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The Indiscreet Aggression of the Bourgeoisie
04 July, 2018, C.P. Chandrasekhar
The financial crisis and a subsequent period of recession affecting the majority population in economies points to the fact that neoliberal economic policy might have lost its legitimacy. On the contrast, a change in mood with Brexit and Trump’s victory might not be subsequent setbacks with a new aggression on part of the neoliberal elite. Today, across the world, big business is attempting to influence economic decision-making in ways that can save the neoliberal project from collapse.
Trump Versus the Rest
18 June, 2018, Prabhat Patnaik
Donald Trump’s protectionist stance at the G-7 summit is an example of how disunited capitalist countries are on a possible solution to the capitalist crisis. Because of the position of the US economy, Trump can afford to hold on to his protectionist policies while enlarging the fiscal deficit. What is wrong about this strategy is the possibility of long term repercussions, not just for America but for the capitalist world as a whole.
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.
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.
The Aging of a Growth Engine
14 February, 2018, C.P. Chandrasekhar & Jayati Ghosh
With the dollar value of exports declining, India’s software sector faces a historical crisis which may worsen, given the protectionist trends in the US and other uncertainties.
The Economic Survey 2017-18
04 February, 2018, Prabhat Patnaik
Like the person on the proverbial tiger, the Indian economy is currently riding a precarious course. The Government of India’s Economic Survey for 2017-18 recognizes this frankly, but its panacea is to keep one’s fingers crossed and hope that the ride continues.
A Year of Wilful Economic Disaster
08 January, 2018, Prabhat Patnaik
The uniqueness of 2017 lies in the fact that never before has the country seen a government-caused economic crisis as serious as was witnessed in this year.
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 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.
The Economy under Modi
20 June, 2017, Prabhat Patnaik
As per official data, half of the countrys population witnessed no improvement in real per capita income over the three Modi years. Other indicators like the demand from net exports, Central Government expenditure (as a proportion of nominal GDP) and number of new jobs created in the organized sector, all reflect a gloomy picture of the Indian economy. The government has been keen on keeping finance capital happy while compromising on these matters.
Why workers lose
30 May, 2017, C.P. Chandrasekhar
The IMFs push to delink the decline in the share of labour in national income from the rise of finance, neoliberalism and globalisation leads to a set of banal prescriptions on how to deal with a problem that is at the centre of the crisis of capitalism today.
World Capitalist Crisis getting Accentuated
22 May, 2017, Prabhat Patnaik
After a brief illusion of recovery in the U.S., the world economic crisis is getting accentuated. Trump administration would rather increase its fiscal deficit, if at all it does, through tax cuts than state expenditure under the hegemony of finance capital. This might further suppress consumption expenditure, already constricted by falling global wages. Such policies, paired with hostile protectionism, would make correcting over-production and hence overcoming world crisis, almost impossible.
Surviving Uncertain Times
01 December, 2010, C.P. Chandrasekhar & Jayati Ghosh
There's really no question about it: the world economy is heading for a period of great economic uncertainty, in which instability, trade and currency conflicts and possibilities of economic stagnation all loom large.
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.
Fears of a Backlash
20 May, 2009, C.P. Chandrasekhar
The US President clearly aims at getting some political mileage by posing an otherwise straightforward tax reform proposal in terms of jobs at home and jobs overseas. On the other hand, despite industry concerns to the contrary, the competitive edge for the India's IT industry which comes from the lower wage rates and the attraction of the growing demand for IT hardware and packaged software in the Indian domestic market are both so large that the loss of the tax advantage should not deter US firms from captive outsourcing or setting up subsidiaries here.
The G20 Summit
24 April, 2009, Jayati Ghosh
All expectations about the G20 Summit to revive the global economy and set a new financial infrastructure were in vain as it did not produce any extraordinary response currently needed to pull the economy. The communiqué that was released mentioned nothing on the fiscal front and had no clear commitment to a co-ordinated fiscal stimulus except only a promise of $850 billion to crisis-hit poor countries.
And Now, the Indian Balance of Payments Crisis
11 April, 2009, Jayati Ghosh
With India's declining merchandise exports and still growing imports resulting in a trade deficit, it is now confirmed that the Indian economy is already badly hit by the global economic crisis. The more worrisome part is that our policymakers refuse to accept this reality and still want to intensify the policies of financial liberalisation that have brought us to this pass.
Inflation: How Much and Why
17 April, 2008, C.P. Chandrasekhar
Inflation is emerging as India's primary economic problem now. The problem is that it looks set to rise very fast with retail prices moving much faster than the rest. The major concern still is that this is occurring in a period when global inflation is on the rise and policies of trade liberalisation and domestic deregulation have reduced the degree to which Indian prices are insulated from international prices.
The Contentious World of Agricultural Trade
08 July, 2005, C.P. Chandrasekhar & Jayati Ghosh
Agriculture, including activities allied to it, has a rather divergent role in economies across the world. To start with, there is a great diversity in the share of agriculture as a percentage of GDP, with the figure varying from 52 percent in Laos, for example, to just 6 percent in Korea. Similar differences exist with regard to the share of agricultural employment in total employment.
The Chinese Bogeyman in US Clothing
25 April, 2005, C.P. Chandrasekhar & Jayati Ghosh
On April 4, the US Department of Commerce succumbed to protectionist pressures and chose to launch investigations to check whether textile imports from China were disrupting US markets.

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