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Capitalism's Discourse on "Development"
30 July, 2018, Prabhat Patnaik
Capitalism cannot overcome unemployment and poverty in the third world countries because of its inherent tendency to generate greater technological progress, which increases labor productivity and thereby slows down the employment generation process. Because of growing labor reserves, real wages remain at subsistence level, but since labor productivity would be growing, the share of surplus would be increasing. Therefore capitalism produces growth at one pole and aggravates poverty at another.
Empty Promises
18 July, 2018, C.P. Chandrasekhar
Together with measures like loan write-offs offered by some BJP States and an ostensibly much-improved crop insurance scheme (PMFBY), this hike in MSPs is seen to have confirmed the pro-farmer tilt of the Narendra Modi government. The timing of the Modi government’s MSP hike for kharif crops leads to the question of whether it is backed by the financial allocations needed to deliver on them.
Why didn't Socialism have Over-production Crises?
02 July, 2018, Prabhat Patnaik
The period after 2008 has witnessed prolonged overproduction crisis which was not seen in the old socialist economies. A market driven capitalist economy that has its foundations on the principle of antagonism is the source of this glut.
Keynes or New-Keynesian: Why Not Teach Both?
27 June, 2018, Rohit
There is a need for plurality in macroeconomic education now than ever before for vibrant policymaking and open minded academic engagements. The difference between Keynes and New-Keynesian is not only in their policy prescription but their understanding of capitalism is completely at odds with each other.
George Soros on The Current Conjuncture
25 June, 2018, Prabhat Patnaik
Factors like the U.S. sucking out finance capital from the rest of the world; the appreciating dollar; the looming crisis for the third world; the refugee problem for Europe are together pushing world capitalism into a serious crisis as put by George Soros. A Marshall plan may save the system but the basic foundations of capitalism are against this proposal.
Trump Versus the Rest
18 June, 2018, Prabhat Patnaik
Donald Trump’s protectionist stance at the G-7 summit is an example of how disunited capitalist countries are on a possible solution to the capitalist crisis. Because of the position of the US economy, Trump can afford to hold on to his protectionist policies while enlarging the fiscal deficit. What is wrong about this strategy is the possibility of long term repercussions, not just for America but for the capitalist world as a whole.
Walmart's Gamble and what it means for India
29 May, 2018, C.P. Chandrasekhar
By taking the majority stake in Flipkart, Walmart has committed itself to bearing losses in the medium term in a desperate gamble to thwart Amazon’s rise in India. The casualty will be the small retail business sector, which supports a large volume of self-employed and low-paid workers.
The So-called "Consumers' Interest"
21 May, 2018, Prabhat Patnaik
The argument in the wake of the Walmart-Flipkart deal, that having large multinationals in the sphere serves consumers’ interest not only ignores the plight of local producers but is also analytically unsound. “Consumers” are not an entity distinct from the displaced producers and will get affected adversely over time.
Leapfrogging into Services
26 April, 2018, C.P. Chandrasekhar
The argument that services reflect a new dynamism in India and the IMF’s prescription that the sector can be a driver of growth and development are far-fetched.
A Tale of Two Discourses
19 April, 2018, Prabhat Patnaik
The Hindutva bubble has clearly burst. Mass demonstrations by peasants, traders, doctors, teachers, students and even school children in the past few days have shown that not only the fear gripping the people is over but also the Indian political discourse is shifting towards material-practical matters, again acquiring a resemblance to what it had been in the pre-Modi years.
The True Face of the Global Recovery
11 April, 2018, C.P. Chandrasekhar & Jayati Ghosh
Optimistic assessments of the synchronised recovery across the world economy ignore the factors driving the weak upturn that make it fragile.
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.
The UGC Directive on Autonomous Colleges
12 March, 2018, Prabhat Patnaik
Higher education in India is facing a twin danger of commoditization and communalization under the globalized capital today. This tendency is fueled further by the UGC directive that combines commoditization with a push towards centralization that is rampant under the Modi government.
The Tripura Election Verdict
07 March, 2018, Prabhat Patnaik
The Tripura reverse brings out the fact that it is exceedingly difficult for an opposition party, that has an incumbent government in any state to withstand the onslaught of the BJP, and in between states the one anti-BJP opposition force is different and scattered. For the Left it means a fight for survival.
Agrarian distress in India
01 March, 2018, Jayati Ghosh
To stabilize crop prices and make them remunerative, the Swaminathan Commission proposed significant improvements in the implementation of MSPs.
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.
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.
Budget 2018: The Finance Ministry's Grey Shades of 'Pink'
02 February, 2018, Jayati Ghosh
Even the vaguely “pink” effort in the Economic Survey is whitewashed in the finance minister’s Budget speech that is heavily based on stereotypical gender roles for women, and even that completely disappears when we get to the actual budget allocations.

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