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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.
A Note on Estimating Income Inequality across countries using PPP Exchange Rates
01 February, 2018, Jayati Ghosh
The use of exchange rates based on Purchasing Power Parities to compare income across countries and over time has become standard practise. But there are reasons to believe this could lead to excessively inflated incomes for poor countries and in some cases also inflate the extent of real changes over time. Estimates of gross domestic product growth in Chinese and Indian economies in recent years provide examples of this.
Rising Incomes, Falling Wages
31 January, 2018, Jayati Ghosh
Changing the unequal economic tendencies brought out in the World Inequality Report 2018 requires changing the politics—not just making governments more accountable to the people, but making people realise that they are being fooled.
The Dramatic Rise in Wealth Inequality
25 January, 2018, Prabhat Patnaik
Notwithstanding the statistical difficulties associated with the estimates of wealth distribution, there is no gainsaying the fact that something extremely serious for our democracy and freedom is occurring through the extraordinary rise in wealth inequality, as a result of the pursuit of unrestrained neo-liberal economic policies by the present government.
Shopping frenzy in the new China
24 November, 2017, C.P. Chandrasekhar
The Chinese e-commerce giant Alibaba creates a startling sales record on this year’s Singles’ Day, tapping into the rising consumerism of the upper middle class. The surge may not yield the home market growth needed to rebalance the country’s growth.
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.
The Growing Income Inequality
05 October, 2017, Prabhat Patnaik
The conclusion drawn by Piketty and Chancel in their recent paper shows a greater income inequality in India than it has ever been in the past century. But what stands out is that the trend perfectly synchronizes with transition to neo-liberalism, a stage of capitalism wherein international finance has gained hegemony, and no longer remains a policy choice.
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.
Developing "Infrastructure"
25 October, 2016, Prabhat Patnaik
One can intervene in income distribution in an egalitarian direction by restraining the investment in infrastructure that is met at the expense of other socially-pressing needs and rationing the infrastructure in question.
Focus on Inequality
18 October, 2016, Prabhat Patnaik
While in its publication tracking progress towards poverty removal and curtailment of inequality, the World Bank expresses optimism over the fact that two-thirds of the countries it examined showed a positive shared prosperity premium, the author here explains why this optimism is misplaced.
A Picture of Inequality
10 May, 2016, C.P. Chandrasekhar & Jayati Ghosh
The government's decision to release income class-wise details on tax returns allows an assessment of the extent of inequality in the distribution of income among tax payers.
Is Rising Income Inequality Inevitable?
16 September, 2014, C.P. Chandrasekhar & Jayati Ghosh
In spite of globalisation and technological change, patterns of inequality within a country reflect internal political economy, and can be changed by political choice.
Reducing Inequality: Learning lessons for the post-2015 agenda – India case study
26 August, 2013, ERF & Save the Children, UK
Economic Research Foundation (ERF) in association with Save the Children, UK undertook this study on the impact of inequality on children in India.
Redefining the Nation
06 September, 2012, C.P. Chandrasekhar
Growth achieved under the UPA regime as a result of the reform pursued relentlessly by them has benefited a few while excluding the majority. So to argue that such growth is in the interests of national security is to redefine the nation itself.
How Wage-led Growth has Powered Argentina's Economic Recovery
31 August, 2012, Jayati Ghosh
The manner in which Argentina has been able to generate more genuinely inclusive growth, through the promotion of productive and fairly remunerated employment and a different approach to social protection, sets a bright example of alternative strategy. This could be a learning lesson for all other countries trying to come out of the current recessionary trends.
Inequality in South Asia
25 July, 2012, Jayati Ghosh
The increase in income and consumption inequalities in the South Asian countries during their period of globalisation compared with other highly globally integrated countries such as those in Latin America suggest that South Asian governments have much to learn from the proactive policies for equity elsewhere in the world.
Employment and the Pattern of Growth
08 October, 2008, C.P. Chandrasekhar & Jayati Ghosh
Estimates made by the National Commission for Enterprises in the Unorganised Sector (NCEUS) provide a much clearer picture of employment in the organized industrial sector than available hitherto.
Agriculture's Role in Contemporary Development
23 May, 2007, C.P. Chandrasekhar & Jayati Ghosh
The evidence of an acceleration in GDP growth in India increases, aided on occasion by periodic revisions in the base year used for constructing the estimates. While the factors accounting for this acceleration are still being debated, another unusual feature of this growth since the 1980s has received less attention:
Growth, Employment and Technology
05 February, 2007, Jayati Ghosh
The generation of productive and remunerative employment is probably the central process in equitable growth. This is of course a concern that is as old as the study of economic growth itself, and effectively underlies all the debates about the possibilities of ''trickle-down'' of growth. But it has acquired particular resonance in India in the recent past because of the apparent transformation of the economy and increase in its growth potential, which has surprisingly (and unfortunately) not been accompanied by commensurate increases in remunerative employment.
Income inequality in India
09 February, 2004, Jayati Ghosh
The period since the neo-liberal economic reforms were introduced in India, has been one of dramatically increased income inequality. This will come as no surprise to most people. After all, you need only to look out onto the streets, to see the enormous increase in conspicuous consumption by the rich and even the urban upper middle income groups, and also to see side by side how the lives of the poor have become even more vulnerable and precarious.

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