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The Economy: 70 years after Independence
30 August, 2017, C.P. Chandrasekhar
Indias' reliance on fortuitous and volatile stimuli to drive growth has resulted in inadequate job creation and widened inequalities while failing to address social deprivation.
The Hamburg Fiasco
19 July, 2017, C.P. Chandrasekhar
There is no sign of any consensus coming out of the G20 on the need for a mix of globally coordinated policies and a fiscal push to pull the world economy out of recession. What we have once again is a set of statements that says everything and therefore nothing.
Justice in the Age of Finance
07 July, 2017, C.P. Chandrasekhar
The very limited Barclays prosecution comes in the wake of a half-hearted investigation effort, which has thus far completely let off all those who took the world economy to the verge of a crisis akin to the Great Depression. It is not clear if anything will finally come out of even this case, which is aimed at merely teaching a lesson to those who hurt a bunch of financial investors by violating insider rules.
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.
The Roots of the Agrarian Distress In India
29 June, 2017, C.P. Chandrasekhar
The policy shifts of the reform era have not been in favor of agriculture. Trade liberalisation, deregulation and a greater role for market forces have not benefited the farmer, who is trapped in a persisting crisis. It is time for today's policy makers to recognise their own disconnect, and learn from the evidence at hand.
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.
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.
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.
The Hegemony of Finance
19 October, 2016, C.P. Chandrasekhar
Finance has been able to successfully stall reforms that the 2008-09 crisis had established as being urgent and imperative, and the consequences of that are bound to be damaging.
The Bursting of China's Housing Bubble
28 April, 2015, C.P. Chandrasekhar & Jayati Ghosh
The party is over in China's real estate markets, but the policy makers are trying to revive it through financial deregulation and monetary easing that is unlikely to work.
Where's the "Missing Middle" in Indian Industry?
09 December, 2014, C.P. Chandrasekhar & Jayati Ghosh
While the problem of missing middle is taken for granted in the Indian industry, official data reveal that medium sized firms actually dominate in both employment and output.
The Difficult Art of Economic Diversification
11 November, 2014, C.P. Chandrasekhar & Jayati Ghosh
Indonesia provides a stark example of an economy that diversified its pattern of trade and domestic production, only to relapse back into a dependence on primary exports.
Deregulating Diesel Prices
30 October, 2014, Jayati Ghosh
Linking the price of oil to global market prices is simply another way of putting the squeeze on mass consumers whose incomes are well below the global average.
On Deregulation in the Petroleum Sector in India
17 October, 2012, Surajit Das
The policy of oil price deregulation in the face of rising international price of oil would have direct detrimental effects on growth, inflation and 'macroeconomic stability'.
Banking on Debt
10 July, 2012, C.P. Chandrasekhar & Jayati Ghosh
The latest figures on India’s external account reveal that the problem of declining foreign exchange reserves is the result principally of the widening of the current account deficit, which was far too large to be covered by an increase in capital inflows. While the government may do well to address the vulnerability caused by a rising import bill, especially on account of gold imports, it has been adding to external vulnerability by encouraging further inflows of speculative debt capital.
Paralysis in Policy Assessment
08 May, 2012, C.P. Chandrasekhar
The kind of policy paralysis that the UPA government is identified with refers to the failure of the government to deliver fully on its commitment to so-called economic reform. But the true paralysis lies in its inability to address deprivation by allocating additional resources and improving delivery to accelerate advance on the human development front.
Post-Crisis Reform: A lost opportunity?
03 April, 2012, C.P. Chandrasekhar & Jayati Ghosh
In its recently released annual report, the Federal Reserve Bank of Dallas makes a case for breaking up banks considered too big to fail. But the failure to do that is only one possible way in which the opportunity provided by the crisis to reform and regulate finance has been lost.
Employment and Social Spending in Budget 2012-13
21 March, 2012, Jayati Ghosh
Highly regressive in both taxation and spending terms, the Budget 2012-13 has managed the remarkable feat of upsetting almost everyone and making no aam aurat and aam aadmi happy. It provides conclusive proof of the UPA government having lost its way as it seems to have forgotten the importance of its own "flagship schemes".
Employment Generation as an Economic Strategy for Uncertain Times
14 November, 2011, Jayati Ghosh
This is the acceptance speech made by the author at the award function of the ILO Decent Work Research Prize, 2010. Discussing the growing pressures in the current global scenario, she argues for a shift in macroeconomic strategy towards domestic wage- and employment-led growth as a means to sustainable growth, as well as an end in itself.
''Planning'' for Whom?
12 October, 2011, C.P. Chandrasekhar
There are some fundamental changes in the Planning Commission's current perspective relative to the earlier periods. In the post-Independence years, pursuit of profit was not seen as being in the social interest and this was reflected in the nature of development planning. But now, profit is the sole motive and the role of the state is to merely facilitate this by incentivising corporate activity.

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