Whatever’s happened to Global Banking? C.P. Chandrasekhar & Jayati Ghosh

The call for nationalization of banks in developed countries, even if for a temporary period, marks a potential ideological shift. Even staunch free market advocates are declaring that nationalization is inevitable. This article examines the factors explaining this acceptance of public ownership and the implications that this has for the future of banking regulation. Global_Banking  (Download the full text in PDF format)

Immigration in a Development Context Manuel Riesco

National and regional development is still an all-important ongoing historical phenomenon. Among its many social, economic and institutional determinants, social policies play a significant role. It only takes place over the backdrop of a singular tectonic social transformation -it can only take place once in the history of peoples and nations - which has causal determinations over the whole process, and is certainly determined by it in return. The paper chooses to call this underlying phenomenon "Immigration," mostly for political reasons. This requires a little explanation. Regardless of horrendous past experiences, a significant part of the people seemingly persists in…

The Asian Face of the Global Recession C.P. Chandrasekhar & Jayati Ghosh

As news of the intensity of the global downturn worsens, so do assessments of the extent of its global spread. This is distressing since it implies that the argument, that a "decoupled" Asia could serve as a shock absorber that moderates the impact of the crisis, was wrong. Global_Recession (Download the full text in PDF format)

The Wisdom of Storytellers Jayati Ghosh

The Italian playwright, author of the brilliant satirical play “Accidental Death of an Anarchist”, won the Nobel Prize for Literature in 1997. According the Academy, Fo “emulates the jesters of the Middle Ages in scourging authority and upholding the dignity of the downtrodden”. Fo noted that a medieval Italian edict against “jesters who defame and insult” allowed any and all citizens to insult, beat and even kill them without any risk of being brought to trial or being condemned. In his acceptance speech, Fo noted his debt to the rich oral tradition of old storytellers, the glassblowers of his village.…

Lessons from Global Corporate Frauds Jayati Ghosh

As global capitalism lurches around in crisis, it seems that there is no end to the worms crawling out of the woodwork. The financial crash and economic downswings have been accompanied by more than just cyclical bad news from companies that have been engaged in bona fide business. The adverse market conditions are making it harder to disguise corporate frauds that could flourish in the earlier boom, and so more and more details of unsavoury business operations are emerging among a wide range of firms all over the world. In India the Satyam scam may be grabbing the headlines, but…

How did China reduce Rural Poverty? C.P. Chandrasekhar & Jayati Ghosh

Poverty reduction in China is frequently seen as the result of the rapid export-led industrialisation of the country following its market-oriented reforms. But the article argues that the main factors were institutional changes in rural areas, especially land reforms, which enabled the peasantry to take advantage of terms of trade movements in their favour. Rural_Poverty  (Download the full text in PDF format)

Just Say “No” to the Credit Rating Agencies Gerald Epstein

The credit rating agencies have got us, coming and going. First they help cause the biggest economic calamity since the 1930's. And now they tell us we can't take the fiscal measures needed to get us out of this mess. Meanwhile, they are laughing all the way to the bank (that is, if they can find one that is still solvent). Why are we still listening to them? The role played by the big credit rating agencies - such as Standard & Poor's and Fitch - in the unfolding financial crisis is now well-known. By giving complex, opaque and ultimately…

Coping with Financial Market Crisis UNCTAD Policy Briefs

Recent UNCTAD policy briefs discuss the reasons behind the crisis and options before policymakers. They make a case for stronger regulation of the financial system and the need to avert deflation through government intervention. The need for global co-operation and regulation of trade and finance are also highlighted. UNCTAD_PB_1 (Download the full text in PDF format)

Will We never Learn? UNCTAD Policy Briefs

As financial crisis becomes increasingly global, world economy seems headed for a deep and synchronised downturn. Latest UNCTAD policy brief argues that in such circumstances, traditional adjustment packages are counterproductive and countercyclical policies are needed to stimulate domestic demand in all countries. UNCTAD_PB (Download the full text in PDF format)

Redistribution and Stability: Beyond the Keynesian / neo-liberal impasse Harry Shutt

As the financial crisis that erupted in 2007 unfolds in an economic cataclysm which, it is now clear, is unprecedented in the history of capitalism, world leaders without exception reveal themselves as politically and ideologically bankrupt in their efforts to bring it under control. This is most obviously demonstrated by their insistence on the need for individuals and enterprises to boost their levels of consumption and fixed investment - with the aid of new loans from the financial sector - even though it is obvious that the immediate cause of the crisis has been the creation of excessive credit leading…