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Disempowering
the People |
Dec
23rd 2024, Prabhat Patnaik |
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The
aim of all fascistic governments is to disempower
the people; and the Modi government is no exception.
The Mahatma Gandhi National Rural Employment Guarantee
Scheme (MGNREGS) which promised one member in every
rural household a maximum of 100 days of employment
per year was a demand-driven scheme.
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The
Hegemony of the Dollar |
Dec
16th 2024, Prabhat Patnaik |
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Kliberal
opinion holds that the international monetary and
financial system is a device for promoting the interests
of all participating countries by providing a convenient
payments arrangement within which trade can be carried
on.
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Neoliberalism
and before |
Dec
9th 2024, Prabhat Patnaik |
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Karl
Marx had once said that all criticism must begin with
the criticism of religion. Paraphrasing Marx one can
say in the current economic context that all criticism
must begin with the criticism of the GDP.
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Defining
Socialism |
Dec
2nd 2024, Prabhat Patnaik |
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Hearing
a petition on November 22 to remove the term "socialism"
from the Preamble of the Indian Constitution, the
Chief Justice of India made two significant observations.
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COP29:
The message from Baku |
Dec
1st 2024, C.P. Chandrasekhar |
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When
Azerbaijan as the Presidency of this year's Conference
of Parties (COP29) held at Baku, in Azerbaijan, informed
delegates working on extended time that participating
countries had arrived at an agreement, there were
many who disagreed.
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Diplomacy
as Diversion |
Nov
25th 2024, C.P. Chandrasekhar |
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In
global climate negotiations, that continued at the
twenty ninth edition of the Conference of Parties
(COP29) in Baku, Azerbaijan, there is agreement on
one issue.
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Fiscal
Transfers to Capitalists |
Nov
25th 2024, Prabhat Patnaik |
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It
is common for governments these days to provide fiscal
transfers to capitalists, whether through reduced
corporate tax rates, or by providing direct cash subsidies,
to encourage greater investment by them and thereby
stimulate the economy.
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The
Crisis of Liberalism |
Nov
18th 2024, Prabhat Patnaik |
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Trump's
victory in the US Presidential election conforms to
a pattern presently observable across the world, namely
a collapse of the liberal centre and a growth in support
either for the Left, or for the extreme Right, the
neo-fascists, in situations in which the Left is absent
or weak.
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The
Kazan Summit of BRICS |
Nov
11th 2024, Prabhat Patnaik |
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The
Kazan summit of the BRICS countries was a historic
one for several reasons: first, it created a new category
called “partner nations” as a step towards full membership,
and accepted 13 such new “partner” countries, among
whom were Cuba and Bolivia.
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Economics
Nobel: No surprises |
Oct
28th 2024, C.P. Chandrasekhar |
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The
Sveriges Riksbank Prize, the Nobel for "Economic
Sciences", has always been controversial. This
is true of the 2024 award to Daron Acemoglu, Simon
Johnson, and James Robinson as well.
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The
Dialectics of Wealth and Poverty |
Oct
28th 2024, Prabhat Patnaik |
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This
year's Nobel Prize in economics (the Riksbank Prize
to be more precise) has been awarded to three US-based
economists for their research into what promotes or
hinders the growth of wealth among nations.
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How
not to Measure Poverty |
Oct
21st 2024, Prabhat Patnaik |
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Several
international organisations are now engaged in the
business of measuring what they call "poverty".
The World Bank has been in it for some time, but now
we have a new measure of "Multidimensional Poverty"
brought out by the UNDP and the Oxford Poverty and
Human Development Initiative (OPHI).
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Response
of the Defeated: EV protectionism in advanced economies |
Oct
14th 2024, C. P. Chandrasekhar |
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In
early October, in a show of pique, a European Commission
proposal to impose additional tariffs of up to 35.3
per cent (on top of the pre-existing 10 per cent)
on electrical vehicles (EVs) imported from China,
was passed by a majority vote in the European parliament.
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Imperialism's
Striving for Expansion |
Oct
14th 2024, Prabhat Patnaik |
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The
"inevitable striving of finance capital",
Lenin had written in Imperialism, (is) "to enlarge
its spheres of influence and even its actual territory".
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The
Stagnation of the World Economy |
Oct
7th 2024, Prabhat Patnaik |
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The
fact that the world economy has slowed down since
the financial crisis of 2008 is beyond dispute. In
fact even conservative American economists have started
using the term “secular stagnation” to describe the
current situation (though they have their own peculiar
definition for it).
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Banking
Turmoil in a Declining Europe |
Sep
30th 2024, C.P. Chandrasekhar |
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Europe
is clearly battling to stall its decline in the global
economy. Most recently, the Mario Draghi report on
“The future of European competitiveness” commissioned
by the European Union reflected that sentiment.
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West
Africa's Resistance against Imperialism |
Sep
30th 2024, Prabhat Patnaik |
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West
Africa, which had been largely under French colonial
rule, never saw decolonisation of the sort that India
did.
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The
Bizarre State of Western Democracy |
Sep
9th 2024, Prabhat Patnaik |
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During
the entire post-war period when it has been in existence
in the metropolitan countries, democracy has never
been in as bizarre a state as it is today. Democracy
is supposed to mean the pursuit of policies that are
in conformity with the wishes of the electorate.
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The
Criminality of Unilateral Sanctions |
Sep
2nd 2024, Prabhat Patnaik |
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During
Modi’s visit to Ukraine (why he visited Ukraine at
all at the present time remains a mystery), Zelensky
asked India not to purchase fuel from Russia in violation
of western sanctions, that is, to fall in line with
the “unilateral” western sanctions.
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The
Ecommerce U-turn |
Sep
1st 2024, C.P. Chandrasekhar |
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Recently
Congress President Mallikarjun Kharge quipped that
the 'U' in UPS (Unified Pension Scheme) stands for
U-Turn. While that may be seen as stretching interpretative
liberty, he was touching a raw nerve.
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The
Transient "Miracles" |
Aug
26th 2024, Prabhat Patnaik |
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A
Good deal of analysis of the recent political upheaval
in Bangladesh has focussed on the high-handedness
and authoritarianism of Sheikh Hasina's government;
it has either missed altogether, or generally underplayed,
the change that has occurred in the economic situation
in that country.
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From
Protests and Suspensions to Noam Chomsky: The decline
of South Asian University |
Aug
22nd 2024, Jayati Ghosh |
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The
latest controversy in the South Asian University,
over an interview with a philosopher mentioned in
a student's research proposal that resulted in severe
backlash and eventual resignation of an eminent foreign
professor, would appear to be ludicrous if it were
not so tragic.
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Politics
over the Purse |
Aug
20th 2024, C.P. Chandrasekhar |
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India's
quasi-federal democracy, which was in danger of collapsing
into a centralised authoritarianism, seems to be holding
up.
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The
Pitfalls of Growth Under Unrestricted Trade |
Aug
19th 2024, Prabhat Patnaik |
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The
French economist J B Say had believed that there could
never be a problem of aggregate demand in any economy,
that whatever was produced was ipso facto demanded.
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Lessons
from Bangladesh's Uprising |
Aug
14th 2024, Jayati Ghosh |
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The
popular insurrection that ousted Bangladeshi Prime
Minister Sheikh Hasina and her Awami League government
offers important lessons for the international community
and neighboring India.
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Sri
Lanka's Debt Restructuring - A win for private bondholders |
Jul
23rd 2024, C.P. Chandrasekhar |
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The
Sri Lankan government announced that it has reached
an agreement with its foreign private creditors to
restructure the $12.5 billion of its external debt
that they hold. The agreement incorporates a novel
instrument: a macro-linked bond for which the payout
is linked to the GDP performance of the debtor country.
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India's
Development Prospects |
Jul
22nd 2024, C.P. Chandrasekhar |
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In
the search for the next country that would transit
from backward to advanced nation status, India’s name
sometimes features. This is partly because the idea
has been mooted by Prime Minister Narender Modi, who
promises to make India a ‘developed nation’ by 2047.
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Adam
Smith on Bengal and North America |
Jul
22nd 2024, Prabhat Patnaik |
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In
his opus The Wealth of Nations published in 1776 Adam
Smith drew a distinction between the progressive state,
the stationary state and the declining state.
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Halting
the March of Fascism in Europe |
Jul
15th 2024, Prabhat Patnaik |
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The
coming to power of governments led by fascists is
either a reality or a threat today over large parts
of the world. In Europe at present there are several
countries where fascists are leading governments;
France was on the verge of being added to this list,
in which case it would have been the second major
European power, after Italy, to have a fascist government.
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India's
Balance of Payments: On borrowed time? |
Jul
9th 2024, C. P. Chandrasekhar |
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Figures
on India's balance of payments in financial year 2023-24,
recently released by the Reserve Bank of India, have
added to the hype on India's growth story.
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The
NPF Programme goes beyond Neo-liberalism |
Jul
8th 2024, Prabhat Patnaik |
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For
the French elections which Emmanuel Macron has called
in the wake of the impressive showing by the Far-Right
in the European parliamentary polls, four parties
on the Left, the Communists, the Socialists, the Greens,
and France Unbowed (of Jean-Luc Melenchon), have come
together to form a New Popular Front to take on the
fascist challenge of Marine Le Pen.
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The
Specific Form of Poverty under Capitalism |
Jul
1st 2024, Prabhat Patnaik |
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Poverty
is taken to be a homogeneous phenomenon irrespective
of the mode of production that is under consideration.
Even reputed economists believe in this homogeneous
conception of poverty.
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Economic
Policy after the Elections |
Jun
25th 2024, C. P. Chandrasekhar |
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The
election results, which gave both the BJP and the
NDA far lower seats than they had in the previous
parliament and led to a coalition government, surprised
many. But now, attention has shifted to assessing
what that would do to the behaviour and policies in
different spheres of this version of a Modi-led government.
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AI
and Employment |
Jun
24th 2024, Prabhat Patnaik |
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The
fundamental issue raised by Hollywood writers when
they had gone on a strike against being replaced by
artificial intelligence, somehow receded to the background
after the resolution of that particular conflict;
but it remains a fundamental issue.
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Global
Diffusion of Production and the Concept of Imperialism |
Jun
17th 2024, Prabhat Patnaik |
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There
has been a significant diffusion of production occurring
in the world economy. Many call this phenomenon a
shift from a US-led world economy to a "multipolar
world economy", but no matter what one thinks
of this description, the fact of diffusion is indubitable.
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New
Hope for India's Democracy |
Jun
11th 2024, Jayati Ghosh |
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The
ruling Bharatiya Janata Party's inability to secure
a parliamentary majority in India's general election
has shattered Prime Minister Narendra Modi’s aura
of invincibility. Modi will now have to rely on coalition
partners to pass legislation, potentially curbing
his efforts to consolidate power.
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What
the Indian Election Result means for Europe |
Jun
10th 2024, Jayati Ghosh |
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Against
all odds, in the elections to India’s parliament,
whose results were announced last week, the opposition
I.N.D.I.A. alliance managed to prevent the rampaging
ruling party, Narendra Modi’s Bharatiya Janata Party
(BJP), from securing a majority on its own.
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What
is to be Done about Unemployment? |
Jun
10th 2024, Prabhat Patnaik |
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A
Distinction is drawn in economics between demand-constrained
systems and resource-constrained systems (which for
simplicity and symmetry we shall call supply-constrained
systems).
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Election
Results 2024: Economic justice has to come back on the
policy agenda |
Jun
4th 2024, Jayati Ghosh |
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The
results of the 2024 Lok Sabha elections have come
as a shock to those who had mistakenly believed in
the problematic exit polls, which continued the narrative
so assiduously cultivated by the previous Modi government.
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Chicanery
versus Humanity |
May
20th 2024, Prabhat Patnaik |
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The
current protests in US university campuses demanding
"divestment" from firms linked to Israel's
military machine, are reminiscent of the protests
that had swept these campuses in the late sixties
and early seventies demanding an end to the Vietnam
war.
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The
Crisis of Liberalism |
May
13th 2024, Prabhat Patnaik |
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Each
strand of political praxis is informed by a political
philosophy which analyses the world around us, especially,
in modern times, its economic characteristics. On
the basis of this analysis, the particular political
philosophy sets out the objectives which have to be
struggled for, and the political praxis informed by
it carries out this struggle.
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Banga
Hype at the Springs |
May
2nd 2024, C.P. Chandrasekhar |
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Less
than a year back, a former chief executive of Mastercard,
Ajay Banga, was in a surprise move picked to head
the World Bank. Putting a Wall Street player addicted
to profits in charge of a development institution
claiming to help lift poor countries out of their
underdevelopment seemed incongruous.
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Fetishising
the Growth Rate of GDP |
Apr
22nd 2024, Prabhat Patnaik |
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John
Stuart Mill was among the foremost liberal thinkers
of modern times who wrote extensively on economics
and philosophy. Though under the influence of his
wife Harriet Taylor Mill, he came closer towards socialism
late in his life, it was a kind of cooperative socialism
that attracted him; he continues to be regarded primarily
as a pre-eminent liberal thinker.
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The
Collapse of Neoliberal Privatisation |
Apr
19th 2024, C.P. Chandrasekhar |
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Thames
Water, one of England's many regional water monopolies,
infamously privatised by Margaret Thatcher in the
1980s and symbolising the dramatic turn in economic
policy that neoliberalism implied, is finally collapsing.
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In
the Name of the South: India's aggressive economic diplomacy |
Mar
26th 2024, C.P. Chandrasekhar |
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India's
government has since the year of its G20 Presidency
claimed to have restored the country's role as the
'Voice of the South' in global dialogues. That is
often backed up by reference to its efforts to focus
attention on the problem of debt stress and default
in poor developing countries, and to the induction
of the African Union into the G20.
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Once
More on Poverty Figures of India |
Mar
25th 2024, Prabhat Patnaik |
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The
other day the Chief Executive Officer of Niti Ayog
made a fantastic claim, that the poverty ratio in
India had fallen below 5 percent according to the
2022-23 consumption expenditure survey data.
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Capitalist
Trap for Scientific Advances |
Mar
18th 2024, Prabhat Patnaik |
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There
is a paradox at the core of the efflorescence of science
that has occurred over the last millennium. In essence
this efflorescence has the potential to increase human
freedom immensely.
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Subtle
War at the WTO |
Mar
7th 2024, C.P. Chandrasekhar |
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At
the time of writing, the 13th ministerial meet of
the World Trade Organisation (WTO) is under way in
Abu Dhabi. Among the many issues that are being discussed
are two of concern for less developed countries generally
and India in particular.
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Federal
Fracture: A nation in crisis |
Feb
22nd 2024, C.P. Chandrasekhar |
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Indian
federalism is on the verge of breakdown. Ministers
from opposition-ruled States have taken to the streets
in New Delhi to protest against discrimination by
the Centre.
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The
Descent into Barbarism |
Feb
19th 2024, Prabhat Patnaik |
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In
The Junius Pamphlet written from jail in 1915, Rosa
Luxemburg had said that the choice before mankind
was between barbarism and socialism. Liberal opinion
would contest this, arguing that the barbarism that
marked the two world wars and the period in between
was unrelated to capitalism;
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The
Budget and the Inversion of Reason |
Feb
12th 2024, Prabhat Patnaik |
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The
BJP government holds that truth is what Modi says;
if evidence points otherwise then evidence must be
wrong and should be suppressed. Modi says that India
never had it so good as during the last decade of
his government; but since official statistics contradict
him, the statistics must be wrong and the statistical
system must be changed.
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Distress
and Displacement in Times of War |
Feb
9th 2024, C.P. Chandrasekhar |
|
Recruitment
drives held over the last week of January, in Lucknow
in Uttar Pradesh and Rohtak in Haryana, for Indian
workers to undertake construction and caregiver jobs
in Israel have captured global attention.
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What
the GDP Hides |
Feb
5th 2024, Prabhat Patnaik |
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There
are well-known problems associated with the concept
of gross domestic product as well as with its measurement.
The inclusion of the service sector within GDP is
something that Adam Smith would have objected to on
the conceptual grounds that those employed in this
sector constituted "unproductive workers";
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The
Scourge of Unemployment |
Jan
29th 2024, Prabhat Patnaik |
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The
unemployment situation is worse today than it has
ever been in post-independence India. There are two
distinct elements that have contributed to this situation.
One is the fact that the output recovery from the
fall caused by the pandemic-linked lockdown has not
been accompanied by a comparable employment recovery.
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The
IMF and the Argentinian Right |
Jan
25th 2024, C.P. Chandrasekhar |
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On
January 10, the IMF announced its decision to release
$4.7 billion out of a $57 billion bailout package
sanctioned in 2018 to perennially debt-distressed
Argentina, then under a right-wing government headed
by Mauricio Macrio.
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The
Theoretical Significance of Lenin's Imperialism |
Jan
22nd 2024, Prabhat Patnaik |
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The
significance of Lenin's Imperialism lay in the fact
that it totally revolutionised the perception of the
revolution. Marx and Engels had already visualised
the possibility of colonial and dependent countries
having revolutions of their own even before the proletarian
revolution in the metropolis.
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Lessons
from a Zambian standoff |
Jan
19th 2024, C.P. Chandrasekhar |
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The
recent collapse of the protracted negotiations to
restructure Zambia's external debt, following a default
in November 2020, underlines the failure of the prevailing
international financial architecture to address global
challenges.
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The
Question of Pensions |
Jan
15th 2024, Prabhat Patnaik |
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We
observe a strange phenomenon everyday, so strange
that its strangeness goes generally unnoticed. Government
spokespersons from the prime minister downwards go
on repeating ad nauseam that India is the most rapidly
growing major economy in the world today, that it
will soon become a 5 trillion dollar economy, and
that it has overtaken China in terms of the growth
rate of the gross domestic product.
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India's
Stock Market: Is a downturn overdue? |
Jan
12th 2024, C.P. Chandrasekhar |
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A
longish bull-run that added to investor cheer over
Christmas week 2023 took the most cited index of Indian
stock market activity, the Sensex, to a record 77,240
level on the last trading day of the year.
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What
"Dollarisation" Entails |
Jan
8th 2024, Prabhat Patnaik |
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Argentina's
new president Javier Milei proposes to use US dollars
as the currency of his country, while abolishing its
central bank altogether. What is involved in this
proposal is not just maintaining a fixed exchange
rate between the dollar and the domestic currency,
but an abolition of the domestic currency altogether.
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An
Education Policy for Colonising Minds |
Jan
1st 2024, Prabhat Patnaik |
|
Imperialist
hegemony over the third world is exercised not just
through arms and economic might but also through the
hegemony of ideas, by making the victims see the world
the way imperialism wants them to see it.
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