This paper discusses how a massive drive for converting agricultural land to non-agricultural use is taking place in the Third World in the recent phase of globalisation, driven chiefly by corporate capital and often by utilizing the instrument of state power. The first Section of this paper discusses the background of land transfer and the corporatisation of land with special reference to India, followed by a discussion on the nature of justice that the dispossessed receive when land is transferred to the corporate. The role of the state as the mitigator has also been discussed in this paper.

While China is increasingly seen as “the workshop of the world” and there are fears of relocative shifts in manufacturing output and employment away from other countries to China, the recent pattern of manufacturing growth appears to have been characterised by declining employment. In this paper, the authors investigate the trends in manufacturing employment in China and consider the reasons for this paradox.

The recent phase of high economic growth in India has been associated with high savings and investment rates. This paper investigates the recent patterns in savings and investment and considers what this reveals about the nature of the growth process. It helps us to understand why the theme of “two Indias” is unfortunately so persistent and so plausible, at least in economic terms.

This paper argues that both China and India, despite the similarity of the current international hype about their future economic prospects and also despite their obvious differences, face rather similar economic problems at present with respect to the labour market. In both countries, the strategy of development is delivering relatively high growth without commensurate increases in employment, especially in the organised sector; and the bulk of new employment is in lower productivity activities under uncertain and often oppressive conditions. It is argued that this paradox may be a common result of the similar strategy of economic expansion currently being followed in both countries.

As the euphoria over the acquisition of Anglo-Dutch steel major Corus by the Tata group being a ''national'' victory wanes, the question that would remain is whether the price offered to clinch the deal is too high for comfort. This concern is real despite the fact that Tata hopes to rely on its advantages as an integrated steel producer.

The rapid growth of output of organised industry is a frequently cited indicator of India’s current phase of dynamic growth. Yet such expansion has not been accompanied by employment growth along the lines expected. This paper considers the nature of recent growth in organised industry and the reasons why it has not generated more employment.

Increased access to cheap bandwidth would have wide ramifications, some of which would be positive external benefits for many sectors. But one industry that may be disadvantaged due to the consequent increased competition and migration of advertisement revenues to the web media is the print media in India, which has so far remained unaffected by the global trend of decline in print media circulation, especially that of daily newspapers.

The scorching pace of expansion in the exports of hi-tech manufactured products from China and software and IT-enabled services from India, has supported the view that 'knowledge capital' plays a crucial role in the growing global presence of these countries. This paper discusses the empirical basis for that assessment.

This paper argues that in a situation where unemployment is generated through the disappearance of small-scale production, the ''efficiency'' argument in favour of their closure does not stand, even if small-scale units are more inefficient at the micro-level. The destruction of petty production through exposure to liberal trade, in the name of efficiency, is therefore an undesirable course of action.

There are interesting economic and sociological lessons from the recent story of the Mittal Group's bid for the French steel company Arcelor. It shows that pure arms length transactions driven by open competition and efficiency and unsullied by social and cultural differences do not exist, and that global capitalism continues to be shaped by the latter differences.

The recent period has witnessed an explosion of imports in India. This paper examines the pattern of imports over the past decade and a half and discusses the implications of import penetration for domestic output and employment.

While the significance of the large and rising share of private business in China’s non-farm business sector cannot be undermined, the evidence does underestimate the role of the state in the economy, which continues to dominate strategic economic areas and aggregate fixed capital formation.

Awaiting the Oil After-shock

With headlines tracking the ever-rising price of oil, the lack of any major effect of the shock on global growth has become the subject of discussion and speculation. In this paper, C.P. Chandrasekhar and Jayati Ghosh examine the factors driving the oil price increase and the likelihood that this increase would persist and affect the level and distribution of global income.

The Chinese Bogeyman in US Clothing

Barely four months after the end of quotas under the MFA, winds of protectionism are sweeping through the US and Europe. Pointing at China once more, governments are threatening to clamp down on imports on grounds of market disruption. In this paper, the authors examine recent trends in the US textile trade to unravel the source of conflict.

How is Indian Industry Faring?

A sharp rise in the services share in India's GDP, coming at a time when services exports are booming, has been used to argue the country is on a new growth trajectory in keeping with global trends. But behind these figures, argue C.P. Chandrasekhar and Jayati Ghosh, is a disconcerting trend in manufacturing growth that official figures are not revealing in full.

The Stock Market and the Real Economy

May 17th 2004, Jayati Ghosh

Contrary to what the mainstream media suggests, the latest fall in the Indian stock market in reaction to the uncertainty created by the poll outcome, is not really a matter of serious concern for most Indians. Real investment in the economy depends on many factors other than simply changes in market capitalisation.

Stock Markets: A Nifty Source for Investment?

Mar 24th 2004.

The new peaks touched by stock indices this year and the success of the government’s end-of-year disinvestment rush are convincing many that the stock market is likely to emerge a major source of finance for investment in the future. C.P. Chandrasekhar and Jayati Ghosh examine the record in this country and elsewhere to assess the strength of that argument.

The End of Development Finance

Mar 17th 2004.

Recent months have seen a series of events that spells the end of the era of development banking in India. C.P. Chandrasekhar and Jayati Ghosh discuss why this is an inevitable fall-out of the process of financial liberalisation.