Electronic Commerce and the WTO: The Changing Contours of Engagement Biswajit Dhar

Electronic Commerce (e-commerce) has emerged as a key issue in the run-up to the 11th Ministerial Conference of the World Trade Organization (WTO) to be held in Buenos Aires in December 2017. A number of countries across the development spectrum have backed inclusion of e-commerce in the WTO. Although the nature of disciplines that these countries favour is not entirely clear, yet the proposals strongly suggest that they would prefer using e-commerce as a vehicle for trade liberalisation in goods and services. Electronic_Commerce _WTO  (Download the full text in PDF format) (This article was originally posted in Madhyam.org.in on November…

The other face of Private Banking C.P. Chandrasekhar and Jayati Ghosh

Private banks, especially foreign ones have relied on off-balance sheet liabilities to earn revenues and profits, courting risk and leaving the business of banking proper largely to the public sector banks. Other_Face_Private_Banking  (Download the full text in PDF format) (This article was originally published in the Business Line on January 15, 2018)      

Financialisation and Corporate Investments: The Indian Case Sunanda Sen and Zico Dasgupta

Financialisation creates space for transactions in the financial sector of economies, and, in doing so, helps to raise the share of financial assets in the portfolios held by market participants. Largely driven by deregulation, the process works to make financial assets relatively attractive as compared to other assets, by offering both better returns and potential capital gains. Against the backdrop of the prevailing analysis of corporate investments under financialisation in the advanced economies, this paper attempts to analyse the pattern of investment by corporates in an emerging economy like India during the 2000s. By analysing the sources and the use…

The Demise of Bank Credit C.P. Chandrasekhar and Jayati Ghosh

Growing economies generally show increasing deployment of bank credit – but in India this has been decreasing for years and recently has been almost flat. What does this suggest about the growth process and the health of the Indian economy. Bank_Credit  (Download the full text in PDF format) (This article was originally posted in the Business Line on 1 January 2018.)

The Saudi palace coup, the oil market, China and the US Ali Kadri

Trouble has been brewing in Saudi Arabia, the jewel of the US empire, under the very eyes of the imperialists. Since circa 1980, the socially stabilising economic redistribution mechanisms, the objective pillars holding society together, were neoliberally eroded. As for the subjective grounds, or the political US-backing that the Saudi monarchy enjoys, it so happens that until about 2011, the timing of the Arab Spring, the Saudi-comprador class’ surreal social and political practice received low-key criticism. Oil_Market (Download the full text in PDF format)    

Climate Change and Human Development: Extending the vision of Dr. Mahbub Ul Haq Sumanasiri Liyanage and Anuruddha Kankanamge

Climate change is not a “natural” disaster, but a creation of the system that is aimed in pursuit of private profit at increasing scale. The implications and effects of climate change can be considered as one of the key factors in determining not only the welfare of human being but also the existence of other life forms and our planet. The principal submission of this paper is, extending and advancing the insight of Dr. Mahbubul Haq and his team’s work on Human Development Index, to another important step by including the negative impact of climate change.  This paper uses carbondioxide…

Do Purchasing Power Parity exchange rates mislead on incomes? The case of China C.P. Chandrasekhar and Jayati Ghosh

Ever since Larry Summers and Alan Heston produced what become known as the “Penn World Tables” comparing prices and thereby the purchasing power of currencies across countries, the urge to use some deflator of market exchange rates to compare incomes across countries has been strong. The economic theory behind this is that exchange rate comparisons of less-developed economies consistently undervalue the non-traded goods sector, especially labour-intensive and relatively cheap services, and therefore underestimate real incomes in these developing economies. In some cases, this can be quite significant. In larger emerging markets like China and India, the conversion factors have been…

Indian IT hits a Speed Dump C. P. Chandrasekhar and Jayati Ghosh

A sharp deceleration in growth and restricted employment expansion in the IT sector, India’s post-liberalisation showpiece, has implications beyond the industry’s boundaries. Indian_IT_Speedbump (Download the full text in PDF format) (This article was originally posted in the Business Line on November 20, 2017.)

Trumping the NAFTA renegotiation: An alternative policy framework for Mexican-US cooperation and economic convergence Robert A. Blecker, Juan Carlos Moreno-Brid and Isabel Salat

NAFTA has utterly failed from a development standpoint and Mexico and US both need a new policy regime to reverse that rising inequality, secular stagnation, and regional divergences. If done with a cooperative spirit, the renegotiation of NAFTA can be a win-win for both, but a hasty US withdrawal from it would not work in favour of the average US and Mexican citizens. NAFTA_Renegotiation (Download the full text in PDF format) (This article was originally published in the World Economics Association)