The Gujarat Model’s Failure explains why the Economy has become such a significant Factor in the coming State Elections Jayati Ghosh

By now, almost everyone in the country knows that – whatever else they may or may not be able to do – one thing Narendra Modi and the team around him excel in is the art of public relations and media management. This is the reason that “the Gujarat model” of handling a state’s economy became such a major talking point in the run-up to the 2014 general elections. This model was widely projected across major media as a huge success in delivering both growth and development, even though Gujarat’s performance was at best middling among all states and in…

Neo-liberalism has been a Disaster for Nepal An Interview with Prof. C.P. Chandrasekhar

Why is neoliberalism bad for India and Nepal? What are its major flaws? Mahabir Paudyal and Prashant Lamichhane from myRepublica caught up with Professor C.P. Chandrasekhar when he was in Kathmandu last week to discuss the impact of neo-liberal economic order in the two countries, and the prospects of a socialist-oriented economy in Nepal. Nepal and India adopted liberalization almost at the same time during the 1990s. Thirty years on, what kind of impact has it had in the two countries? You need to look at liberalization at two levels. Cross-country liberalization, which is a set or package of policies implemented…

Not with a Bang but with a (prolonged) whimper Jayati Ghosh

It is probably obvious to everyone that global capitalism is in dire straits, notwithstanding the brave talking up of output recovery that now characterises almost every meeting of the international governing elite. Even so, discussions of the end of capitalism still typically seem overstated and futile, not least because those hoping and mobilising for bringing in an alternative system are everywhere so scattered, weak and demoralised. In effect, capitalism is the only game in town, which is why even in its current debilitated and even decrepit state, it fears no rivals. But maybe that is really not the point. Maybe…

Neo-Liberal Capitalism and its Crisis Prabhat Patnaik

“Neo-liberal capitalism” is the term used to describe the phase of capitalism where restrictions on the global flows of commodities and capital, including capital in the form of finance, have been substantially removed. Since such removal happens under pressure from globally-mobile (or international) finance capital, neo-liberal capitalism is characterized by the hegemony of international finance capital, with which the big capitals in particular countries get integrated, and which ensures that a common set of “neo-liberal” policies are pursued by all countries across the globe. The emergence of such international finance capital is itself the outcome of the process of centralization…

The Current Upsurge of Fascism Prabhat Patnaik

There is at present an upsurge of fascism all over the world, though it is often described as “nationalism” or “Right-wing populism”. Such terms however are misleading, and reflect a neo-liberal mindset. The pejorative use of the term “nationalism” serves implicitly to laud neo-liberal globalization as its contrast; it is also misleading because it does not distinguish between the “nationalism” of a Gandhi and the “nationalism” of a Hitler. Likewise, the term “populism” is used these days to characterize all redistributive or Welfare State measures, contrasting them unfavourably with neo-liberal measures of “development”; to apply it to the current fascist…

The Class Content of the Goods and Services Tax Prabhat Patnaik

The discussion on the Goods and Services Tax (GST) until now has focused almost exclusively on the distribution of its burden across commodities, on the difficulties of meeting its stringent bureaucratic demands, and on the delays in obtaining claims for refunds. Even the view that it is pushing the economy into a recession has attributed this looming recession merely to its stringent procedural demands which supposedly have tied most sellers in knots. In all this however the class content of this new tax regime has been missed. Indeed many would even ask: if one kind of indirect tax regime which…

Winner-take-all Political Funding Jayati Ghosh

It’s true: there’s a lot to be outraged about in India these days. The proliferation of heinous occurrences and very problematic policy choices is alarming, and the misinformation spread through official and unofficial media often makes things worse. All this can induce protest-fatigue and exhaustion from having to comprehend and then confront so many causes for concern and anguish on multiple fronts. This may be why there has (thus far at least) not been enough public outcry about something that will touch at the very core of our electoral democracy and erode it to the point where it could be…

The Epidemic of Vigilantism Prabhat Patnaik

My wife and I retired seven years ago after teaching in Jawaharlal Nehru University for nearly four decades, and neither of us gets a pension.The interest on our joint lifetime savings largely sustains us. This entire amount had to be invested in my name because she was not allowed to do so, as her name on her PAN card was grossly mis-spelt owing to a clerical error by the concerned authority issuing the card, an error which has not been rectified by it despite decades of effort on our part (though interestingly her tax payments have never been refused for…

America’s Turn Towards Fascism and Its Contradictions Prabhat Patnaik

The fact that fascist elements in the U.S. have started raising their sinister head and that Donald Trump has started showing his open sympathy for such elements is borne out by several recent incidents. On Saturday August 12, at a white supremacist and neo-Nazi rally in Charlottesville, Virginia, peaceful anti-fascist protesters were attacked by the fascists; a man drove a truck into them killing civil rights activist Heather Heyer and injuring at least 19 others; and an African-American teacher DeAndre Harris was beaten mercilessly with a metal rod just a few yards from the Charlottesville police headquarters. Trump’s initial response…

A Dangerous Analogy Prabhat Patnaik

Narendra Modi’s attempt to imitate Jawaharlal Nehru by giving a mid-night speech on July 1 at the Central Hall of parliament, while inaugurating the Goods and Services Tax, could perhaps be passed off as a merely laughable idiosyncrasy. His equating, or even putting on a parallel footing, a mere tax-reform with the grand historic event of India’s attaining independence, could perhaps be shrugged off as just harmless self-promotion by one who prides himself as the author of the tax-reform. But the speech he gave on this occasion invoked an analogy that is extremely dangerous and that cannot go unchallenged, for…