The Financial Crisis and the Developing World
Oct 25th 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.
The Loss of Development Finance
Oct 23rd 2008, Jayati Ghosh
The financial tsunami that is now threatening to engulf many developing countries as well, makes all the more clear the dangers posed by unregulated financial markets. As is known, in addition to creating the conditions for greater fragility, financial liberalisation generates a bias towards deflationary macroeconomic policies and forces the state to adopt a deflationary stance to appease financial interests. In fact, financial liberalisation in developing countries has even worse consequences, because it can retard or even reverse the development.
Capitalism in Transition?
Oct 22nd 2008, C.P. Chandrasekhar
The takeover of major private banks by developed country governments is a desperate attempt to stall the financial meltdown in these economies, which resulted from the decision to allow private financial players unfettered freedom to pursue profits at the expense of all else. This threat has forced governments to drop their neo-conservative bias against State ownership.
The End of Neo-Liberalism
Oct 21st 2008, Prabhat Patnaik
The solution to the crisis that the triumph of neo-liberalism has precipitated is increasingly being seen to lie in the part-nationalization of financial institutions in the capitalist world. This represents a negation of neo-liberalism's basic premise.
A Perspective on the Crisis
Oct 18th 2008, Prabhat Patnaik
After the demise of the Keynesian policies, the world economy has been dependent upon private expenditure for boosting aggregate demand. The consequent boom causes deterioration in the conditions of people in the third world, while the crash also adversely affects them. The present financial crisis also will have a similar impact on the masses of the third world.
The Global Financial Cris
Sep 29th 2008, Jayati Ghosh
The bailout worked out by the US government to save the financial system is not a progressive nationalisation but the socialisation of the risks of capitalists, and one that is to be borne by taxpayers in the US and by developing countries. The hugely expensive gamble, instead of helping the US government buy its way out of the crisis, would weaken its position as the dominant imperial power in future.
The Global Financial Crisis
Sep 29th 2008, Jayati Ghosh
The bailout worked out by the US government to save the financial system is not a progressive nationalisation but the socialisation of the risks of capitalists, and one that is to be borne by taxpayers in the US and by developing countries. The hugely expensive gamble, instead of helping the US government buy its way out of the crisis, would weaken its position as the dominant imperial power in future.
The Global Financial Crisis
Sep 29th 2008, Jayati Ghosh
The bailout worked out by the US government to save the financial system is not a progressive nationalisation but the socialisation of the risks of capitalists, and one that is to be borne by taxpayers in the US and by developing countries. The hugely expensive gamble, instead of helping the US government buy its way out of the crisis, would weaken its position as the dominant imperial power in future.
Implementing the NREG
Sep 24th 2008, C.P. Chandrasekhar & Jayati Ghosh
Despite many problems, the enormous potential of the NREGS to generate more employment directly and indirectly as well as to transform rural economic and social relations is already evident in some states and districts. In this article, the authors examine the official evidence on implementation thus far.
Land Reforms in West Bengal and Public Perceptions
Aug 28th 2008, Jayati Ghosh
The ground realities of the turmoil surrounding Singur and Nandigram in West Bengal are very different from what has been portrayed by the media. Ironically, it is the same media that chooses to remain silent on compulsory acquisition of land by other states and far worse treatment meted out to the peasantry.
Mid-Course Deviation
Aug 11th 2008, C.P. Chandrasekhar
The withdrawal of support for the UPA government by the Left parties on the Indo-US nuclear deal is justified since they had always opposed any attempt to forge a strategic relationship with the US, since there remains an inherent contradiction between US imperialism and the interests of developing countries like India. This problem was compounded by the fact that the UPA had in any case been deviating widely from the CMP agreed on by the UPA and the Left, especially in implementing the pro-poor programmes.
Mid-Course Deviation
Aug 11th 2008, C.P. Chandrasekhar
The withdrawal of support for the UPA government by the Left parties on the Indo-US nuclear deal is justified since they had always opposed any attempt to forge a strategic relationship with the US, since there remains an inherent contradiction between US imperialism and the interests of developing countries like India. This problem was compounded by the fact that the UPA had in any case been deviating widely from the CMP agreed on by the UPA and the Left, especially in implementing the pro-poor programmes.
The Coup D' Etat
Aug 4th 2008, Prabhat Patnaik
The Indo-US nuclear deal is not an isolated issue, but a part of a larger process of attempts at changing the character of the Indian State to a neo-liberal State integrated with US imperialism. Given the objective economic conditions leading to further shrinkage of the already miniscule political constituency in favour of "reforms", such a change in the character of the Indian State can be effected only through a coup d'etat as was witnessed on July 22.
Diamonds and Blood
Jul 23rd 2008, Jayati Ghosh
The new spurt in demand for diamonds among the Indian elite only feeds into the fact that the world diamond trade is substantially based on the most gruesome violence and terror in Africa. This is more reinforced in recent times which is characterised by an even more cynical exploitation and reinforcement by multinational processing and trading companies, of vicious local conflicts in the sub-Saharan region.
The Nuclear Deal and the Priorities of the UPA Government
Jul 21st 2008, Jayati Ghosh
Instead of initiating a wide public debate and a detailed debate in central and state legislatures backed up by full information on the Indo-Us nuclear deal, a veil of secrecy has surrounded the negotiations, and the little information that has been available has come mostly from media sources that have behaved like pliant publicists for the government rather than independent observers.
Capitalism's Democratic Deficit
Jul 14th 2008, C.P. Chandrasekhar
The one-point agenda of clinching a nuclear deal with the US that the current Indian government is following serves the good purpose of diverting attention from the damage wrought by neoliberal economic policies. But the undemocratic political wrangling in an election year over the nuclear deal or communal politics distort the results of a much needed second referendum on the kind of economic policies that the previous NDA and the current UPA governments have followed.
The Social Composition of Panchayats
May 19th 2008, Jayati Ghosh

The implementation of land reforms makes the West Bengal Panchayat system a much more egalitarian institution from both a class and a caste point of view, which the rest of India has not been able to replicate in general. This progress in West Bengal is noticeable even in the high participation of women in the Panchayat system.

Neoliberal Discomfort
Apr 15th 2008, C.P. Chandrasekhar
Globally, evidence has been growing that markets are just not working, precipitating crises that requires bringing the state back in. The high oil prices, financial crisis putting government regulation back in vogue and the crisis in global food markets show that markets cannot deliver without regulation. But there have been many areas where apparently successful outcomes of free market have turned out to be more of a problem that an economic gain, the foreign reserves issue being a case in point.
Caste and Discrimination in Higher Education: Evidence from the National Sample Surveys
Apr 8 th 2008, Jayati Ghosh

The issue of reservations in higher education in India has been a volatile issue which also has direct implications not only for public policy but also for the administration and functioning of academic institutions, not to mention the fate of a large number of students. This note is an attempt to add to the currently meagre empirical literature by analysing the available evidence on the actual extent of marginalisation and discrimination apparently faced by different categories in the population, based on the results of the most recent large National Sample Survey

The New Enclosure Movement
Mar 15th 2008, Jayati Ghosh

A large part of the rural area around Delhi and other big cities has been converted from farmland into more pieces of attractive real estate in a portfolio of land holding. In the process, the attributes of the villages of these formerly completely rural areas are changing fast, not only in terms of ownership and cultivation patterns, but also in terms of the material means of support of the local population and their lifestyles. This also implies significant changes in the nature and options for employment for the local population.

Addressing Social Concerns
Mar 10th 2008, Jayati Ghosh

The main issues in this year's economic strategy of the government, especially the intentions as signalled in this year's Budget proposals remain the same as that of 2004. These are employment, the agrarian crisis, nutrition and food security, education, health and social security. In each of these areas, the UPA government promised much. However, the delivery has not only been far below the promises, but in some cases even worse than the previous government.

Farmers' Suicides in India: Magnitudes, Trends and Spatial Patterns
Mar 3rd 2008, K. Nagraj

Given the very large number of suicides by farmers in various parts of India over the last decade, there is a need to probe the issue by utilizing a data source which would provide a comprehensive, nation-wide picture. This paper is a modest attempt to fill that gap. Its basic objective is to put together, and carry out a preliminary analysis on, the secondary data that are available on farmers' suicides in the country. The paper studies, first, the magnitude and trends in farmers' suicides in India over 1997-2006; and second, the regional patterns, if any, in the incidence and trends in these suicides.

The Farce of "School Choice"
Jan 28th 2008, Jayati Ghosh
In India, apart from the factors of poverty, gender and other inequalities in basic infrastructure, a wide range of various forms of social discrimination operate to exclude children from school education and this is even more pronounced under the private schools. The proposed voucher system will further strengthen this discrimination by weakening the public school system.
Difficulty of Growing Tails Again
Jan 25th 2008, Prabir Purkayastha
There has been a recent parting of the ways between the Left parties, particularly the CPI(M) and various sections, which had earlier appeared to be a part of a larger coalition of forces against imperialist globalisation. Obviously, Nandigram and Singur are symptomatic of a much larger difference that existed and which has now surfaced. This current divergence reflects several issues; the role of development, the role of the state and the issue of imperialism.
The CPI(M) and the Building of Capitalism
Jan 17 th 2008, Prabhat Patnaik
This article argues that the reaction of certain sections of the media and the younger generation to certain statements made in the West Bengal CPI(M) political circles which was read as the CPI(M) having abandoned socialism is misplaced on three counts. Their arguments do not distinguish between socialist and people's democratic revolutions; between working within a system and working not to transcend the system; and between the Party and Party-led governments. All of this point towards the complexities of the Indian revolution and require an in depth understanding of the political situation.
The Left and its "Intellectual Detractors"
Dec 12th 2007, Prabhat Patnaik
The extreme hostility of the intellectual community to the Left Front Government on the Nandigram issue indicates that the explanation lies beyond the ordinary. It indicates something more serious, namely the process of destruction of politics that the phenomenon of globalization has unleashed. The attitude of the intellectuals arrayed against the organized Left at present shows complete withdrawal from the realm of political praxis to a realm of messianic moralism.
The Media and the Left in India
Dec 5 th 2007, Jayati Ghosh
The past few weeks have witnessed an extraordinary frenzy of media attacks on the Left and in particular, on the Left Front government in the state of West Bengal. The recent media coverage has included gross and even malicious distortion of facts apart from being completely one-sided. Simultaneously, false and extremely dangerous analogies have been made comparing this to the Gujarat genocide in 2002 whereas no valid comparison can actually be made. All this goes to show the control of the media by an international alliance that works clearly in the interests of imperialism.
Disquisitions of The PM
Nov 13th 2007, Prabhat Patnaik.
The recent disquisitions of Prime Minister Manmohan Singh, which in effect blame the electorate for giving a "fractured mandate", or in other words denying a clear majority to the Congress Party, transgress the natural boundaries of a party's confidence in its party programme or the degree of impatience with the electorate on the part of a political party when it does not get the electorate's support..
Can the PM Cope with Democracy
Nov 13th 2007, C.P. Chandrasekhar
The PM periodically expresses his resentment over not being able to go through with some of his most favoured initiatives. Two areas in which this resentment is particularly clear are economic policy and India's international relations, especially its relations with the United States. It seems he has begun to consider much that independent India can be proud of and is enshrined in her Constitution as a problem, an obstacle in the way of progress as he sees it.
On Nandigram
Nov 12th 2007, Jayati Ghosh
The current events in Nandigram in West Bengal show how the local conflict, which continues to lead to tragic loss of life, is still being portrayed as a struggle against land acquisition, when that particular victory was won several months ago and now the events portray nothing but political manipulation.
The Novartis Case
Oct 8th 2007, Jayati Ghosh
The Madras High Court's recent rejection of Novartis' attempt to patent the leukaemia treatment drug, sold as Glivec in India, comes as an unexpected and much welcome break and a precedent in the fight for cheaper lifesaving drugs. The crucial question of whether this drug is actually a new invention or simply a minor modification of an older, off-patent drug, was one which is often used by multinational pharmaceutical companies as a method of prolonging monopoly control over products that would otherwise move off the patent list.
Incorporation and Exclusion by the Indian State
Oct 3rd 2007, Jayati Ghosh
The development project is nowhere near completion in India and a major reason is that a basic feature of the process of economic development thus far has been exclusion in various forms. Exploring the reasons why and how requires looking into the relationship between the state and economic development and the class character of the state which has undergone major changes over this period and assumed much more complex and multidimensional forms.
Land Acquisition, Corporate Capital and Social Justice
Oct 3rd 2007, Ratan Khasnabis

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.

''Two Nations''
Sep 3rd 2007, Prabhat Patnaik

Neo-liberalism has spawned a more plausible division of the country into two ''nations'', a term that may not stand up to strict scrutiny under the canons of Marxist theory, but nonetheless contains a rich description, reminiscent of Lenin, of the Indian context. One of these two nations, the ''nation of the rich'', believes that it belongs to the first world, while the other, ''the nation of the poor'', remains stuck in the third world, experiencing agrarian crisis, unemployment, and privations on account of cuts in government expenditures, that pervade the entire third world.

Murdoch's Last Laffer
Jul 30th 2007, C.P. Chandrasekhar
The offer by Rupert Murdoch to buy up Dow Jones, which owns the Wall Street Journal shows that the Journal is now haunted by its own promotion of changes in American capitalism that have paved the way for the domination of merger and acquisitions wave. This has led to conversion of media empires into typical corporations that are as much the targets of take-over and seekers of financial gain as any other. This corporate-led, profit-driven dynamics underlying this trend, promoted vigorously by the media itself, has had serious adverse implications for questions of integrity especially of the financial media, which the Wall Street Journal projects itself as promoters of.
Ashok Mitra
Mar 26th 2007, Jayati Ghosh

This review of a book of memoirs by Ashok Mitra points out that all his endearing and contradictory personal attributes, combined with his indisputable literary flair and prodigious memory, are what make the book so absorbing and so much fun to read. The final sections of the book though do carry perhaps too much of the perception that everything - even progressive politics and literature - was better in the past.

Singur and the Political Economy of Structural Change
Feb 17th 2007, Mritiunjoy Mohanty

The paper explores the controversy that has surrounded the West Bengal Government's land acquisition programme in Singur and situates it within the overall context of economic growth and transformation. It argues one of the most adversely affected groups as a result of the acquisition is relatively large farmers for whom agriculture is a source of accumulation and not livelihood and subsistence. This might explain in part why the resistance has been so strong. The paper argues that equitable and sustained growth is possible only by reducing the share of agriculture in the labour force and therefore that the West Bengal Government's strategy has to focus on maximising the generation of non-farm rural employment.

The State Under Neo-liberalism
Oct 31st 2006, Prabhat Patnaik

In this paper, the author discusses a distinct characteristic of the State under neo-liberalism; a transformation in its texture through a change in the nature of bureaucracy, State personnel and ''organic intellectuals''. However the social legitimacy of the State, under question as a fall out of the neo liberal economic policies, and consequently the stability of the Capitalist order will depend upon its identity of being a supra-social entity. The State will also try to regain lost social legitimacy by manufacturing some perceived enemy, in turn giving rise to jingoism, terrorism and parochial identities.

The Assault of Vulgar Economy
Sep 11th 2006, Prabhat Patnaik

To remain confined to the ''thingness'' of economic categories without reference to the social relations of which they were simultaneously the expression, was ''vulgar economy'' according to Karl Marx. Almost a century and a half after his painstaking work had unearthed the anatomy of modern bourgeois society, we are once more in the danger of being deluged by ''vulgar economy'', manifest in the contemporary Indian discourse on the farmers' suicides, GDP growth rate and poverty reduction, etc.

Repeated Sins of Commission
Jun 30th 2006, Jayati Ghosh

One of the lesser known large dams in the Narmada valley, the Maheshwar Project, which is the first privatised hydel project in India, shows all the signs of another Enron-type fiasco in the making. But, apart from the flaws on technical and financial grounds, this time there is also added devastation produced by large scale displacement and completely inadequate rehabilitation.

Bumps in the Flat World
Jun 21st 2006, Jayati Ghosh

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 Sardar Sarovar Dam: The Legacy of an Indifferent State
Jun 14th 2006, Jayati Ghosh

Work for raising the height of the Sardar Sarovar Dam continues apace even despite the Supreme Court's orders. The Indian state not only cannot ensure for many of its citizens their right to exist, its market-obsessed economic priorities seem even to have deprived it of the basic political sense that a democratic state should at least be seen to be caring for those at the receiving end.

Taxation and the Budget
Mar 7th 2006, C.P. Chandrasekhar and Jayati Ghosh

The increase in central government tax revenues has been described as a victory for the Laffer Curve in India. This article examines the real reasons behind the recent increase in the tax-GDP ratio, in particular, the change in income distribution and the higher profitability of companies.

Appreciating Argentina
Mar 6th 2006, Jayati Ghosh

From the wreckage of a complex set of volatile and extreme political and economic changes over the past half century, the Peronist government led by Nestor Kirchner has, through its quietly progressive policies, created the basis for one of the more successful economies in Latin America at the moment.

The Union Budget 2006-07
Mar 2nd 2006, Jayati Ghosh

The Budget reveals not only a complex political balancing act, but also a basic tension between sticking to a neo-liberal economic strategy and meeting the economic expectations of the mass of people, generated by the government's own promises.

The Diffusion of Development
Feb 18th 2006, Prabhat Patnaik

In this article, the author discusses the Baran hypothesis that there cannot be a spontaneous diffusion of industrial development from the developed world to the countries of the third world under capitalism: a hypothesis apparently contradicted by the current pattern of development visible at least in Asia. His analysis resolves this contradiction by using an inherent but less talked about 'contradictions to capitalism' which is the role of a stable medium of wealth or in the present context, a leading currency. He explains why the current pattern of growth and technology diffusion in the newly industrialising countries cannot be sustained given the necessary pattern of their interaction with the leading capitalist country.

Airport Modernisation: The Real Issues
Feb 8th 2006, Jayati Ghosh

Instead of recognising the real issues and creating the basis for a genuine national debate on airport modernisation, most of the mainstream media covering the recent strike by airport employees has chosen to obfuscate and suppress the vital information which matters as much for the future of the country.

Oct 31st 2005, Jayati Ghosh

Of all the various arguments that have been advanced regarding the war on terror, those referring to ''the clash of civilisations'', which argues that there is an innate civilisational conflict between the values of ''western democracy'' and Islam, must be among the most foolish. Given USA's earlier courtships with most of the current 'terror' elements, this proposition seems ridiculous.

 

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