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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.
The Airtel-Aadhaar Fix
10 January, 2018, C.P. Chandrasekhar
Airtel is let off lightly by the government despite being in clear violation of the law in a case that exposes the flaws and dangers in the ecosystem surrounding Aadhaar.
The Obscenity of Hunger Deaths
22 December, 2017, Jayati Ghosh
There is no doubt that human life is cheap in India, perhaps more so now than ever before. The attacks, atrocities and killings of people from minorities and marginalised groups that have now become so common are particularly appalling because they reflect a culture of impunity.
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.
Colombia: The search for elusive peace
09 November, 2016, Jayati Ghosh
Despite the peace agreement was rejected by the referendum, the peace process in Colombia is not over and there is hope that the agreement can be tweaked and then implemented.
The Hegemony of Finance
19 October, 2016, C.P. Chandrasekhar
Finance has been able to successfully stall reforms that the 2008-09 crisis had established as being urgent and imperative, and the consequences of that are bound to be damaging.
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.
India Wants More Than Crony Capitalism
14 November, 2012, Jayati Ghosh
Revelations of corruption are engulfing the country's leading Congress party. But what will replace it?
The Allocation of Coal Blocks
03 September, 2012, Prabhat Patnaik
The allocation of captive coal blocks to private parties raises a number of issues, which includes the fact even the auction route does not recoup the entire loss to the exchequer on account of the handing over of exhaustible resources to the private sector. Further, by handing over coal blocks that constitute stocks, the government is not just assuring the private players of flows, it is actually promoting monopoly. This is the larger loss to the nation.
When the Law Takes its Course
26 June, 2012, C.P. Chandrasekhar
Rajat Gupta’s conviction has been a great disappointment for the neo liberal elites of this country. He was seen as an icon, a living proof, that even a home grown could achieve the highest success in the globalised world. The fact that he has done all this by unscrupulous means is a hard truth to accept. Therefore, it is not surprising that the local media is trying to downplay the whole incident.
Protest in the Age of Crises
02 November, 2011, C.P. Chandrasekhar
If the Occupy Wall Street movement is to acquire strength to actually confront the might of finance capital and the state it controls, it must find greater cohesion, with an organisational structure and a programme that goes beyond anger against the capitalist system and the condition to which it has reduced the majority.
Why is India Suddenly so Angry about Corruption?
18 June, 2011, Jayati Ghosh
Post liberalisation, market-oriented reforms have delivered higher aggregate growth but also significantly increased economic inequality and material insecurity for the majority of India's population. The recent outrage against corruption in India reflects a great betrayal felt by a populace that had been told that the era of neoliberal economic policies would end vices that were supposedly associated with greater government involvement in economic activity.
International Banks in Emerging Markets
02 June, 2011, C.P. Chandrasekhar & Jayati Ghosh
Early in May this year, India's central bank, the Reserve Bank of India, issued an unusual set of guidelines for foreign banks operating in the country. The notification stated: ''It has been decided that for all foreign banks operating in India, the CEO (chief executive officer) will be responsible for effective oversight of regulatory and statutory compliance as also the audit process and the compliance thereof in respect of all operations in India.''
Corruption in the Age of Liberalisation
03 December, 2010, C.P. Chandrasekhar
The instances to which such allegations relate are many, varying from the sale of 2G spectrum and the mobilisation and/or disposal of land and mining resources, to purchases made as part of large and concentrated public expenditures
Private Corruption and the State
15 May, 2010, C.P. Chandrasekhar
It would soon be two decades since the officially declared launch of ''economic reform'' in India. The policies of external liberalisation, deregulation and privatisation that constituted that reform were aimed at reducing the role of the state and shrinking its presence in areas economic.
Control Frauds
29 January, 2009, Jayati Ghosh
The Satyam fraud incident is not a unique case of corporate malfeasance. This kind of financial crime, which is persistent under capitalism, has been developed as the concept of 'control fraud' by the American academic, William R. Black, where the CEO of a firm uses the firm itself, and his/her ability to control it, as an instrument for private enrichment.
The Fraud at Satyam
27 January, 2009, C.P. Chandrasekhar
As the Satyam story unfurls gradually, the magnitude of the scam does point towards the total failure of corporate governance at all levels in combination with individual greed. But, it is also the product of the celebration of profit making irrespective of magnitude, of the belief in markets and the discipline they impose, and of regulatory dilution and regulatory failure.
And the Award Goes to….
10 January, 2009, Jayati Ghosh
The truly extraordinary story of the Satyam Computers scam has many interesting side features to it. It is of course an amazing tale in itself: a humongous corporate financial swindle involving account books that were not just cooked but made into the financial equivalent of gourmet fantasies
The Madoff Mystery
01 January, 2009, C.P. Chandrasekhar
The Madoff scandal is not only one more confirmation that the so-called model financial markets of the US are neither transparent nor efficient, but also proof that so-called savvy investors can be outright unintelligent. But, even as everyone now admits that the regulatory system has failed and markets do not work well, the desire to design a regulatory structure that minimises failure seems absent.

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