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Banks And Non-Performing Assets
28 November, 2017, Prabhat Patnaik
What exactly constitutes a non-performing asset (NPA) of a bank is not easy to determine. Since banks tend to roll over credit to borrowers, whether the request for such a roll over arises in the normal course of business or owing to a fundamental inability to pay back the loan, is difficult to decide.
Neo-liberalism has been a disaster for Nepal
20 November, 2017,
Why is neoliberalism bad for India and Nepal? What are its major flaws? Mahabir Paudyal and Prashant Lamichhane from myRepublica caught up with Professor C.P. Chandrasekhar when he was in Kathmandu last week to discuss the impact of neo-liberal economic order in the two countries, and the prospects of a socialist-oriented economy in Nepal.
The Crisis in Agriculture
24 October, 2017, C.P. Chandrasekhar & Jayati Ghosh
The dilution of government intervention in the form of minimum support prices, procurement and public distribution is undermining the medium-term viability of agricultural production in India.
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.
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 Roots of the Agrarian Distress In India
29 June, 2017, C.P. Chandrasekhar
The policy shifts of the reform era have not been in favor of agriculture. Trade liberalisation, deregulation and a greater role for market forces have not benefited the farmer, who is trapped in a persisting crisis. It is time for today's policy makers to recognise their own disconnect, and learn from the evidence at hand.
The Post-1991 Growth Story
29 July, 2016, C.P. Chandrasekhar
Economic growth post liberalization has been riding on a credit bubble. Neither has it made the manufacturing or exports sector robust, nor has delivered any benefits to those steeped in poverty and deprivation.
The Seventh Pay Commission Report
14 December, 2015, Prabhat Patnaik
A drastic squeeze on salary increases and a widening of disparities within the real emoluments of the central government employees imposed by the 7th Pay Commission typically characterizes a neo-liberal regime that must be resisted.
China's Stock Market Collapse
22 July, 2015, Jayati Ghosh
The negative impacts of China's stock market collapse, falling exports and the explosion of debt are not just felt within the economy but across the globe.
Rajan's Target: Inflation or the poor?
18 March, 2014, Rohit
The RBI Governor’s call for inflation targets to be set by the parliament is not a demand for providing relief to the poor, but a gesture to assure global finance capital.
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.
Capital and Public Expenditure
24 August, 2012, Prabhat Patnaik
The author explores the paradox of why capitalists are opposed to public expenditures even in economies with high unemployment and unutilised capacity despite the fact that such investments would boost aggregate demand. The answer lies in preserving the capitalists’ control over the level of output and employment and thereby maintaining their hegemony over society.
Curbing Conflicts of Interest
06 June, 2012, Jayati Ghosh
Among the many other forces that have proliferated in the economic boom of the brash new India is conflict of interest. It is widespread, comprehensive and has almost become the rule rather than an exception. This is resulting in cronyism and other form of malpractices in almost all spheres of our lives.
Budget 2012: The price of reform
28 March, 2012, C.P. Chandrasekhar
By hiking indirect taxes that would be passed through to buyers, and slashing subsidies that would raise the prices of petroleum products and fertilisers, the Finance Minister has exposed a nation already reeling under the effects of a prolonged price rise to another bout of cost push inflation.
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
Dr. K.N. Raj
09 August, 2010, Prabhat Patnaik
For students of my generation, Dr. K.N. Raj, who passed away recently, was a truly iconic figure. The earlier generation of economists, V.K.R.V. Rao, Bhabatosh Datta and A.K. Dasgupta were temporally distant from us; his illustrious Bengali contemporaries were spatially distant from us. Dr. Raj was centre stage, brilliant and inspiring. His precise speech, his robust socialism, his thoughtful writings and his absolute command over empirical data left us spell-bound.
Global Trade in a Time of Crisis
28 July, 2009, C.P. Chandrasekhar & Jayati Ghosh
With the world well into the second year of a recession whose intensity is unprecedented in the period since the Second World War, two questions are receiving considerable attention.
The International Transmission of Fragility
10 May, 2009, C.P. Chandrasekhar & Jayati Ghosh
The April 2009 edition of the IMF's Global Financial Stability Report is categorical. Global financial stability has deteriorated further since its last assessments in October and January, with conditions worsening more in emerging markets in recent months. Within emerging markets, while European countries have been affected most, the problem is acute elsewhere as well with some countries in Asia, which had emerged the growth pole in the world economy, being impacted severely.
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.
Diluting Insurance against Risk
03 January, 2009, C.P. Chandrasekhar
Despite the global experience with privatized insurance and the Indian experience with nationalised insurance, India’s government is pushing ahead with insurance privatization. The two insurance bills appear to be declarations of India's intentions to globalise further during the current Prime Minister’s tenure, independent of the consequences for its people.

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