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India and the Congress Party
09 January, 2013, Jayati Ghosh
The Congress Party’s actions that appear insensitive, distant and even cynically patronising have alienated its core constituency of the poor, minorities and middle classes.
Tweaking Animal Spirits
08 August, 2012, C.P. Chandrasekhar
One element of the emerging policy consensus within India's economic policy establishment involves spurring demand for the private sector by diverting expenditure away from subsidies for the poor to finance investment. Simultaneously, a case is being made for providing more concessions to cajole the private sector into exploiting this opportunity.
Capitalism and Hunger
20 January, 2012, C.P. Chandrasekhar
After close to 65 years of independent national development, the level of child malnutrition in India remains unacceptably high. The capitalist growth of the worst variety fostered by neoliberalism and the consequent refusal of the government to directly address the problem explains the cause for this “national shame”.
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.
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.
The Choice before the Maoists
09 July, 2010, Prabhat Patnaik
The course of development of the Maoist movement indicates that conceptually they are privileging identity politics over class politics. While class politics can have room for reckoning with identity, there is no route from identity politics to class politics. Therefore, for the Maoist movement to merge into class politics it must negate itself as identity politics.
Central Banking in an Uncertain Age
07 October, 2009, Jayati Ghosh
The recent book written by the previous Governor of the RBI Dr. Y. V. Reddy describes the challenges of central banking in these complicated times. It provides a reasoned critique of policies of unnecessary deregulation and highlights the need for balance and for recognising the requirements of the development project. The validity of these arguments has been effectively underlined by the overall resilience of Indian banking during the global financial crisis of the past year.
Blowing Bubbles at the Bust
07 January, 2009, C.P. Chandrasekhar
With the elections behind it, the government has chosen to unveil the promised second instalment of the economic package that it claims will stimulate a slowing economy. Given the global fashion these days, some media observers have wrongly described this as the Centre's second ''fiscal stimulus'' package.
The Financial Crisis and the Developing World
25 October, 2008, Jayati Ghosh
Violent fluctuations in stock prices along with other factors witnessed in emerging markets in the past two weeks have made it clear that the developing world is not insulated from the financial turmoil raging in industrial countries. The crisis will have different impacts in different places, depending on, in particular, the extent of integration of the capital market of the concerned developing country. An important positive fall-out of this financial crisis is that it has created an opportunity for replacing the economic model of neoliberalism with more progressive and democratic alternatives.
India and the Global Financial Crisis
15 October, 2008, C.P. Chandrasekhar & Jayati Ghosh
When the financial crisis erupted in a comprehensive manner on Wall Street, there was some premature triumphalism among Indian policy makers and media persons. It was argued that India would be relatively immune to this crisis, because of the “strong fundamentals” of the economy and the supposedly well-regulated banking system.
Neoliberal Discomfort
15 April, 2008, C.P. Chandrasekhar
It perhaps is a little too early to predict the coming death of "neoliberalism", or the economic philosophy that governments should facilitate the functioning of "free" economic agents rather than regulate them. More crudely put, the idea is that markets should be left free to work so long as they deliver profits. But globally evidence has been growing that markets are just not working, precipitating crises that requires bringing the state back in.

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