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…

Finance versus The People Prabhat Patnaik

Sometimes even a tiny news-item can reveal volumes about capitalism. The Indian stock market, as is well-known, is booming at present: the 30-share Sensex closed at a new high of 38,278.75 on Monday the 20th of August, and the broader-based Nifty crossed the 11500 mark for the first time on the same day. One of the financial sector executives explained the reason behind this boom as follows (The Hindu, Aug.21): “The only difference between now (versus a few months back) is that politics looks more stable---prospects of an Opposition coalition are looking a little shaky”. These financial sector executives know…

Ranking Universities Prabhat Patnaik

The proposal to eliminate the University Grants Commission and to tighten political control over the higher education system in India, has been mooted at the behest of Narendra Modi who is apparently concerned about the dearth of Indian names among the top-ranked universities in the world. This concern is not confined to Modi alone; it is shared by large numbers of persons in the country’s political establishment, and by many in the general public. This concern is, to an extent, understandable: it is akin to the concern over the lack of medals for India at the Olympic games; but at…

Why didn’t Socialism have Over-production Crises? Prabhat Patnaik

Socialism has collapsed over large tracts of the globe. Where it still exists, the economic regimes have undergone considerable reforms. Not surprisingly therefore the old socialist regimes are objects of much vilification these days. While capitalism, understandably, has a vested interest in promoting such vilification, the Left opponents of capitalism continue to remain too shell-shocked to counter it. There were to be sure serious problems with the earlier socialist regimes, which manifested themselves above all in a de-politicization of the working class whose class dictatorship they were supposed to represent. But at the same time it must never be forgotten…

Trump Versus the Rest Prabhat Patnaik

Donald Trump’s leaving the G-7 summit without budging an iota on protectionism is indicative of the disunity among the leading capitalist countries on the strategy to overcome the capitalist crisis. Trump has decided that the U.S. would go its own way, by enlarging the fiscal deficit, not just for giving tax concessions to the corporates, which would have little demand-stimulating effect anyway, but also for increasing government expenditure which would have this effect, and at the same time by protecting the domestic market. These two strands of Trump’s strategy have to go together. In fact in the absence of protectionism,…

The Modi Government’s “Achievement” Prabhat Patnaik

The Modi government is celebrating four years in office with great fanfare. The fact that these four years have unleashed an unparallelled process of social and political retrogression in the country is well-known and need not detain us here. Our purpose here is to examine what these years have meant for the living standards of the bulk of the Indian people. Here however one immediately comes across a hurdle. For a very long time India had one of the finest statistical systems in the world, with a National Sample Survey collecting data from a large sample of households, larger than…

May Day 2018: A Rising Tide of Worker Militancy and Creative Uses of Marx C. J. Polychroniou (A Truthout Interview with Prof. Jayati Ghosh)

International Workers' Day grew out of 19th century working-class struggles in the United States for better working conditions and the establishment of an eight-hour workday. May 1 was chosen by the international labor movement as the day to commemorate the Haymarket massacre in May 1886. Ever since, May 1 has been a day of working-class marches and demonstrations throughout the world, although state apparatuses in the United States do their best to erase the day from public awareness. In the interview below, one of the world's leading radical economists, Jawaharlal Nehru University Professor Jayati Ghosh, who is also an activist…

Capitalism, Poverty and Praxis Prabhat Patnaik

Capitalism is an economic system driven by its own immanent tendencies, which the State that presides over it normally supports, sustains and accelerates. One such tendency is its encroachment upon the surrounding petty production economy, resulting in an income squeeze upon, or the dispossession of, the petty producers. Dispossession here refers not just to an appropriation gratis of the assets of petty producers; it also includes cases of obtaining such assets at less than “market prices”, and also cases where only certain sections of those engaged in the petty production sector are paid, while others are not, in the process…

A Tale of Two Discourses Prabhat Patnaik

The Hindutva bubble has clearly burst. Not that efforts will not be made to form another bubble before the 2019 elections, but the one that had formed in the run-up to the 2014 elections and had carried the BJP to power is over. In the last few days, there have been mass demonstrations by peasants, traders, doctors, teachers, students and even school children. What is striking about these demonstrations is not just that the fear that had gripped people in the recent years is over and that they are willing to take to the streets to express their anger, but…

Commoditization and The Public Sphere Prabhat Patnaik

Central to liberalism is a distinction between two spheres, the sphere of the market (or more generally of the economy) where individuals and firms interact to exchange their wares; and the sphere of public discourse where individuals interact as citizens of a polity to debate and determine the actions of the State. The importance that liberals attach to this second sphere was underscored by Walter Bagehot, the nineteenth century British essayist of liberal persuasion, who had lauded democracy as “government by discussion”. He had thereby emphasized two basic liberal political tenets, namely the role of public discourse and need for…