Brexit, the City, and the Crisis of Conservatism Alan Freeman & Radhika Desai

In this report, the authors argue that, underneath the surface of liberal dismay and right wing triumphalism which characterizes much commentary on Brexit, two sets of developments- the electoral crisis of the Conservative Party and the British financial sector are critical to understanding the British vote on leaving the European Union. Brexit_the_City (Download the full text in PDF format) (The article was originally published in the Valdai Discussion Club)

Colombia: The search for elusive peace Jayati Ghosh

They march in tens of thousands, every Wednesday, through the streets of central Bogota: young and old; students and teachers; well-paid professionals, trade unionists and informal workers; healthy and disabled; urban and rural residents; family members and friends of the countless numbers who have been killed or maimed or have simply disappeared during this apparently endless war. They march for peace, and for a renewed attempt to find an agreement to settle the decades-old war between named and unnamed protagonists. Ever since the peace agreement painfully negotiated between FARC (the Revolutionary Armed Forces of Colombia) and the government was rejected…

The Growing Resistance against Globalization Prabhat Patnaik

All across the world, from the United States to Britain to Europe to China, a huge resistance is building up against globalization. True, this resistance is not self-consciously aimed against globalization per se; in different countries it focuses on different issues. But since each of these issues arises as a fall-out of globalization, not to see the interconnectedness of this resistance, as one that essentially and implicitly targets globalization, is to miss the wood for the trees. What is also remarkable is that this resistance, contrary to what one might expect from the fact that its source lies everywhere in…

Too Many Years of Living Dangerously: The UNCTAD Trade and Development Report 2016 Jayati Ghosh

For many years now, the Trade and Development Reports produced by UNCTAD have been providing a voice of sanity in a global discourse on the world economy that has often appeared to be dominated by denial and irrelevance. The Report has also often proved to be remarkably prescient, for example by anticipating as early as 2006 the likely collapse of financial markets that occurred in 2008, or by pointing in the past few years to the futility of excessive reliance on monetary policies alone to lift economic growth, which policy makers are only beginning to come to grips with at…

The End of US-led Economic Globalisation? Jayati Ghosh

There is much angst in the Northern financial media about how the era of globalisation led actively by the United States may well be coming to an end. This is said to be exemplified in the changed political attitudes to mega regional trade deals like the Trans Pacific Partnership Agreement (TPP) that was signed (but has not yet been ratified) by the US and 11 other countries in Latin America, Asia and Oceania; and the Trans-Atlantic Trade and Investment Partnership Agreement (TTIP) still being negotiated by the US and the European Union. President Obama has been a fervent supporter of…

Is Sustainable Development Hindering Economic Recovery? Jomo Kwame Sundaram

The global economic and employment situation is alarmingly protracted, with recovery not expected any time soon. In October 2012, then IMF chief economist Olivier Blanchard indicated he did not see a global economic recovery before 2016. Now, in mid-2016, it is clear that the global crisis has dragged on for several reasons; many governments, especially in advanced economies, still prioritize fiscal austerity and tough labour market reforms, even though such measures undermine livelihoods, incomes, the social fabric and economic recovery prospects. Meanwhile, despite ‘quantitative easing', investments remain depressed, blocking employment creation. Easy credit before the crisis led to over-investment in…

Globalization and the World’s Working People Prabhat Patnaik

Globalization was advertised as being beneficial for all, as constituting a bold step towards universal economic betterment. This was clearly wrong; and it was not just Left economists, but even “mainstream” economists like Paul Samuelson who had said so at the very outset. The reason for their saying so was simple: if the economic regime of the world allowed free imports of Chinese or Indian goods into the U.S.A, then this must necessarily hurt the real wages of the American workers, because the American workers enjoying much higher wages would then be competing, to their own detriment, against the low-wage…