, which was rightfully criticized by Minsky for inducing inflationary expansion in place of direct welfare schemes. Considering distributional effects, direct job creation is a more effective way to tackle poverty.
The Rights of the Child and the G20 Summit
03 July, 2017, Sir Richard Jolly & Gabriele Kohler
Fresh research from UNICEF shows that the number of children in poverty, in rich countries has increased as a result of austerity policies. An average of one in five children in 41 high income countries lives in poverty. Children and their rights do not even seem to feature in the G20 manifesto, even as it stresses the ending of austerity policies and encouraging public budgets that promote development and poverty eradication.
Development for Whom?
22 June, 2017, Jayati Ghosh
Calls for a new development paradigm grow louder each day, especially in rapidly growing countries like India. Award-winning development economist Jayati Ghosh explores prospects for such a new model of equitable and sustainable development with Allen White, Senior Fellow at the Tellus Institute.
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.

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