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Ostrich-like in Peacock Nation
01 October, 2018, C.P. Chandrasekhar
In the midst of a crisis reflected in a collapsing rupee, India’s BJP government is acting ostrich-like, burying its head in the ground. Nothing illustrates this better than its much-delayed response to the collapse of the rupee with a set of measures that are the opposite of what is needed.
The Indian Economy in a Tailspin
24 September, 2018, Prabhat Patnaik
A combination of direct import controls on inessential items, reduction of petro-product prices, measures for reducing the consumption of such products, and direct taxation, especially on wealth, is the obvious way of getting out of the tailspin in which the Indian economy is currently caught. There is no alternative to these measures if we are to avoid the fate of countries that eventually run to the IMF and get caught in the vice-like grip of “austerity”.
India's Electronics Manufacturing Sector: Getting the Diagnosis Right
07 September, 2018, Smitha Francis
The Indian electronics industry’s high dependence on imports is a direct outcome of the trade and investment liberalisation that was carried out by successive governments without putting in place the necessary industrial policy support for maintaining and improving domestic linkages and indigenous capabilities.
Pakistan: Who needs a crisis?
29 August, 2018, C.P. Chandrasekhar
As Pakistan’s new Prime Minister, Imran Khan faces the current balance of payments, its important to look at Pakistan’s debt history, especially in light of its association with China’s Belt and Road Initiative. With IMF’s support to Pakistan in the past, it is to be seen how a proxy stand-off between a retreating power and a rising one plays out.
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.
Did Developing Countries Really Recover from the Global Crisis?
17 July, 2018, C.P. Chandrasekhar & Jayati Ghosh
A decade after the Global Financial Crisis, developing countries still bear the scars in the form of lower growth and lower investment rates.
Why didn't Socialism have Over-production Crises?
02 July, 2018, Prabhat Patnaik
The period after 2008 has witnessed prolonged overproduction crisis which was not seen in the old socialist economies. A market driven capitalist economy that has its foundations on the principle of antagonism is the source of this glut.
Keynes or New-Keynesian: Why Not Teach Both?
27 June, 2018, Rohit
There is a need for plurality in macroeconomic education now than ever before for vibrant policymaking and open minded academic engagements. The difference between Keynes and New-Keynesian is not only in their policy prescription but their understanding of capitalism is completely at odds with each other.
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.
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.
The Misplaced Growth Discourse
05 June, 2018, C.P. Chandrasekhar & Jayati Ghosh
A close look at the nature of recent high growth rates provides ample cause for caution. The growth shows absence of dynamism and focus is on a few service sectors. It is being driven by consumption expenditure rather than investment which signals a probably fragile and unstable growth process.
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 So-called "Consumers' Interest"
21 May, 2018, Prabhat Patnaik
The argument in the wake of the Walmart-Flipkart deal, that having large multinationals in the sphere serves consumers’ interest not only ignores the plight of local producers but is also analytically unsound. “Consumers” are not an entity distinct from the displaced producers and will get affected adversely over time.
Ashok Mitra
03 May, 2018, Prabhat Patnaik
A man of great wisdom, and generosity, scrupulously adhering to principles and willing to fight for them, but without any malice towards anyone, Ashok Mitra was a pillar of support for the Left.
Leapfrogging into Services
26 April, 2018, C.P. Chandrasekhar
The argument that services reflect a new dynamism in India and the IMF’s prescription that the sector can be a driver of growth and development are far-fetched.
Trump's Trade War
24 April, 2018, C.P. Chandrasekhar
The trade sanctions on China and other protectionist measures announced by the Trump administration will not only not serve the cause of the U.S.’ trade deficit but could also spark off a trade war, resulting in an overall shrinkage of world trade.
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.
State or Market?: India's telecom wars
17 March, 2018, C.P. Chandrasekhar
The entry of Reliance Jio in the telecom industry has unleashed an aggressive price war, resulting in takeovers, mergers and closures owing to large debts, spectrum charge dues and falling revenues.

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