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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.
In the 2017 Budget, the Government has Compounded its Folly
06 February, 2017, Prabhat Patnaik
Not only has the damage caused by demonetisation remained unaddressed, but even the opportunity provided by demonetisation has remained un-utilised in the 2017 Budget.
The Neoliberal Trap
11 June, 2013, C.P. Chandrasekhar
The government of India is forced to appease international credit rating agencies and give their demands priority over national issues.
No Standards, Not Poor
20 February, 2013, C.P. Chandrasekhar
The rising tide of litigation against US credit ratings agencies could help resolve the conflict of interest involved in basing financial regulation on the ratings system.
India and the Credit Rating Agencies
26 June, 2012, Jayati Ghosh
In the recent times, several big international credit rating agencies have downgraded India’s rating outlook as a sovereign borrower. The main point however is whether we should at all bother about the “opinions” of these external credit rating agencies. Maybe we would all have been better off without the destabilising influence they have played and continue to play in India and in the rest of the world.
Democracy and the Financial Markets
01 December, 2011, Jayati Ghosh
In the last few decades, it has become increasingly common for various developing and “emerging” markets to give greater importance to appeasing the interests of financial markets over the requirements of political democracy. Now, this is afflicting developed countries as well, where governments are sacrificing democracy in favour of the markets.
The End of Europe?
30 November, 2011, C.P. Chandrasekhar
The crisis in Europe has recently claimed many political victims, with the governments in Greece and Spain, two of the worst hit countries being changed. The newer governments promise to implement stringent austerity measures that are being proposed as a solution to the crisis. However, how much of austerity can actually be implemented, and what good such measures will do to resolve the crisis is highly doubtful.
Is there a Silver Lining?
06 October, 2010, Jayati Ghosh
All the national and international criticisms of the terrible mess of the Delhi Commonwealth Games have certainly exposed the weaknesses in our system, but such exposure, may be, was necessary to remind us and our policy makers and the media, of how flawed has been the hype surrounding resurgent India.
Shrinking Cereals, Growing Food Parks
04 May, 2010, Rahul Goswami
Although controlling food inflation and ensuring food security to the population are two major concerns of the government at present, data and reports of various studies show very little improvement on both fronts. On the contrary, the increasing corporatisation of food production, procurement, movement and distribution is contributing to household food insecurity, particularly amongst the rural and urban poor.
Tata Rides the Recession
17 June, 2009, C.P. Chandrasekhar
With the expensive acquisitions of Anglo-Dutch steel major Corus and luxury automobile brands Jaguar and Land Rover in quick succession on the eve of the global financial crisis, the TATA group faced difficulties as the debt level of both the parent and the UK subsidiaries in the group was on a rise. However, it is noteworthy how the TATA group escaped a group-wide crisis by leveraging its brand, the Indian government and the Indian public.
Too Much of a Good Thing
17 December, 2007, Jayati Ghosh
The massive surge in net capital inflows has put substantial pressure on the rupee. Faced with an unwanted surge of capital that is not being used for productive investment but is associated with a rising exchange rate, the need to put some limits and constraints on the capital inflows, in the form of direct marketing activity in lieu of a capital gains tax, cannot be denied.
The Collapse of Enron
30 November, 2001, Jayati Ghosh
If you had to name a single company that could serve as a symbol of international capitalism in the 1990s, this would probably be the one. The giant multinational corporation Enron grew from being essentially a gas pipeline company in the 1980s, into the world's single largest energy trader, accounting for around 25 per cent of energy trade in both US and European markets.

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