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C.P. Chandrasekhar Speaks on 'Capital and the Critique of Bourgeois Political Economy'
18 September, 2017,
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.
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.
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.
Communalism and Working Class Struggles
10 April, 2017, Prabhat Patnaik
Neo-liberalism creates the condition for the growth of majority communalism by making mobilizations along class lines more difficult, despite the squeeze it imposes on the toiling classes.
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.
Neo-Liberal Capitalism and India's Nationhood'
30 January, 2017, Prabhat Patnaik
The era of neo-liberalism has seen a retrogression when it comes to the material pre-requisites for the nation-building project that had been launched with the anti-colonial struggle.
Neo-Liberal Capitalism and India's Nationhood
30 January, 2017, Prabhat Patnaik
The era of neo-liberalism has seen a retrogression when it comes to the material pre-requisites for the nation-building project that had been launched with the anti-colonial struggle.
Digital Dreams
21 December, 2016, Jayati Ghosh
The government’s mad rush towards a cashless economy ignores the presence of the large unbanked population that will not gain from incentives being offered for digital transactions.
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.

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