State or Market? : India’s telecom wars C.P. Chandrasekhar

As the shakeout in the Indian mobile telephony market continues, price wars are being complemented by verbal wars. The most recent spat involves the Telecom Regulatory Authority of India as well. Its latest revised tariff order has been attacked by Airtel and Vodafone (and by the Cellular Operators Association of India, or COAI) for favouring Reliance Jio, the aggressive new entrant that is seeking to get ahead of the other two, in what is clearly becoming a three-horse race in the industry. The “split” within the COAI, with long-time members and a new entrant on opposite sides, is indicative of…

Reflections on the Old and New Developmentalism Jan Kregel

New Developmentalism incorporates the positive contributions of early development theorists into the future point of view. This assessment points to the importance of and problems relating to exchange rates in the development process and attempts to provide a contemporary version of the theory, adapted to the twentieth century world of globalization and financialization. Old_New_Developmentalism (Download the full text in PDF format) (This article was originally published in the Brazilian Journal of Political Economy, vol. 38, nº 1 (150), pp. 70-75, January-March/2018)

The Importance of Dissatisfaction Prabhat Patnaik

In a slave society, one can argue, the interest of the slaves lies in keeping the slave-owner happy, for otherwise he is likely to flog and whip them mercilessly which would cause them great agony. Likewise in a caste society, one can argue, the interest of the dalit lies in being as inconspicuous as possible, in not “polluting” the upper castes through his presence, for otherwise he is likely to be beaten and lynched. Such behavior however appears “rational” only if we adopt exclusively a perspective that accepts the system that sees no possible existence outside of it. The same…

The UGC Directive on Autonomous Colleges Prabhat Patnaik

Higher education in India is facing a twin danger today. One is its commoditization, by which is meant not just the fact that higher education itself is becoming a commodity but also that the products of higher education, i.e. those in whom higher education is “embodied”, are also becoming commodities, in the sense of simply having their worth assessed both by themselves and by others in terms equivalence to a certain sum of money, the amount that they can command on the market. Commoditization makes the products of higher education self-centred individuals without any social sensitivity, and prepares them only…

State Of Banking In India Y. V. Reddy

The follwing is the text of the KLN Prasad Memorial Lecture that was delivered by Y V Reddy at the Administrative Staff College of India, Hyderabad on 1st February 2018. Chairman Shri Padmanabhaiah garu, family of K.L.N. Prasad garu, Director General Khwaja and friends, I am happy to be here in familiar surrounding and among longstanding friends to give a memorial lecture in honour of Mr. K.L.N. Prasad.  Prasad garu had an incredible range of interests and innumerable friends, cutting across diverse backgrounds. I was introduced to Mr. K L N Prasad forty years ago, in 1978, by M. Narasimham…

Japan-led Pacific Rim Countries Desperate to Embrace Trump Jomo Kwame Sundaram

The grandiose sounding Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will be signed in Santiago de Chile today, 8 March. Instead of doing something to advance the condition of women on International Women’s Day, trade representatives from 11 Pacific rim countries will sign the CPTPP, which some critics argue will further set back the progress of humanity, including women who hold up ‘half the sky’.  The Trans-Pacific Partnership (TPP) originally involved twelve countries, including the USA, namely Japan, Brunei, Australia, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, now often referred to as the TPP11. Although originally…

The Tripura Election Verdict Prabhat Patnaik

Two clear conclusions emerge from the Tripura election verdict. First, it is exceedingly difficult for an opposition party that has an incumbent government in any state to withstand the onslaught of the BJP. This party brings to the electoral arena the might of its Central government to buttress its own well-financed electoral effort. True, the Manik Sarkar government had been crippled in its last term in office by a financial squeeze which had doubtless affected its performance, but this squeeze itself had been the result as much of the recommendations of successive Finance Commissions that had been grossly unfair to…

Agrarian Distress in India Jayati Ghosh

Across the country, farmers are furious – and rightfully so. Four years ago, they helped bring the BJP to power, believing Narendra Modi’s claims that they would no longer suffer official neglect. Cultivators were promised a doubling of their incomes in five years and many policies to increase their productivity and reduce their costs and risks. But since then, conditions in agriculture have got worse rather than better. Earlier problems have worsened as farm incomes have been squeezed by slower output growth, higher costs and increased vulnerability to changing climate. And there is a slew of new problems resulting directly…

When Business Turns ‘Easy’ C.P. Chandrasekhar

Its once again a time for exposés of big ticket scams. The headline hogger currently is the alleged huge Rs. 11,400 crore ‘scam’ unearthed in transactions through the Punjab National Bank (PNB) involving diamond merchants Nirav Modi and Mehul Choksi. That this is not an isolated occurrence is established by news of another Rs. 3,700 crore alleged fraud involving Vikram Kothari of Rotomac Pens being reported almost simultaneously. The full details of the possible fraud in either of these cases is yet to emerge. But underlying them is the suspicion that loans or guarantees of huge magnitudes were offered to…

The Destruction of a University Jayati Ghosh

For more than two years now, Jawaharlal Nehru University in New Delhi has been in a state of turmoil. There is reason to conclude that this turmoil is no accident: it is the result of a set of decisions imposed from above that appear to be aimed at undermining the fundamental nature of this university and all that it has stood for. The fact that these decisions and actions are being adopted by those supposedly in charge of protecting and nurturing this institution - the Vice Chancellor since January 2016 and the administration that he has appointed - is particularly alarming.…