In a surprise move, on November 8, 2016, the Indian government announced that the currency notes of Rs 500 and Rs 1000 denomination cease to be legal tender from the midnight of that very date. The arguments advanced in support of the move was that this would root out black money and take care of counterfeiting of currencies; however, withdrawing more than 85 per cent of the currency notes in circulation has been a major hit on India’s poor and lower middle classes. This section presents articles and videos explaining the major impacts of this move on the people and the economy.

Buckling under Pressure Jayati Ghosh

Is there no one left in our important institutions who is still capable of speaking…

The Demonetization Fiasco Prabhat Patnaik

The demonetization of 86 percent of the currency of the country, a virtually unprecedented  measure…

Barbara Harriss-White on Demonetisation An interview with Madras Courier

Part 1 Barbara Harriss-White is an Emeritus Professor at the University of Oxford, with decades…

The Pursuit of Unreason Prabhat Patnaik

A distinguished Ugandan social scientist of Indian origin, whom I happened to meet earlier this…

The Utter Failure of Demonetization: The RBI says so even as it says not Surajit Mazumdar

From the figure of the value of fresh banknotes issued by banks by 19 December,…

Banks as victims C. P. Chandrasekhar

In the outcry against the disastrous demonetisation experiment of the Modi government one aspect that…

Supreme Court should Frame an Eleventh Question on Demonetisation Prasenjit Bose and Zico Dasgupta

Whether the demonetisation scheme declared through the November 8 notification qualifies as a fiscal or…

Money and the Social Contract in India Jayati Ghosh

The social contract between a state and its citizens is a complex thing. Philosophers of…

Demonetisation and Banks’ Lending Rates Prabhat Patnaik

Spokesmen of the ruling party are busy these days spreading another falsehood, namely that, because…

Demonetisation and India Inc C. P. Chandrasekhar

In Finance Minister Arun Jaitley’s pre-Budget meeting with members of India’s Chambers of Commerce and…

Demonetization as the Basis for a Fiscal Stimulus Prabhat Patnaik

A bizarre argument is doing the rounds these days. It states that the cash which…

Demonetization as a Means of Fighting “Black Money” Prabhat Patnaik

So many lies are being spread by the government which is currently busy wrecking the…

On the occasion of the beginning of the Centenary year of the October Revolution Professor Prabhat Patnaik delivers a series of four lectures where he attempts to theoretically construct the historical journey from 1917 to the present in order to explain the kind of conjuncture in which we are placed today.

The Spontaneity of Capitalism Prabhat Patnaik

  The post-war restructuring of capitalism involving decolonization, the introduction of Keynesian demand management, and…

Marxist Theory and the October Revolution Prabhat Patnaik

Marx’s theory when it was first presented had a far more profound impact on intellectual…

The Leninist Conjuncture Prabhat Patnaik

The basic theoretical presumption underlying the October Revolution was that because inter-imperialist rivalry had unleashed…

Britain’s vote to leave the European Union adds to the uncertainty in the world economy and the unfolding crisis in the region will inevitably affect developing countries as well. This section presents analyses of the vote on Brexit and its implications for Britain, for the European Union and for the global economy.

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…

Why the European Union should be Even More Worried about Brexit C.P. Chandrasekhar and Jayati Ghosh

The economic pressures that may have driven the Brexit vote are also evident in other…

The Brexit is Not Gender Neutral Gabriele Kohler

This article highlights the gendered implications of the Brexit vote- what it means for women…

What Next for the EU? Jayati Ghosh

Even before the results of the UK referendum, the European Union was facing a crisis…

After Brexit C.P. Chandrasekhar

Britain has voted to leave the European Union (EU). And the managers of global capitalism…

Brexit Earthquake has Many Ruptures Radhika Desai

The Brexit vote was a momentous political earthquake and the seismic shifts that caused it…

Brexit: A revolt against the hegemony of globalized finance Prabhat Patnaik

Almost all commentators on the British electorate’s vote to leave the European Union, whether from…

The announcement of a BRICS development bank in the context of the ongoing global economic turmoil assumes a special significance. Some perceive it as an alternative to the already discredited World Bank with its North Centric leadership resulting in a dogmatic imposition of neo-liberal conditionalities on the indebted South; many assume this as a watershed, signaling the shift in global economic governance from the traditional powerhouses of the North to the newly emerging powerhouses of the South; while others perceive it as a tool to be used by the member countries to increase their influence in their respective Southern pockets.

This section includes articles analysing the emergence of BRICS Development Bank and its possible implications for global economic governance, regional impact of the BRICS nations, and other repercussions.

Why does Brazil’s Banking Sector Need Public Banks? What should the BNDES do? Felipe Rezende

The author examines the role played by the BNDES in financing long term development, how to finance it, and the…

Development Finance in BRICS Countries Published by the Heinrich Boll Foundation

The volume aims to provide background information for an informed debate about development financing from the perspective of emerging economies,…

Banking with a Difference C.P. Chandrasekhar

Democratic forces in BRICS and other countries have to ensure that the BRICS bank acts differently from existing development banks…

The BRICS Bank Prabhat Patnaik

The optimism that the newly formed BRICS bank can provide an alternative to the neo-liberal World Bank maybe misplaced given…

The BRICS Bank: Part of a new financial architecture (II) Oscar Ugarteche

Given that the BRICS countries all have first tier development banks implies that they also have development bankers who can…

The BRICS Bank: Part of a new financial architecture (I) Oscar Ugarteche

The BRICS Bank would be less vulnerable if it used non dollar denominated bonds similar to those established by the…

BRICS Gains Currency in Brazil Biswajit Dhar

BRICS is poised to make a mark in the global economic governance, if the NDB and the CRA turn into…

Using the Potential of BRICS Financial Co-operation Jayati Ghosh

The emergence of BRICS as a global economic entity offers a scope for democratizing the entire process of South-South Co-operation…

To commemorate 10 years of International Development Economics Associates (IDEAs), we are organizing a Conference titled ”Global Economy in a Time of Uncertainty: Capitalist trajectories and progressive alternatives” in Muttukadu, Chennai, during 24-26 January 2012, and a Seminar titled ”Whither Global Capitalism” in the Convention Center, Jawaharlal Nehru University (JNU), Delhi, during 28-29 January 2012. This section contains the contributions by the participants in the two events.

International Seminar on “Whither Global Capitalism?” Jawaharlal Nehru University, New Delhi, 28-29 January 2012

An international seminar on ''Whither Global Capitalism?'' will be held on 28-29 January 2012 at the Convention Centre, Jawaharlal Nehru…

International conference on ”The Global Economy in a Time of Uncertainty: Capitalist trajectories and progressive alternatives” Muttukadu, Chennai, India, 24-26 January, 2012.

Click for the Conference Report International Development Economics Associates will mark a decade of existence in 2011. This has been…

Notes on Land, Long Run Food Security and the Agrarian Crisis in India Sheila Bhalla

These Notes are organised in three main parts. Part I looks at examples of three approaches to land use and…

A Proposal for a Growth and Fiscal Compact Mario Tonveronachi

The author investigates the present crisis in Europe that is threatening to undo the economic integration process started under the…

Resolving the Food Crisis: Assesing global policy reforms since 2007 Timothy A. Wise and Sophia Murphy

Download the full report. The spikes in global food prices in 2007-8 served as a wake-up call to the global…

Notes on Land, Long Run Food Security and the Agrarian Crisis in India Sheila Bhalla

These Notes are organised in three main parts. Part I looks at examples of three approaches to land use and…

A Proposal for a Growth and Fiscal Compact Mario Tonveronachi

The author investigates the present crisis in Europe that is threatening to undo the economic integration process started under the…

Resolving the Food Crisis: Assessing Global Policy Reforms Since 2007 Timothy A. Wise and Sophia Murphy

Download the full report. The spikes in global food prices in 2007-8 served as a wake-up call to the global…

Following the financial crisis, much has been done for preventing systemic failure in the financial sector, stalling economic downturn and ensuring a recovery. However, the adequacy and appropriateness of the measures adopted remain questionable. As far as reforming the financial sector is concerned, despite a spate of proposals, agreement on the appropriate mix of policies and the progress with implementation have been limited. This section presents papers and articles that analyse the adequacy of various proposals and measures, the challenges that could arise at the time of implementation and advocate additional or alternative measures. Some of these papers also take a renewed look at the veracity of the arguments given for explaining the genesis of the crisis.

Further Reflections from a Reforming Indian Central Banker Andrew Cornford

The author reviews the latest book by Y.V. Reddy, titled 'Economic Policies and India's Reform Agenda New Thinking', on governance…

Capital Account Regulations and the Trading System: A compatibility review Edited by: Kevin P. Gallagher

This report published by Boston University's Pardee Center is the outcome of a workshop co-sponsored last June in Buenos Aires,…

Capital Account Regulations and the Trading System: A compatibility review Kevin P. Gallagher

The report validates the concerns that many nations may not have adequate flexibility to regulate capital flows because of the…

Insolvency Protection and Fairness for Greece: Implementing the Raffer Proposal Kunibert Raffer

The financial crisis in Greece and the 'austerity measures' being imposed on the country has lead to disastrous results for…

Insolvency Protection and Fairness for Greece: Implementing the Raffer Proposal Kunibert Raffer

The financial crisis in Greece and the ‘austerity measures’ being imposed on the country has lead to disastrous results for…

Society, Economic Policies, and the Financial Sector Y.V. Reddy

This is the Per Jacobsson Foundation Lecture 2012 delivered by the author at Basel, Switzerland. It is argued that the…

Using Minsky to Simplify Financial Regulation

The basic error in the current regulatory approach embodied in Dodd-Frank is that it does very little to limit the…

Monetary Policy and Central Banking after the Crisis: The implications of rethinking macroeconomic theory Thomas I. Palley

In this paper, the author presents an outsider reform program that focuses on central bank governance and independence; reshaping the…

New Issue Newsletter on EU Financial Reform

The financial costs of resolving the financial crisis that erupted in September 2008 are now taking a heavy toll on…

The Great Austerity War: What caused the deficit crisis and who should pay for it? James Crotty

The author argues that the recent deficit crisis in USA is the result of a shift from the New-Deal-based economic…

Transatlantic Cooperation for Post-Crisis Financial Reform- To What End? Aldo Caldiari

During the 2008-09 financial crisis, the G20 began to meet at the “Heads of State” level to formulate and implement…

Drawing Lessons from US Financial Reform Efforts: A Civil Society Perspective Aldo Caliari, Center of Concern

The author analyses the Dodd-Frank Act of reforming the US financial sector from the perspective of the civil society. He…

It is now more than two years since the sub-prime lending crisis in the US mortgage sector came to light. The unprecedented financial crisis in the developed world brought with it the end of the illusion of the market being ”efficient”. This section presents papers and articles that seek to explain the causes and consequences of the U.S. sub-prime mortgage crisis. Through a critique of the underlying structure and dynamics of deregulated finance, they analyse how this crisis led to a generalized credit crunch in other financial sectors and ultimately affected the world economy at large. There are also theoretical papers that explore the related issues, all of which provoke a fundamental rethink on financial liberalisation in order to reduce the systemic and global instability associated with it.

From Marx to Morgan Stanley: Inequality and financial crisis Michael Lim Mah-Hui and Khor Hoe Ee

Despite robust growth, rising inequalities and financial instability have affected many countries. This is a result of skewed distribution of…

The Myth of the ”Sub-prime” Crisis Prabhat Patnaik

Capitalism, like the proverbial horse, kicks even when in decline. Even as the current crisis hit it, it gave an…

Should Greece Follow Estonia’s Example? Rainer Kattel

One of the suggestions regarding Greece’s current woes is that it should cut its public spending, just like Estonia. But,…

Productive Incoherence in an Uncertain World: Financial governance, policy space and development after the global crisis Ilene Grabel

The current global financial crisis raises important questions for scholars of international political economy. Among the most important of these…

Financial and Monetary Issues as the Crisis Unfolds James Galbraith

On June 15 and 16, 2009, the working group on financial and monetary issues of Economists for Peace and Security…

The Revenge of the Market on the Rentiers: Why Neo-Liberal Reports of the End of History turned out to be Premature Jose Gabriel Palma

Starting from the perspective of heterodox Keynesian-Minskyian-Kindlebergian financial economics, this paper begins by highlighting a number of mechanisms that contributed…

The Relevance of Ragnar Nurkse and Classical Development Economics Rainer kattel, Jan Kregel, Erik S, Reinert

The Authors aim to show how the classical development economics of Ragnar Nurkse’s (1907-1957) generation epitomized the best development practices…

What is Minsky All About, Anyway? Korkut Ertürk and Gökcer Özgür

The current financial crisis has been interpreted as the fulfillment of Hyman P. Minsky’s predictions by many, while others have…

A Comparison of Two Cycles in the World Economy: 1989-2007 Korkut Boratav

The paper compares and analyses some of the quantitative indicators of the world economy during the 1989-2007 years. The global…

Recommendations of UN Expert Commission on Finance

This is the preliminary recommendations of the UN Expert Commission on Finance, constituted by the President of the UN General…

Tools for a New Economy Robert Pollin

In this article, the author outlines the reasons for the current financial crisis, juxtaposing them to earlier such crises. He…

The Time has come: Let’s shut down the financial casino ATTAC's Statement on the Financial Crisis and Democratic Alternatives

ATTAC was launched in 1998 as an organization to counter the onslaught of the profit driven financial markets that was…