Tackling the Crisis of Conformity in Economic Thinking Henry Leveson-Gower

The conformity in economics teaching in many ways is the most damaging aspect of our current economics discipline. Thousands of graduates all round the world enter work each year with the impression that there is only one way of thinking about organising our economies. These are of course the people who dominate the likes of the World Bank, IMF and the Treasuries in countries around the world.  Innovative and critical thinking is crushed just when we need it most given our current social, environmental and economic crises. We believe we can’t wait for the mainstream to change. We want to…

The Yellow Vest Movement Prabhat Patnaik

Nothing shows the crisis of neo-liberal capitalism more clearly than the popular uprising in France that is occurring under the banner of the “Yellow Vest” movement. Thousands are congregating in Paris over week-ends to protest against the intolerable burdens being imposed upon them in the name of “austerity” and to demand that resources be raised instead through taxing the rich. This movement had begun initially as a protest against the diesel price-hikes, but has now taken on a more general character and is drawing huge support from the people. There is an effort in liberal circles to portray the movement…

Contemporary Capitalism and The World Of Work Prabhat Patnaik

The most significant feature of contemporary capitalism which is of relevance to the world of work is its inability to provide work to a substantial proportion of persons looking for it. This is not just a matter of economic denial, which itself can have important implications for such phenomena as hunger and crime; it also has deep socio-psychological implications of which at least two must be noted. One is the loss of self-esteem among the unemployed which leads inter alia to drug and alcohol abuse and high mortality rates as a consequence. This has been noticed even in an advanced…

A Heart-Rending Episode Prabhat Patnaik

This year marks the seventy-fifth anniversary of the Bengal famine of 1943, a heart-rending episode in which 3 million persons died, and which epitomized the callousness of imperialism. The scale of devastation can be understood if we remember that in the United Kingdom, taking civilian and military casualties together, the total loss of life during the entire Second World War was just 0.45 million and in the U.S. 0.42 million. In Germany itself the loss has been estimated as anywhere between 6.6 and 8.8 million and in the Soviet Union which suffered the most at around 24 million. To say…

India’s wealthy barely pay taxes C. P. Chandrasekhar and Jayati Ghosh

India is often mistakenly seen as a country with relatively low economic inequality. In fact, there were always very significant economic inequalities in India, which intersected with social and locational inequalities in complex ways. More significantly, the country’s inequalities widened after the internal and external economic liberalization measures from the early 1990s, which attracted global financial investors and boosted economic growth considerably. The estimates of low inequality are usually based on the fact that the Gini coefficients of consumption expenditure have not been so high in India (although they have increased over time). The National Sample Survey data on which…

The Left and Opposition Unity Prabhat Patnaik

The real obstacle to understanding, or even recognizing, contemporary fascism alas is the memory of the 1930s. The fact that we have fascists in power in India, at the helm of a liberal bourgeois State, is indubitable: the RSS, which they belong to and swear by, has made no secret of its admiration for classical fascism. But we do not have a classical fascist State, and are not moving towards it at break-neck speed, as the Nazis in power had effected. This is what makes many people question whether we are at all confronting fascism. From the prism of the…

Who’s manipulating China’s exchange rate? C. P. Chandrasekhar and Jayati Ghosh

A favourite trope of Northern economic policy makers – especially those in the United States – is that China systematically manipulates the exchange rate of the RenMinBi to ensure greater external competitiveness, and that this amounts to an unfair trade practice. While this has been a complaint of the US government for some years now, President Trump of the US has become a particularly strong advocate of this theory. Most recently, the recent (slight) depreciation of the Chinese RenMinBi (RMB or Yuan) relative to the US dollar has been met with howls of protest from Mr Trump and his trade…

Women’s work in India Jayati Ghosh

One of the difficulties with discussions on employment in India is the tendency to conflate employment and work. But employment is only that part of work that is remunerated, and in India a vast amount of work is actually unpaid and often not even socially recognised. Once we recognise that, a lot of what appears to be inexplicable about Indian employment trends becomes easier to understand. This is especially true of women’s work. There has been much discussion on the evidence from recent NSS large sample surveys on employment, of the significant decline in women’s workforce participation rates. The work…

Emergency 2.0 Jayati Ghosh

For many Indians, the period of the Emergency in the mid 1970s represents the blackest period for Indian democracy since Independence. As a student at University during that time, seeing the repression and fear all around and knowing some of the people who were imprisoned or otherwise persecuted for their views, I too shared that view – until very recently. Because what is happening now in India is in many ways is just as bad, and in some respects significantly worse. Just as during the Emergency, we have the arms of the state and its security powers used to intimidate…

Changes in the Structure of Employment in India Yoshifumi Usami and Vikas Rawal

Slow growth of employment has been a remarkable feature of economic change in India during the post-liberalisation period. Economic growth over this period has been highly uneven across different sectors and regions. The rate of growth of agriculture and manufacturing sectors has been sluggish for most part of the postliberalisation period. Growth, even in periods during which it increased, was driven primarily by the service sector. It has been primarily located in urban, particularly metropolitan, areas. Trade and foreign investment have played only a marginal role as drivers of economic expansion. Benefits of economic growth have accrued differently across classes,…