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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.
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 Budget and education
20 February, 2018, Jayati Ghosh
The thrust towards privatization in Budget 2018-19 is evident in the pattern of education spending, which has been brought down to less than 3.5 percent of the government budget, against a promise of 6 percent in the 2014 electoral campaign. So, any real changes are clearly expected to be financed by private participation, implying declining spread, reduced access, and increased inequality.
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.
Public Banks: Dressing up for the market
22 January, 2018, C.P. Chandrasekhar
The government’s ambitious plan to recapitalise public sector banks that have recorded losses with resources from the Budget is an attempt to dress them up before taking them to the market.
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.
Neo-Liberal Capitalism and its Crisis
24 October, 2017, Prabhat Patnaik
Neo-liberal capitalism is marked by the hegemony of international finance capital which has many consequences, among which is the alarming upsurge of fascism, differing markedly from the fascism of the 1930s.
Strangulating the Informal Economy
12 October, 2017, Prabhat Patnaik
The current slowdown in the economy, aggravated by the persistent world economic crisis, has much to do with the twin coercive instruments of demonetisation and GST wielded by the state to strangulate the informal economy in a bid to formalise it.
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.
Financing Education
08 August, 2017, Prabhat Patnaik
The central governments’ Draft National Education Policy promotes privatization of education to meet its target, which is not only logically absurd but also legitimizes inequality. Solutions like student loans are impractical with educated unemployment, and fee subsidies turn counterproductive. The one efficient way is to extract the private funds through progressive direct tax, but that seems impossible in this neo-liberal era.
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.
NPAs: All talk and no action
04 August, 2017, C.P. Chandrasekhar
The problem of large NPAs of nationalised banks can be traced to the neoliberal reforms in the financial sector and outside, which prevent large government investments in infrastructure and capital-intensive industries that are imperative for development but too difficult a responsibility for the private sector to shoulder.
One Belt, One Road, One grand design?
10 June, 2017, Jayati Ghosh
As Trump adopts protectionist measures, President Xi Jingpings’ project “One Belt One Road” is an overwhelmingly ambitious plan to restore faith in globalization. Aiming to perfectly connect 60 countries to China, it is expected to face huge political and financial difficulties. Although it points to a new kind of Chinese imperialism, such a world of competitive superpowers might open new opportunities for the developing nations.
The unsustainable US recovery
06 June, 2017, C.P. Chandrasekhar & Jayati Ghosh
Even the limited and unsteady recovery of growth in the US a decade after the 2008 crisis is based on an increase in debt that renders it unsustainable.
Budget 2017-18: The Macroeconomic Perspective
03 March, 2017, C.P. Chandrasekhar
One reason why the government chose fiscal consolidation instead of an expansionary budget in the wake of demonetisation is its erroneous belief that demonetisation in itself would deliver fiscal benefits.
The Widening Gap between Rich and Poor
23 January, 2017, Jayati Ghosh
Evidently the problem of inequality has intensified over the last decade or so, and this is largely because of worsening income and asset distribution in the era of globalisation.
An Overburdened Instrument
06 September, 2016, C.P. Chandrasekhar
The interest rate that is seen as being the principal instrument for macroeconomic management is proving to be a blunt tool when combatting inflation or promoting growth.
Ideas towards a New International Financial Architecture?
23 December, 2015,
The book is the outcome of an e-conference held between May and July 2015 on ideas towards the new international financial architecture (IFA) with the people from the World Economics Association. It reviews the need for a new international financial architecture understood as the sum of institutions, instruments, rules and practices.
Assessing a Volatile Market
11 September, 2015, C.P. Chandrasekhar & Jayati Ghosh
Increased volatility in the Indian stock and debt markets and its consequences, question whether these markets, as structured now, deliver positive net economic benefits.
Development Finance in BRICS Countries
11 September, 2015,
The volume aims to provide background information for an informed debate about development financing from the perspective of emerging economies, especially the BRICS countries.

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