GE’s Switch Stephen Maher

The resignation of General Electric CEO Jeff Immelt last month is the latest sign of the broad restructuring of political and economic power currently underway in the United States. His departure, and John Flannery’s arrival, reveals a lot about the new phase of financialization that has emerged from the Great Financial Crisis. As financial markets and institutions became a more important part of the economy in recent decades, so too did they take on a larger role within corporations themselves, even ostensibly nonfinancial enterprises. This fundamental reorganization of corporate power eroded the institutional foundations of the New Deal’s so-called corporate…

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.…

Scaling up Development Finance Jomo Kwame Sundaram and Anis Chowdhury

The Business and Sustainable Development Commission has estimated that achievement of Agenda 2030 for the Sustainable Development Goals will require US$2-3 trillion of additional investments annually compared to current world income of around US$115 trillion. This is a conservative estimate; annual investments of up to US$2 trillion yearly will be needed to have a chance of keeping temperature rise below 1.5°C. The greatest challenge, especially for developing countries, is to mobilize needed investments which may not be profitable. The United Nations and others have revived the idea of the International Monetary Fund (IMF) issuing Special Drawing Rights (SDRs) to finance…

World Capitalist Crisis getting Accentuated Prabhat Patnaik

At the last Spring meeting of the IMF and the World Bank, Christine Lagarde, the Managing Director of the IMF, had confidently stated that the world economy was on the path of recovery, a view echoed by most official soothsayers of the system. And yet within days of Lagardes’ remark, fresh data showed that the U.S. economy whose tentative recovery had been the cause of this optimism, was once more slowing down. Since Europe had never really shown much recovery anyway, and since China and India, whose earlier resilience owed much to an unsustainable expansion of credit (C.P.Chandrasekhar, Frontline, May…

Workshop on “Diverse Regional Responses to the Global Crisis: Implications for finance and the real economy”, 24-26 January, 2015, Muttukadu, Chennai, India.

The Programme: DAY 1: January 24, 2015 (Saturday) 3:00 – 6:00 Regional Dimensions of the Global Recovery Jan Kregel (Download Presentation) Prabhat Patnaik (Download Presentation) Mario Tonveronachi (Download Note) Chair/ Discussant: Alicia Puyana DAY 2: January 25, 2015 (Sunday) 9:00 – 10:30 Transformation of Asian Finance C.P. Chandrasekhar (Download Presentation) Jayati Ghosh (Download Presentation) Chair/ Discussant: Jan Kregel 10:45 – 12:45 Finance and Democracy Chris Baker & Pasuk Phongpaichit (Download Presentation) Rizal Ramli T.M. Thomas Isaac Chair/ Discussant: Sashi Kumar 2:00 – 4:00 Deregulation and Fragility: Some examples Alicia Puyana (Download Presentation) Parthapratim Pal (Download Presentation) Andong Zhu (Download Presentation)…

Economics: The user’s guide Author: Ha-Joon Chang

  • September 8, 2014
  • Books

Published by Bloomsbury Press ISBN 1620408120 Review by Juan Carlos Moreno-Brid With a unique mixture of recognition of the merits of alternative economic theories, reverence for historical facts, systematic reference to real-life numbers and an enviable sense of humor, Ha-Joon Chang manages to present economics as a user friendly, relevant and passionately exciting craft! For details click here Table of Content What is economics? What can - and can't - it explain about the world? Why does it matter? About the Author Ha-Joon Chang teaches economics at Cambridge University, and writes a column for the Guardian. The Observer called his book…

Economics: The User’s Guide Author: Ha-Joon Chang

Catching Up and Knowledge Governance Rainer Kattel

The author provides a theoretical framework that makes it possible to create a taxonomy of knowledge governance regimes and elucidate what is needed for catching-up strategies. Knowledge_Governance (Download the full text in PDF format) (This chapter has been published in the volume “Knowledge Governance: Reasserting the Public Interest,” edited by Leonardo Burlamaqui, Ana Célia Castro and Rainer Kattel. London: Anthem Press, 2012. ISBN: 9780857285355.)

Democracy and the Financial Markets Jayati Ghosh

A famous quotation that is commonly attributed to Paul Volcker, former Chairman of the US Federal Reserve, is “In my next life, I want to be all-powerful. So I want to be reborn as the bond market.” Over the past half century, various developing and “emerging” markets were forced to learn about this power of financial markets the hard way, as volatile inflows and outflows of capital (in the debt markets and in stock markets) created boom and bust cycles that often left a trail of devastation in real economies. People in these countries also grew familiar with their own…

The end of Europe? C.P. Chandrasekhar

To many today the question is not whether the Eurozone would survive, but how long it would. A crisis that started in the European periphery, transiting through Ireland and Portugal, had gathered momentum when it reached Spain and Greece. What Ireland and Portugal had signalled was that sovereign debt, or the debt owed by governments, was no longer seen as being safe by definition. There were, of course, two features characteristic of the debt owed by these countries. The first was that it was not in a currency that was only their own, but rather was that of a larger…