Tackling the Crisis of Conformity in Economic Thinking Henry Leveson-Gower

The conformity in economics teaching in many ways is the most damaging aspect of our current economics discipline. Thousands of graduates all round the world enter work each year with the impression that there is only one way of thinking about organising our economies. These are of course the people who dominate the likes of the World Bank, IMF and the Treasuries in countries around the world.  Innovative and critical thinking is crushed just when we need it most given our current social, environmental and economic crises. We believe we can’t wait for the mainstream to change. We want to…

“Wageless growth” not “Jobless growth” the new conundrum C. P. Chandrasekhar

The so-called ‘synchronised recovery’ that global policy makers periodically refer to, seems to have bypassed much of the world’s working people. According to the just released Global Wage Report 2018/19 of the International Labour Organisation (ILO), the rate of growth of average monthly earnings adjusted for inflation of workers across 136 countries registered in 2017 its lowest growth since crisis year 2008, and was well below figures recorded in the pre-crisis years 2006 and 2007. What is more, if China, where wage growth has been rapid and whose workforce size substantially influences the weighted average global figure, is excluded, the…

Big Business Capturing UN SDG Agenda? Jomo Kwame Sundaram and Anis Chowdhury

Over the last two decades since the Global Compact, the United Nations has increasingly embraced the corporate sector, most recently to raise finance needed to achieve the Sustainable Development Goals (SDGs), i.e., for Agenda 2030. But growing big business influence has also compromised analyses, recommendations, policies and programme implementation, undermining the SDGs. Changing financing arrangements Inadequate funding of the UN and its mandates by member States has required this search for additional finance, initially with philanthropy and ‘corporate social responsibility' efforts by private business, but increasingly, by viewing profit-seeking investments as somehow contributing to achieve the SDGs. While the global…

The Political Roots of Falling Wage Growth Jayati Ghosh

New findings from the International Labor Organization show that workers across many advanced and emerging economies continued to miss out on the gains from growth in 2017. Rather than trotting out the usual suspects – trade and technology – it is time for policymakers to place the blame where it belongs. For Full article please click here    

The Modi government, the RBI governor and the mess that is the Indian economy Jayati Ghosh

The sheer ineptitude of economic policymaking under prime minister Narendra Modi’s government has been evident from almost the beginning of its tenure. What is also now well-established is the aggressive and rigid approach of the political leadership, which generally pushes its own (often hare-brained) policies regardless of the views of experts and the wider impact on ordinary people, both of whom it tends to treat with disdain. Surely, any of the economic advisors and others in significant positions of economic policymaking would have known all this for some time now. Any self-respecting central bank governor (or indeed anyone described as…

Multilateralism Undermined by Globalization’s Discontents Anis Chowdhury and Jomo Kwame Sundaram

On 24 October 1945, the world's most inclusive multilateral institution, the United Nations, was born to "save succeeding generations from the scourge of war, ... reaffirm faith in fundamental human rights, … establish conditions under which justice and respect for the obligations arising from treaties and other sources of international law can be maintained, and to promote social progress and better standards of life in larger freedom" (UN Charter: Preamble). Thus, one major purpose of the UN is to foster international cooperation to resolve the world's socio-economic problems and to promote human rights and fundamental freedoms (UN Charter: Article 1.3).…

On taking sides in the RBI-Government stand-off C. P. Chandrasekhar

Unlike in the worlds of business and politics, there is little scope for gossip in the world of economics. So, when multiple signals suggested that that there was a stand-off between the government and the Reserve Bank of India (RBI), the media made the most of it, with a multitude of stories reporting and explaining the nature of the spat and its implications. Given the formal economic arguments that must enter those discussions, there is much that the lay reader cannot process to assess which of the two institutions is right in this controversy. However, the thrust of the reportage…

Vilifying the Intelligentsia Prabhat Patnaik

Narendra  Modi said the other day, rather disparagingly, that the “Urban Naxals” live in air-conditioned comfort. Since all who speak or write in public upholding the right to dissent from the Hindutva positions, including even known critics of the Left, which means virtually all members of the intelligentsia who display any integrity, have been dubbed “Urban Naxals” by his government, his remark in effect amounts to targeting the entire intelligentsia. His remark constitutes an utterly crude attempt to delegitimise any intellectual position that is unpalatable for the government, by suggesting that those who hold such positions live in comfort and…

Inequality undermines democracy Jomo Kwame Sundaram and Anis Chowdhury

Economic inequality – involving both income and wealth concentration – has risen in nearly all world regions since the 1980s. Gross economic inequalities moderated for much of the 20th century, especially after World War Two until the 1970s, but has now reached levels never before seen in human history. No more inclusive prosperity The World Inequality Report 2018 found that the richest 1% of humanity captured 27% of world income between 1980 and 2016. By contrast, the bottom half got only 12%. In Europe, the top one percent got 18%, while the bottom half got 14%. OXFAM's Reward Work, Not…

The Modi Government’s spat with The RBI Prabhat Patnaik

The Modi government’s spat with the Reserve Bank of India, like its sudden resurrection of the Ram temple project, indicates the desperation it feels at its dwindling electoral appeal. Having dealt a huge blow to the small-scale sector through its measures like demonetization and the GST, having aggravated through its inaction the impact on the Indian economy of the world capitalist crisis, and of Trump’s protectionism that has followed, it is now quite desperate to salvage some support for itself as the Lok Sabha elections approach. Since mere grandiose announcements such as Ayushman Bharat or doubling agricultural incomes can no…