Early Death in Russia Vladimir Popov and Jomo Kwame Sundaram

The transition to market economy and democracy in the Russian Federation in the early 1990s dramatically increased mortality and shortened life expectancy. The steep upsurge in mortality and the decline in life expectancy in Russia are the largest ever recorded anywhere in peacetime in the absence of catastrophes such as war, plague or famine. During 1987-1994, the Russian mortality rate increased by 60%, from 1.0% to 1.6%, while life expectancy went down from 70 to 64 years. Although life expectancy declined from 1987, when Mikhail Gorbachev was still in charge, its fall was sharpest during 1991-1994, i.e., during Boris Yeltsin’s…

Jayati Ghosh speaks on ‘The complexities of success: Globalisation, inequality and economic insecurity in China and India’

Despite being the biggest beneficiaries of the recent phase of globalisation, India and China show rising inequalities, greater fragility and insecurity of material life for a significant section of the population. As well as environmental crises, insufficient employment generation and looming demographic challenges. Growth trajectories that have increased and relied upon inequalities of different kinds breed the invisible discontents of globalization.

China’s Labour Market Conundrum C.P. Chandrasekhar and Jayati Ghosh

Has China's labour market reached a point where long years of high growth have led to demand outstripping supply, resulting in a sharp rise in wages? China_Labour (Download the full text in PDF format) (This article was originally published in the Business Line on July 4, 2017.)

One Belt, One Road, One Grand Design? Jayati Ghosh

It is a truism of history that rising powers tend to be the ones valorising “free” trade and more open and integrated national economies, just as waning powers tend to turn inwards. So it is no surprise that over the past half year, as the United States elected a President with an avowedly protectionist agenda (even if relatively little has been acted upon so far), China’s President has become the chief advocate of globalisation and more extensive trade and investment links across countries. This drumbeat reached a crescendo in mid-May 2017, at a summit in Beijing to celebrate the official…

Free trade agreements, Trade Policy and Multilateralism

  The rapid, if sometimes unsteady expansion of international trade from the late 1980s came to an abrupt end from 2009[1] as many large developed economies adopted more ‘protectionist’ policies to address balance of payments problems exacerbated by the 2008-2009financial crisis. This U-turn brought a halt to an extraordinary period of rapid trade expansion due to much greater international specialization, especially with the spread of ‘international value chains’ in production.   Free trade agreements Freetrade agreements (FTAs) are generally presumed to promote trade liberalization. While FTAs typically reduce some barriers to the international trade in goods and services, various provisions…

US Trade Hawks and the China Bogey Jomo Kwame Sundaram

New US President Donald Trump has long insisted that its major trading partners having been taking advantage of it. Changing these trade terms and conditions will thus be top priority for his administration, and central to overall Trump economic strategy to ‘Make America Great Again'. Quit WTO solution Candidate Trump's trade policy paper was written by Peter Navarro and Wilbur Ross. Ross will now be Commerce Secretary while Navarro will head the National Trade Council. They view economic policy as integrated, including tax cuts, reduced regulations as well as policies to lower energy costs and cut the chronic US trade…

China’s Capital Flight Syndrome C.P. Chandrasekhar

China, now one of the world’s two largest nations measured by gross domestic product (GDP), is displa­ying a strange malady. A sudden and large outflow of capital from the country is resulting in a sharp fall in its reserves. Going by International Monetary Fund (IMF) statistics, between the quarter ending June 2014 and the one ending June 2016, China’s foreign exchange reserves fell by $752 billion, from $4.1 trillion to $3.3 trillion. According to recent reports, reserves had fallen further to $3.1 trillion by the end of October 2016. This collapse in reserves due to an outflow of capital is…

Can Developing Asia Hold its Ground? C.P. Chandrasekhar and Jayati Ghosh

Capital flight from Asia points to investor concerns about both political processes in the big Asian developing economies and medium-term economic prospects. developing_asia_hold_ground (Download the full text in PDF format) (This article was originally published in the Business Line on December 5, 2016)

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…