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External Commercial Borrowings: Difficult times ahead
12 October, 2018, Parthapratim Pal and Ahana Bose
The rise in the short term benchmark interest rates by the Federal Reserve of United States may lead to higher capital outflows for India. This would result in increased downward pressure on the rupee, and with the oil prices rising in light of the sanctions on oil exports from Iran, international borrowing is becoming costlier, and will become even more so in the short to medium term.
The Indiscreet Aggression of the Bourgeoisie
04 July, 2018, C.P. Chandrasekhar
The financial crisis and a subsequent period of recession affecting the majority population in economies points to the fact that neoliberal economic policy might have lost its legitimacy. On the contrast, a change in mood with Brexit and Trump’s victory might not be subsequent setbacks with a new aggression on part of the neoliberal elite. Today, across the world, big business is attempting to influence economic decision-making in ways that can save the neoliberal project from collapse.
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.
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.
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.
Making Merry on Bitcoin
22 December, 2017, C.P. Chandrasekhar
Bitcoin has left the world of finance gasping. Though the total market value of all of that cryptocurrency in circulation is only a fraction of the value of the world's financial assets, the rapid rise in the value of the currency has made it the most wanted of those assets.
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.
How China is managing capital flows - and why
24 November, 2017, Jayati Ghosh
China is seeking a more influential role in the global economy, and it hopes to achieve this through greater use of its currency by others.
Engineering a new crisis to resolve an old one
16 November, 2017, C.P. Chandrasekhar
Central banks are deciding to scale back their policy of “quantitative easing” in the form of liquidity infusion through asset purchases, but they are unwilling to commit to a quick unwinding of balance sheets fearing market reaction to a radical change in the easy money environment.
Monitoring the Evolution of Latin American Economies using a Flow-of-funds Framework
09 November, 2017, Esteban Peez Caldentey and Manuel Cruz Luzuriaga
Flow-of-funds accounting permits to monitor the financial sector in terms of flows and stocks and to analyze its relationship with the real sector. Traditionally practised in developed nations, this accounting has not experienced a parallel development in developing countries. In order to fill this gap, the paper undertakes the construction of a data base of flow-of-funds account matrices for various Latin American and Asian countries, exemplifying their use for the study of financial crisis in these regions.
Create a Crisis and make it Worse
12 October, 2017, C.P. Chandrasekhar
The government’s proposal to set up an all-powerful entity to solve the NPA problem has serious implications for banks and could leave them vulnerable to, among other things, runs by depositors.
150 years of 'Das Kapital': How relevant is Marx today?
24 August, 2017, Jayati Ghosh
After 150 years of ‘Das Kapital’, the seminal work of the 19th century economist still provides a framework for understanding contemporary capitalism. The unique social relations such as “free labour” and “commodity fetishism”, that according to Marx, define capital, are reflected in the uneven and unstable development of the world market.
Twenty Years After The Asian Financial Crisis
07 August, 2017, Prabhat Patnaik
It was the free flow of foreign capital through “financial liberalization” that led to the East Asian Crisis of 1997, from which the “tiger economies” have not yet recovered fully. Even now, the augmented foreign reserves of these third world countries remain woefully inadequate to finance debt to foreigners, as the hegemony of international finance capital builds over their own assets.
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 Illusion of an Economic Spring
17 May, 2017, C.P. Chandrasekhar
While policy makers, analysts and observers paint a picture of an ongoing global economic recovery, the numbers seem to drag the optimists down.
Age of Uncertainty
23 December, 2016, C.P. Chandrasekhar & Jayati Ghosh
With the US Federal Reserve deciding to exit the era of low interest rates even when growth in the rest of the world economy falters or remains sluggish, economic uncertainty intensifies.
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.
How Successful is China's Economic Rebalancing?
08 November, 2016, C.P. Chandrasekhar & Jayati Ghosh
China's rapid economic growth has slowed recently – but does this reflect the desired rebalancing of the economy away from investment to consumption and wage-led growth?
The Business of Wilful Default
03 August, 2016, C.P. Chandrasekhar
Adventurous lending followed by wilful default that has become more common in recent years, is linked to the change in banking practices and the pursuit of quick profits after liberalization.

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