As the current government withholds the official employment data, Prabhat Patnaik uses per capita cereal availability to show that poverty and unemployment are likely to have worsened in the Modi years.

Unemployment, Poverty and The Modi Years Prabhat Patnaik

Numerous agencies from the Labour Bureau of Shimla to the Centre for Monitoring the Indian Economy to Oxfam have been drawing attention to the grim unemployment situation in India at…

Making hay in the markets C. P. Chandrasekhar

India’s stock markets seem to be riding one more bubble. Between 19th February and 29th March, the Sensex rose by 9.3 per cent. The trend has not been restricted to…

In a surprise move, on November 8, 2016, the Indian government announced that the currency notes of Rs 500 and Rs 1000 denomination cease to be legal tender from the midnight of that very date. The arguments advanced in support of the move was that this would root out black money and take care of counterfeiting of currencies; however, withdrawing more than 85 per cent of the currency notes in circulation has been a major hit on India’s poor and lower middle classes. This section presents articles and videos explaining the major impacts of this move on the people and the economy.

Buckling under Pressure Jayati Ghosh

The Demonetization Fiasco Prabhat Patnaik

Barbara Harriss-White on Demonetisation An interview with Madras Courier

The Pursuit of Unreason Prabhat Patnaik

The Utter Failure of Demonetization: The RBI says so even as it says not Surajit Mazumdar

Banks as victims C. P. Chandrasekhar

On the occasion of the beginning of the Centenary year of the October Revolution Professor Prabhat Patnaik delivers a series of four lectures where he attempts to theoretically construct the historical journey from 1917 to the present in order to explain the kind of conjuncture in which we are placed today.

The Spontaneity of Capitalism Prabhat Patnaik

Marxist Theory and the October Revolution Prabhat Patnaik

The Leninist Conjuncture Prabhat Patnaik

Britain’s vote to leave the European Union adds to the uncertainty in the world economy and the unfolding crisis in the region will inevitably affect developing countries as well. This section presents analyses of the vote on Brexit and its implications for Britain, for the European Union and for the global economy.

Brexit, the City, and the Crisis of Conservatism Alan Freeman & Radhika Desai

In this report, the authors argue that, underneath the surface of liberal dismay and right…

Why the European Union should be Even More Worried about Brexit C.P. Chandrasekhar and Jayati Ghosh

The economic pressures that may have driven the Brexit vote are also evident in other…

The Brexit is Not Gender Neutral Gabriele Kohler

This article highlights the gendered implications of the Brexit vote- what it means for women…

What Next for the EU? Jayati Ghosh

Even before the results of the UK referendum, the European Union was facing a crisis…

After Brexit C.P. Chandrasekhar

Britain has voted to leave the European Union (EU). And the managers of global capitalism…

Brexit Earthquake has Many Ruptures Radhika Desai

The Brexit vote was a momentous political earthquake and the seismic shifts that caused it…

Brexit: A revolt against the hegemony of globalized finance Prabhat Patnaik

Almost all commentators on the British electorate’s vote to leave the European Union, whether from…

The announcement of a BRICS development bank in the context of the ongoing global economic turmoil assumes a special significance. Some perceive it as an alternative to the already discredited World Bank with its North Centric leadership resulting in a dogmatic imposition of neo-liberal conditionalities on the indebted South; many assume this as a watershed, signaling the shift in global economic governance from the traditional powerhouses of the North to the newly emerging powerhouses of the South; while others perceive it as a tool to be used by the member countries to increase their influence in their respective Southern pockets.

This section includes articles analysing the emergence of BRICS Development Bank and its possible implications for global economic governance, regional impact of the BRICS nations, and other repercussions.

Why does Brazil’s Banking Sector Need Public Banks? What should the BNDES do? Felipe Rezende

Development Finance in BRICS Countries Published by the Heinrich Boll Foundation

Banking with a Difference C.P. Chandrasekhar

The BRICS Bank Prabhat Patnaik

The BRICS Bank: Part of a new financial architecture (II) Oscar Ugarteche

The BRICS Bank: Part of a new financial architecture (I) Oscar Ugarteche

BRICS Gains Currency in Brazil Biswajit Dhar

Using the Potential of BRICS Financial Co-operation Jayati Ghosh

Following the financial crisis, much has been done for preventing systemic failure in the financial sector, stalling economic downturn and ensuring a recovery. However, the adequacy and appropriateness of the measures adopted remain questionable. As far as reforming the financial sector is concerned, despite a spate of proposals, agreement on the appropriate mix of policies and the progress with implementation have been limited. This section presents papers and articles that analyse the adequacy of various proposals and measures, the challenges that could arise at the time of implementation and advocate additional or alternative measures. Some of these papers also take a renewed look at the veracity of the arguments given for explaining the genesis of the crisis.

Further Reflections from a Reforming Indian Central Banker Andrew Cornford

Capital Account Regulations and the Trading System: A compatibility review Edited by: Kevin P. Gallagher

Capital Account Regulations and the Trading System: A compatibility review Kevin P. Gallagher

Insolvency Protection and Fairness for Greece: Implementing the Raffer Proposal Kunibert Raffer

Insolvency Protection and Fairness for Greece: Implementing the Raffer Proposal Kunibert Raffer

Society, Economic Policies, and the Financial Sector Y.V. Reddy

Using Minsky to Simplify Financial Regulation

Monetary Policy and Central Banking after the Crisis: The implications of rethinking macroeconomic theory Thomas I. Palley

New Issue Newsletter on EU Financial Reform

The Great Austerity War: What caused the deficit crisis and who should pay for it? James Crotty

Transatlantic Cooperation for Post-Crisis Financial Reform- To What End? Aldo Caldiari

Drawing Lessons from US Financial Reform Efforts: A Civil Society Perspective Aldo Caliari, Center of Concern

It is now more than two years since the sub-prime lending crisis in the US mortgage sector came to light. The unprecedented financial crisis in the developed world brought with it the end of the illusion of the market being ”efficient”. This section presents papers and articles that seek to explain the causes and consequences of the U.S. sub-prime mortgage crisis. Through a critique of the underlying structure and dynamics of deregulated finance, they analyse how this crisis led to a generalized credit crunch in other financial sectors and ultimately affected the world economy at large. There are also theoretical papers that explore the related issues, all of which provoke a fundamental rethink on financial liberalisation in order to reduce the systemic and global instability associated with it.

From Marx to Morgan Stanley: Inequality and financial crisis Michael Lim Mah-Hui and Khor Hoe Ee

The Myth of the ”Sub-prime” Crisis Prabhat Patnaik

Should Greece Follow Estonia’s Example? Rainer Kattel

Should Greece Follow Estonia’s Example? Rainer Kattel

Productive Incoherence in an Uncertain World: Financial governance, policy space and development after the global crisis Ilene Grabel

Financial and Monetary Issues as the Crisis Unfolds James Galbraith

The Revenge of the Market on the Rentiers: Why Neo-Liberal Reports of the End of History turned out to be Premature Jose Gabriel Palma

The Relevance of Ragnar Nurkse and Classical Development Economics Rainer kattel, Jan Kregel, Erik S, Reinert

What is Minsky All About, Anyway? Korkut Ertürk and Gökcer Özgür

A Comparison of Two Cycles in the World Economy: 1989-2007 Korkut Boratav

G20: How not to Rule the World Jayati Ghosh

Recommendations of UN Expert Commission on Finance

Conference on Work and Well-being in the 21st CenturyGender Links Cottages, Johannesburg, South Africa, 5 – 7 April 2019.