Why the European Union should be Even More Worried about Brexit C.P. Chandrasekhar and Jayati Ghosh

The economic pressures that may have driven the Brexit vote are also evident in other big European nations. So to survive, the EU must rethink its template for economic policies.   European_Union_Worried (Download the full text in PDF format) (This article was originally published in the Business Line on July 18, 2016.)

What Next for the EU? Jayati Ghosh

Even before the results of the UK referendum, the European Union was facing a crisis of popular legitimacy. The result, especially in England and Wales, was certainly driven by the fear of more immigration, irresponsibly whipped up by xenophobic right-wing leaders who now appear uncertain themselves of what to do with the outcome. But it was as much a cry of pain and protest from working communities that have been damaged and hollowed out by three decades of neoliberal economic policies. And this is why the concerns of greater popular resonance across other countries in the EU – and the…

After Brexit C.P. Chandrasekhar

Britain has voted to leave the European Union (EU). And the managers of global capitalism have their hands full addressing the fall-out of ‘Brexit’, even as their efforts to manage the after-shocks of the crisis of 2008 remain unsuccessful. It does not help that Brexit immediately affects the EU where the legacy of the earlier crisis has been the worst. In fact, the churning within the EU is partly the result of the persisting crisis in parts of the region. And it is there that the next crisis is likely to first unfold. But as recent history has repeatedly made…

Brexit Earthquake has Many Ruptures Radhika Desai

The Brexit vote was a momentous political earthquake and the seismic shifts that caused it have been long in the making. It has ruptured so many political structures — decades and even centuries old, national and international — so deeply it could be decades before its damage can be fully reckoned. The damage reveals the fragility of Britain’s, and the West’s, political and economic structures caused by three-and-a-half decades of neoliberalism and austerity. The Bremainers’ entirely laudable cosmopolitanism and anti-racism were tragically mixed up with a blindness to how fast and how far formerly social-democratic Europe had become neoliberal. The…

Brexit: A revolt against the hegemony of globalized finance Prabhat Patnaik

Almost all commentators on the British electorate’s vote to leave the European Union, whether from the Right or the Left, have missed the main point of it, namely that it is a massive revolt against the hegemony of globalized finance. Indeed, the fact that they have missed this point is itself indicative of the ubiquity of this hegemony among the literati, from which the British electorate, interestingly, appears substantially to have freed itself. No doubt, some, including President Barack Obama, have been prescient enough to see the Brexit vote as a rejection of globalization, but they have attributed it to…

Why does Brazil’s Banking Sector Need Public Banks? What should the BNDES do? Felipe Rezende

The author examines the role played by the BNDES in financing long term development, how to finance it, and the government's role in the direct provision of financial services. Brazil_Banking_Sector (Download the full text in PDF format) (This article was originally published in the PSL Quarterly Review Vol. 68, No 274 [2015].)

Development Finance in BRICS Countries Published by the Heinrich Boll Foundation

The volume aims to provide background information for an informed debate about development financing from the perspective of emerging economies, especially the BRICS countries. For decades, the world of development banking was dominated by a few multilateral actors, foremost the World Bank Group as well as regional development banks. In recent years, some established banks have much expanded their scope of operation, while new actors and interests are moving in. A number of national development banks, for example from China and Brazil, have entered the international arena in a big way, often operating far outside of their respective home countries…

Banking with a Difference C.P. Chandrasekhar

Democratic forces in BRICS and other countries have to ensure that the BRICS bank acts differently from existing development banks to be a true alternative as expected. Banking_Difference (Download the full text in PDF format) (This article was originally published in the Economic and Political Weekly, August 9, 2014, Vol XLIX, No 32  http://www.epw.in/h-t-parekh-finance-column/banking-difference.html.)