Computer outages Jayati Ghosh

It is a truth that should now be universally acknowledged that, everywhere in the world, our lives are driven by computers – or more specifically, by the workings of Information and Communication Technology (ICT) and therefore the internet. And our dependence on them is not just temporary or partial: it is continuous and overwhelming. It is not just people who actively use computers – whether on desktops or laptops or tablets or mobile telephones – whose lives are driven by them and by internet access. Increasingly, (and certainly in urban areas) almost all forms of transport, most forms of financial…

Growing class Resistance Against “Globalization” Prabhat Patnaik

The term “globalization”, though much used, is extremely misleading, as is its presumed “other”, “nationalism”. This is because both terms are used as blanket terms without any reference to their class content, as if there can be only one kind of “globalization” and only one kind of “nationalism”. Using concepts detached from their class content is a favourite ploy of bourgeois ideology: what it amounts to is to confer universality on concepts that essentially belong only to the bourgeois discourse, as if this is the only universe of discourse possible and all choices are confined only to alternative trajectories within…

Brexit and the Economics of Political Change in Developed Countries Jayati Ghosh

The economic forces underlying Brexit—and the election of Donald Trump in the US—are similar, but also well advanced in many European countries, where much of the population faces similar material insecurity and stagnation. These frustrations can easily be channelled by right-wing xenophobic forces. To combat this, the EU needs to undo some of its design flaws and move from austerity to a more flexible union based on the solidarity of its people. Brexit (Download the full text in PDF format) ( This article was originally posted in the Taylor and Francis online on June 2, 2017.)

Break up the Banks: A practical guide to stopping the next global financial meltdown Andrew Cornford

Banking reforms to regulate the financial sector have broadly remained inadequate. In the book reviewed, Shirreff proposes the legal separation of banking activities into three groups, a return to unlimited liability for partners in investment banks and caps on total remuneration as the radical and effective steps needed to stabilise the sector. He also favours scrapping of Basel I and II norms and the application of a financial transaction tax. The global applicability and acceptance of these proposals, however, remains uncertain. Break_Up_Banks (Download the full text in PDF format)

Imperialist Reconstruction or Depopulation in Syria and Iraq Ali Kadri

The recent reconstruction efforts of the Arab World further deconstructed the state and the unity arising from national identity around the state. In the Arab context, the reconstruction effort promoted the objectives of imperialism in setting the background for continued war. Imperialist_reconstruction  (Download the full text in PDF format)

Communalism and Working Class Struggles Prabhat Patnaik

Comrade B.T. Ranadive used to reminisce that in pre-independence Bombay (as it was then called) there would occasionally be impressive workers’ strikes at the call of Communist-led trade unions which were powerful in the city at that time, at which Hindu and Muslim workers would stand shoulder to shoulder. Not surprisingly however, given the colonial context, these strikes were not always successful, and, when that happened, they would often be followed by communal riots. This cycle, of unity followed by horrendous disunity leading even to communal riots, was an expression of contending forms of consciousness among the workers: a budding…

In the 2017 Budget, the Government has Compounded its Folly Prabhat Patnaik

The Budget estimates, which have generally become somewhat suspect of late, are particularly meaningless in the case of the 2017-18 Budget for two obvious reasons: first, the early presentation of the Budget means the availability of that much less information for the current year, upon which the Budget is based; and second, the draconian demonetisation that has occurred, while certain to pull down the GDP growth rate (even the Economic Survey concedes that), makes any precise prediction impossible. Let us therefore look at the broad strategy of the Budget rather going into its numbers in any detail. One obvious thing that…

A Universal Basic Income in India? Jayati Ghosh

There is a lot of buzz globally around the idea of a Universal Basic Income (or UBI). It is perceived as one way of coping with technology-induced unemployment that is projected to grow significantly in the near future, as well as reducing inequalities and increasing consumption demand in stagnant economies. Certainly there is much to be said for the idea, especially if it is to be achieved by taxing the rich and particularly those activities that are either socially less desirable or are generating larger surpluses because of technological changes. Indeed, that is precisely the proposal of the French Socialist…

A Disappointingly Ordinary Budget for Extraordinary Times Jayati Ghosh

The most striking thing about Arun Jaitley’s budget presentation for 2017-18 is just how unstriking it is. A lot of was expected from this Budget, and it is largely the Government’s own fault that the expectations were so many and so contradictory. In the event, the Finance Minister has presented a very “ordinary” Budget, which is unlikely to satisfy most people who recognise that these are definitely not “ordinary” economic times. First, this Budget comes directly in the wake of demonetisation followed by painfully slow and inadequate remonetisation, which has dealt a body blow to the informal sector as well…

Piketty’s Capital in the Twenty-First Century: Criticisms and debates Kang-Kook LEE

The author in this article critically examines the most important criticisms of Piketty and debates about his study in mainstream economics and underscores that Piketty’s argument has limitations and we need to develop a study of inequality that takes the perspectives of political economy into account more seriously. Piketty_Capital (Download the full text in PDF format) (This article was originally published in The Journal of Comparative Economic Studies, Vol.11, 2016, pp.151–170)