Call for Papers for the Japanese Political Economy Journal

The Japanese Political Economy has now been rejuvenated and renewed with a new Editor, new Co-editors and new international Editorial Board. It continues Japanese Economic Studies; a leading journal published continuously since 1972. From 1997 to 2013, the journal was known as Japanese Economy. The Japanese Political Economy seeks to publish a wide range of scholarship that draws from multiple theoretical, empirical and methodological perspectives. The journal will be a resource for scholars, students, policymakers and practitioners who seek to better understand the contemporary and historical, transnational and internal processes of social and economic change in Japan, Asia and the…

The Growing Income Inequality Prabhat Patnaik

Thomas Piketty and Lucas Chancel have just written a paper as part of their work for the World Inequality Report discussing the movement of income inequality in India. And their conclusion is that the extent of income inequality in India at present is greater than it has ever been at any time in the last one hundred years. Their estimates go back to 1922 when the Income Tax Act became operational in India. The share of the top 1 percent of the population in total income at that date was around 13 percent. It increased to 21 percent by the…

Lecture series by Professor C. P. Chandrasekhar on ‘Karl Marx’s Capital & the Present’

The Safdar Hashmi Memorial Trust (SAHMAT) organised a series of four lectures by the eminent economist Prof. C.P. Chandrasekhar to commemorate 150 years of the publication of Volume I of Karl Marx’s seminal work, Capital at Indian Habitat Centre, New Delhi. First Lecture (on 9 September 2017) The first lecture, titled ‘Capital and the critique of bourgeois political economy’, was delivered on 9th September 2017 at the India Habitat Centre in New Delhi. In this lecture, Professor Chandrasekhar talks about Marx’s analysis of capitalism as an inevitably transient mode of production in a constant opposition to political economists of that period.…

150 years of ‘Das Kapital’: How relevant is Marx today? Jayati Ghosh

It is quite amazing that Karl Marx's Capital has survived and been continuously in print for the past century and a half. After all, this big, unwieldy book (more than 2000 pages of small print in three fat volumes) still has sections that are evidently incomplete. Even in the best translations, the writing is dense and difficult, constantly veering off into tangential points and pedantic debates with now unknown writers. The ideas are complex and cannot be understood quickly. In any case, the book aims to describe economic and social reality in 19th-century northwestern Europe - surely a context very…

Debts that cannot be paid will not be Sabri Oncu

Total global debt has increased, growth has been slowing down since the onset of the global financial crisis in 2007 and has been rapidly decelerating after 2012. This may be a sign that the world has arrived at its debt carrying capacity or has even crossed it, meaning that capitalism is probably already insolvent. Debts_that_cannot_be_paid (Download the full text in PDF format) (This article was originally posted in the Economic & Political Weekly on July 15, 2017.)

Jayati Ghosh speaks on Imperialism in the 21st Century

Imperialism, explains the renowned economist - whether explicit or implicit - is about the struggle to control economic territories such as markets, workers and natural resources. From explicit colonial control, imperialism has today evolved into forms of "inter-imperialist rivalries" wherein instead of a "free market", the state exercises its control to further the interest of capitalists, rather than common people.

Finance Capital and the Nature of Capitalism in India Today C.P. Chandrasekhar

A distinctive feature of the current phase of capitalism is the growing role of finance capital as an instrument to establish capitalist hegemony and facilitate the appropriation of surplus. In the developed countries this transition towards financial hegemony was the result of the inflationary crisis and stagnation that affected the OECD countries after the late 1960s. The contractionary fiscal and monetary policy response to inflation intensified the deceleration in real growth. This together with the low real interest rates on bank deposits adversely affected banking business and profits. These developments triggered a process of deregulation and liberalisation in the financial…

The Spontaneity of Capitalism Prabhat Patnaik

  The post-war restructuring of capitalism involving decolonization, the introduction of Keynesian demand management, and the institution of democracy based on universal adult suffrage, represented concessions made by the system to ward off the Communist threat which the enhanced prestige of the Soviet Union, the march of the Red Army across Eastern Europe, the sacrifices made by the Communists in the anti-fascist struggle all over Europe, and the Chinese Revolution had brought to the fore. True, the Yalta agreement had bound the Soviet Union into not supporting Communist ascendancy in Western Europe, in countries like France, Italy and Greece, in…