Challenging Theoretical Hegemonies Arindam Banerjee

The Handbook of Alternative Theories of Economic Development ed. by Erik Reinert, Jayati Ghosh and Rainer Kattel, Edward Elgar Publishing, UK, 2018, pages: 812 plus xxxvi is a refreshing initiative of creating an engagement with alternative ideas of development that challenges the four-decade long dominant paradigms of mainstream economic theory and development policies. The discipline of economics, and more so development economics, has witnessed a considerable flattening in terms of ideas and imagination during the period of finance-capital driven globalization. The triple crisis of finance, food and fuel that hit the global economy earlier in this century has remarkably exposed…

Challenging Theoretical Hegemonies Arindam Banerjee

Global Instability and the Development Project: Is the Twenty-First Century different? Jayati Ghosh

GLOBAL CAPITALISM TODAY: UNSTABLE, MORIBUND, OR JUST RESTING? Ever since the global financial crisis of 2008–2009, the trajectory of the world economy has been hesitant, unstable and prone to many risks. Output recovery has been limited and fragile; and, more significantly, even in the more dynamic economies, it has not increased good-quality employment or reduced inequality and material insecurity. Global capitalism as an economic regime is increasingly unable to deliver on its own promise of continuous expansion within a largely stable society. Even so, discussions of the ‘end’ of capitalism still typically seem overstated and futile, not least because those…

Development and What it actually means A seminar remembering Vineet Kohli, the economist from TISS.

How has the idea of development has changed over the years? Utsa Patnaik, T Jayaraman, Prabhat Patnaik, Abhijit Sen and C. P. Chandrasekhar participate in a discussion moderated by Jayati Ghosh, at a seminar held on 19 August 2018 in Jawaharlal Nehru University to remember the young economist Vineet Kohli who passed away recently. (This video was originally published in the News Click on August 20, 2018)

Capitalism’s Discourse on “Development” Prabhat Patnaik

Capitalism’s discourse on “development” which has become quite influential all over the third world in the neo-liberal period proceeds as follows: (i) “development” must consist in shifting the work-force from the traditional (petty production) sector which is overcrowded with low labour productivity, and hence constitutes a repository of poverty,  to the modern (capitalist) sector which has much higher labour productivity. (ii) For this shift to occur, the modern (capitalist sector) must be allowed to grow as rapidly as possible, for which all impediments to capital accumulation must be removed. (iii) Even if, in the process of the modern (capitalist) sector’s…

Doyen of ‘Dependency Theory’ Sunanda Sen

Theotonio dos Santos (1936–2018), who passed away on 27 February in Rio de Janeiro, has been one of the major proponents of dependecia or dependency theory, along with Andre Gunder Frank, Giovanni Arrighi, Samir Amin and, to some extent, Immanuel M Wallerstein. Continuing to provide inspiration to large sections of people, including social scientists and activists in different parts of the world, dependency theory has been important for those interpreting the growing disparities between the advanced and the developing world. Santos had a particularly marked presence in Latin America, both through his writings and in his active involvement in political struggles against…

Call for Papers – The Future of Work: Democracy, Development and the Role of Labour, Campinas, Brazil, 7 – 9 August, 2018. The deadline for submissions is April 2, 2018.

The Global Labour University (GLU) is pleased to announce a call for the 2018 Conference on “Future of Work: Democracy, Development, and the Role of Labour”. The current global conditions of rising conservative forces, the spectre of unemployment and precarization of work, due to technological change and global restructuring processes, pose enormous challenges to academics, unionists and social organizations concerned with the future of work, democracy and less asymmetrical development. The Conference will take place from August 7 to 9 August 2018 in Brazil. The first day of the Conference will take place in São Paulo city where the Central…

UN Role in Reforming International Finance for Development Jomo Kwame Sundaram

Growing global interdependence poses greater challenges to policy makers on a wide range of issues and for countries at all levels of development. Yet, the new mechanisms and arrangements put in place over the past four decades have not been adequate to the growing challenges of coherence and coordination of global economic policy making. Recent financial crises have exposed some such gaps and weaknesses. Multilateral UN inclusive Although sometimes seemingly slow, the United Nations (UN) has long had a clear advantage in driving legitimate discussion on reform because of its more inclusive and open governance. Lop-sided influence in the current…

Narendra Modi on Poverty Prabhat Patnaik

In his speech to BJP workers in Delhi after the Assembly election results had been declared, Narendra Modi announced that his policy henceforth would be to empower the poor by providing them with opportunities, instead of handing out doles to them, which, he believes, is what the various “pro-poor” welfare programmes amount to. Newspapers were quick to underscore, and in general laud, this shift in approach from “welfarism” to “development”. Since government policy is set to reflect this shift from now on, its implications are worth examining. Nobody obviously prefers “doles” to development, neither the recipients of these “doles” nor…

Call for papers for the workshop on “Macroeconomics, Development and Structural Change”, Buenos Aires, Argentina, December 19 – 20, 2016.

The Research Institute for Development, Growth and Economics (RIDGE) and IIEP-BAIRES UBA-CONICET announce the call for papers for the workshop on “Macroeconomics, Development and Structural Change”, to be held in Buenos Aires, Argentina, on December 19 and 20, 2016. The deadline for submission of the abstracts is October 15, 2016. The notification of the organizers’ decision will be made on November 1, 2016. Accepted papers must be submitted by December 1, 2016. Click here for details.

Poverty Cut by Growth Despite Policy Failure Jomo Kwame Sundaram

At the UN Millennium Summit in September 2000, world leaders committed to halve the share of people living on less than a dollar a day by 2015. The World Bank’s poverty line, set at $1/day in 1985, was adjusted to $1.25/day in 2005, an increase of 25% after two decades. This was then re-adjusted to $1.90/day in 2011/2012, an increase by half over 7 years! As these upward adjustments are supposed to reflect changes in the cost of living, but do not seem to parallel inflation or other related measures, they have raised more doubts about poverty line adjustments. The…