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| Re-regulating
Finance |
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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.
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| The
Global Financial Crisis
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- International
Conference on 'Recovery or Bubble?
The Global Economy Today', organised
by International Development Economics
Associates (IDEAs), Gulmohar Hall,
Indian Habitat Centre, New Delhi,
29-30 January 2010.
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IDEAs
Conference on "Reforming
the Financial System: Proposals,
Constraints and New Directions",
Muttukadu, Chennai, India,
January 25-27, 2010.
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Towards
Genuine Universalism within Contemporary
Development Policy |
| Andrew
Fischer |
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It is very difficult
to know the impact
of the MDGs on poverty reduction.
On one hand, poverty measurements
are ambigous and on the other
hand, the mechanisms by which
MDGs affect poverty reduction
are not clear. This article argues
that the MDGs should be replaced
by a re-politicisation of the
mainstream development agenda,
together with a genuine revival
of emphasis on universalistic
modes of social policy as viable
means of dealing simultaneously
with poverty and inequality.
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| Looking
to the Future: Examining the dynamics
of ALBA |
| Emine
Tahsin |
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This
paper examines whether and to what
extent the experiences of ALBA (Bolivarian
Alternative for the Peoples
of Our America) succeed in putting
up an ideological challenge against
neoliberalism. The path of the socialist
Cuba and the Bolivarian revolution
of Venezuela are the main driving
forces
of the ALBA project. As a result,
socio-economic development on the
basis of equity and complementarity
has been realized under ALBA integration.
ALBA has also played a role in reducing
the vulnerabilities of the Cuban
economy. |
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| Corporate
and Cooperative Solutions for the
Agrarian Crisis in Developing Countries |
| Sripad
Motiram & Vamsi Vakulabharanam |
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This
article discusses credit and marketing
arrangements for small farmers in
developing countries.
The authors draw on the mixed experience
with agricultural cooperatives in
developing countries to
present the design of a credit and
marketing cooperative. The authors
argue that in conjunction with
other state policies, this arrangement
works better for small farmers than
other alternatives, in particular
corporate ones. |
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- Corporate
Strategy and Industrial Development
(CSID) Advert for Senior Researcher
- Economists'
Committee for Stable, Accountable,
Fair and Efficient Financial Reform.
- Call
for Applications for the Hyman
P. Minsky Summer Seminar at The
Levy Economics Institute of Bard
College, Blithewood, Annandale-on-Hudson,
New York, June 19-29, 2010.
- Call
for Papers for the "First
International Conference in Political
Economy", Rethymnon, Crete,
September 10-12, 2010.
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Can
the Euro Survive? |
| Jayati
Ghosh |
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The
focus of financial market attention in the past week
has been on the fiscal problems in some developed
countries within the European Union, in particular
Greece, Portugal etc. The fiscal problems in Greece
are currently the most pronounced, but the problem
posed by the sovereign debt issues of Greece is deeper
and potentially more significant. In fact, it is not
just about the current problem of Greece or any other
country, but the larger issue of stability and viability
of the eurozone itself. |
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| Are
we Heading for Another Global Primary Commodity Price
Surge? |
C.P.
Chandrasekhar &
Jayati Ghosh |
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Following
the unprecedented volatility of global commodity prices
in 2007-08, it was widely predicted that the global
economic crisis would generate a dampening effect
on such prices. But the recent revival of prices especially
in some commodities suggests that this perception
may be premature. Examining recent trends in global
commodity prices and the reasons behind them, the
article assesses the prospects for prices in the immediate
future. |
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| Cloud
over Islamic Banking |
C.P.
Chandrasekhar &
Jayati Ghosh |
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The
large surpluses which accumulated with West Asian
oil exporters after the 1970s generated a demand for
financial products that were sharia-compliant. The
Islamic financial industry, which grew as a result,
was seen as a different and safer component of the
global financial sector. But the Dubai World debacle
and much else suggests that these judgments were not
warranted. |
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| The
Decade of Living Dangerously: CEOs and Capitalism
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| Jayati
Ghosh |
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The
policy-created bubble in the US housing and financial
sectors during 2002-2007 was only a repeat of the
earlier 1990s process, albeit on an even larger scale.
While the current crisis has once again brought to
the fore the crucial role played by fraud and deceit
in the accumulation of capital in a capitalist system,
global capitalism may still manage to reinvent itself |
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Sovereign
Default in the Core? |
| C.P.
Chandrasekhar |
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The
possibility of sovereign default flagged in by Dubai
World together with the changed distribution of sovereign
debt globally has created a new context: it is not
governments of poor developing countries that are
now the principal source of danger, but the metropolitan
centres of capitalism. |
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Bye-Bye
Dubai? |
C.P.
Chandrasekhar &
Jayati Ghosh |
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The
near default of the biggest state conglomerate of
Dubai has sent shock waves across global markets.
Analysing the factors behind Dubai's recent growth
and the causes of the current crisis, the authors
argue that the collapse of the Dubai dream is not
a sui generis event without any implications for wider
markets. Rather, it may be a straw in the wind indicating
that the travails of finance capitalism in the current
period are far from over. |
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| Recovery
or Bubble? |
| C.P.
Chandrasekhar |
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Although
the US's policy of easy money triggered a recovery
in some economies, it has generated a bubble similar
to the one that preceded the 2008 downturn. Thus the
emerging story of a new speculative boom and a fresh
bubble driven by finance capital has led to growing
fears of a second downturn or double dip recession.
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| A
Tax to Rein in Finance |
| C.P.
Chandrasekhar |
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Even
though there have been many dissenters to the proposal
of imposing a tax on financial transactions, the UK
Prime Minister Gordon Brown's declaration in support
of such a tax has given a new lease of life to the
idea that just will not go away. |
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