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The Push for Privatizing Banks
11 June, 2018, Prabhat Patnaik
Historically, the push for bank privatization which has gathered momentum with a rise in tendencies to take to neo-liberal policies. The arguments for privatization have been put forward time and time again, depending on economic circumstances. As international finance capital demands outright privatization to control financial resources and popularizes the conception of social interest best served through free finance, the NPA crisis in India has become the justification of the day.
Shadow cast by the rupee
07 June, 2018, C.P. Chandrasekhar
The rupee has sharply depreciated in the recent weeks giving reason for concern. The external events of rise in oil prices and rate of interest in advanced economies has led to a surge in the current account deficit and capital outflows respectively. The success of 'the liberalization reforms' lies in the huge capital inflows and thus, has enhanced the periodic bouts of the rupee, hinting to symptoms of a bubble economy.
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 Gathering Storm Clouds
28 May, 2018, Praveen Jha & Amit Chakraborty
The Indian Economy has all along been critically dependent upon the inflow of speculative finance to sustain its balance of payment. It now faces threatening prospects of a spiral as international crude oil prices and U.S. interest rates, that kept its import bill restricted, are on the rise.
The return of a housing bubble
08 May, 2018, C.P. Chandrasekhar & Jayati Ghosh
While household balance sheets are not rid of the debt accumulated in the years preceding the 2008 crisis, there are signs that purchases financed with new debt are leading to a fresh bubble in property markets.
Ashok Mitra: Railing Against the Times, But Very Much a Part of Them
03 May, 2018, Jayati Ghosh
Revisiting a review written for 'Frontline' magazine of the English version of Ashok Mitra's Bengali memoirs, 'Apila Chapila', published in 2007. “The impression on reading this book is not one of a difficult man, rather of an incurable romantic. It is a book full of people, full of little stories about them and full of the emotion that only caring deeply about people can bring. So this idiosyncratic memoir is in some ways a love poem to many of the people he has ever known.
Former Bengal Finance Minister was a polymath member of significant groups
03 May, 2018, Jayati Ghosh
Ashok Mitra was one of the most remarkable personalities of Independent India. A polymath who spanned technical economics, literature, policy and politics, he brought to all of these his distinctive flair, razor-sharp intelligence, and enormous energy and passion. We can be proud of living in a society that could produce such a person.
OBITUARY | Ashok Mitra, the Former Bengal Finance Minister Who Wished He Were Forgotten
03 May, 2018, Subhanil Chowdhury
He disliked being praised. In the last few lines of his memoirs Aapila Chaapila, he wished that he may be forgotten by everybody, he did not want his readers to remember him. Therefore, he would have strongly disagreed with this obituary of his. But those who knew him, loved him would agree that it is impossible to forget him.
Ashok Mitra, the Marxist Economist Who Was a Fierce Critic of the Government
02 May, 2018, Paranjoy Guha Thakurta
On the morning of May Day, former finance minister of West Bengal, member of parliament, prolific writer, bureaucrat, economist and Marxist thinker Ashok Mitra passed away in a Kolkata nursing home. He was born in 1928 and had turned 90 on April 10 this year. He was not just an academic, an administrator, a politician and an activist, but also a writer of amazing eloquence and insight in both Bengali and English.
Ashok Mitra (1928-2018)
02 May, 2018, Rudrangshu Mukherjee
He did not go gently into the good night. He raged against the fading of the light. But those, like me, who were fortunate to receive his affection knew that beneath the rage was a tender heart. No one showered affection the way Ashok Mitra did. Adieu comrade Mitra on May Day.
Plurality in Teaching Macroeconomics
18 April, 2018, Rohit
For vibrant policymaking, an open-minded academic engagement between contrasting viewpoints is needed in macroeconomic education. However, there does not even exist a textbook that contrasts these contesting ideas in a tractable manner. This pedagogical paper is an attempt to plug that gap by presenting a comparative study across different traditions in macroeconomics in a unified framework, which can be developed into a semester-long intermediate-level course.
The Real Confusion over MSP
04 April, 2018, C.P. Chandrasekhar
The government ought to have specified its definition of cost of crop production in the Budget to prevent any confusion in the minds of people on minimum support prices.
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.
Market Fever and its Aftermath
13 March, 2018, C.P. Chandrasekhar & Jayati Ghosh
As fears of a market downturn cloud sentiment, the factors that led up to the bull run and their implications need to be studied and learnt from.
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.
When business turns 'Easy'
28 February, 2018, C.P. Chandrasekhar
The Modi/Choksi case illustrates how a neoliberal financial policy regime that is aggressively “reformist” creates conditions that make the system vulnerable to fraud and corruption on a huge scale.
Can banking recover?
27 February, 2018, Jayati Ghosh
Recovery of the banking sector will require stricter adherence to sound banking rules and more transparency from public and private players. And most of all, this applies to the regulators themselves and the government that frames all this.
The Nirav Modi Scandal
23 February, 2018, Prabhat Patnaik
Nirav Modi’s is not a case of crony capitalism supplanting genuine capitalism; it is rather a case of genuine capitalism coming out to display its fundamental unworkability, as a system based on the pursuit of private gain. Having institutional restraints can stem the rot, but not for long.
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.

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