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The Prospect of Food Shortage
09 April, 2018, Prabhat Patnaik
Contrary to the fears of orthodox economics, persistent and even growing hunger in the world today arises not due to “excessive population” but due to the social arrangement; not because there is too little output relative to population but because there is too little demand relative to output.
Doyen of 'Dependency Theory'
03 April, 2018, Sunanda Sen
Theotonio dos Santos (1936–2018), who passed away on 27th February in Rio de Janeiro, was a major proponent of dependecia or dependency theory, important for those interpreting the growing disparities between the advanced and the developing world. Time will bear testimony to his contributions, as a scholar, a theoretician, and an activist who spent his life in spelling out the injustices in globalization.
Commoditization and the Public Sphere
02 April, 2018, Prabhat Patnaik
The distinction between the sphere of market and the sphere of public discourse remains central to liberalism. But under capitalism, the public sphere becomes untenable due its “spontaneous” destruction by the markets’ immanent tendency towards commoditization, as we are witnessing everywhere today. In such a world, a fight towards democracy is itself a means of advancing the struggle for socialism.
Trump's Protectionism
26 March, 2018, Prabhat Patnaik
Trumps' announcement of tariff hike tantamount to a beggar-thy-neighbor policy that would inevitably attract retaliation. But these current protectionist measures on capital-in-production do not in any way restrict capital-as-finance. They are just desperate and counter-productive attempts at coping with a crisis, which is itself an outcome of the process of globalization of finance.
Technological Change and Impoverishment
19 March, 2018, Prabhat Patnaik
Socio-economic effects of technological change depend upon the property relations within the system they occur. While in socialism higher labour productivity can improve the conditions of workers, in capitalism, the same has lead to growing relative labour reserves, and hence impoverishment.
Bubbles, Stocks and Crashes
21 February, 2018, Prabhat Patnaik
What the current U.S. experience shows is not only the role of bubbles in sustaining the level of activity under a neo-liberal regime, and hence the fact that the lives of millions depend upon the whims of a bunch of speculators, but also the completely evanescent and short-lived character of the booms in this period.
Budget 2018-19: No money where the mouth is
20 February, 2018, C.P. Chandrasekhar
Rhetoric and meagre show of financing aimed at the neglected and marginalized sections, to address the pre-election imperative of the Budget have not even been able to fulfil the irrational fiscal deficit targets of the FM, even with massive disinvestment and absence of fund allocation.
A Dangerous Period
16 February, 2018, Prabhat Patnaik
Contemporary Fascism around the world is emerging as neo-liberal capitalism’s “gift” to mankind in the period of its maturity, when it submerges the world economy in a crisis, and reaches a dead-end from which there is no obvious escape.
The Economic Survey 2017-18
04 February, 2018, Prabhat Patnaik
Like the person on the proverbial tiger, the Indian economy is currently riding a precarious course. The Government of India’s Economic Survey for 2017-18 recognizes this frankly, but its panacea is to keep one’s fingers crossed and hope that the ride continues.
Where's the money, Mr Jaitley?
02 February, 2018, Jayati Ghosh
Window-dressing as a substitute to actually addressing the problem has become a norm under the Modi regime and the Budget 2018-19 reflects that. The actual increases in financial outlay are shockingly low in relation to the massive promises made. This is deeply worrying, as the Indian economy now desperately requires major measures to ensure a sustainable revival of economic activity.
The Politics of being a Dalit Woman
22 January, 2018, Jayati Ghosh
To deal with the political and economic marginalisation of Dalit women, it is necessary to recognise the significant differences among them not only according to socio-economic context, degree of education and occupation but also by subcaste.
The Other Face of Private Banking
16 January, 2018, C.P. Chandrasekhar & Jayati Ghosh
Private banks, especially foreign ones have relied on off-balance sheet liabilities to earn revenues and profits, courting risk and leaving the business of banking proper largely to the public sector banks.
Arun Jaitley on Electoral Bonds
15 January, 2018, Prabhat Patnaik
Arun Jaitley had outlined a scheme of electoral bonds in his budget speech on February 2, 2017. Now, exactly 11 months later, the notification of the scheme and some details of it have finally been announced in a Press Information Bureau release on January 2, 2018……..
A Year of Wilful Economic Disaster
08 January, 2018, Prabhat Patnaik
The uniqueness of 2017 lies in the fact that never before has the country seen a government-caused economic crisis as serious as was witnessed in this year.
The Indian economy in 2017
02 January, 2018, Jayati Ghosh
This was the year that the economy tanked. Not necessarily in terms of official growth figures: according to the CSO, GDP growth decelerated, but not by that much....
The Demise of Bank Credit
02 January, 2018, C.P. Chandrasekhar & Jayati Ghosh
Growing economies generally show increasing deployment of bank credit – but in India this has been decreasing for years and recently has been almost flat. What does this suggest about the growth process and the health of the Indian economy?
The Problem with the Indian Left
27 December, 2017, Prabhat Patnaik
The current problem with the Indian Left, and in this term I include all sections of the Left, from the so-called "parliamentary Left" to the so-called "revolutionary Left", is in my view, its lack of appreciation of the dialectics between "reform" and "revolution".
A Dangerous Bill on Banks
22 December, 2017, Prabhat Patnaik
The BJP government, it appears, cannot remain content without inflicting irreparable damage on the institutions of the Indian economy. Its latest move in this direction is the Financial Resolution and Deposit Insurance (FRDI) Bill which was introduced in parliament on the last day of the winter session and is now with a Select Committee.
Marx and Naoroji
20 December, 2017, Prabhat Patnaik
In the early 1850s Karl Marx, living in Dean Street in Londons Soho, was working on his opus Capital, of which a preliminary fragment was published in 1859 as A Contribution to the Critique of Political Economy........
The Gujarat model’s failure explains why the economy has become such a significant factor in the coming state elections
28 November, 2017, Jayati Ghosh
The model of development that was presented as a success story relies on patronising and providing incentives to large businesses while simultaneously suppressing wage incomes.

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