Brexit and the Economics of Political Change in Developed Countries Jayati Ghosh

The economic forces underlying Brexit, and the election of Donald Trump in the US, are similar, but they are also well advanced in many European countries, where much of the population faces similar material insecurity and stagnation. These frustrations can easily be channelled by right-wing xenophobic forces. To combat this, the EU needs to undo some of its design flaws and particularly its adherence to fiscal austerity rules. Only a more progressive and more flexible union based on solidarity of peoples is likely to survive. Brexit_Economics (Download the full text in PDF format)

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.

Growing class Resistance Against “Globalization” Prabhat Patnaik

The term “globalization”, though much used, is extremely misleading, as is its presumed “other”, “nationalism”. This is because both terms are used as blanket terms without any reference to their class content, as if there can be only one kind of “globalization” and only one kind of “nationalism”. Using concepts detached from their class content is a favourite ploy of bourgeois ideology: what it amounts to is to confer universality on concepts that essentially belong only to the bourgeois discourse, as if this is the only universe of discourse possible and all choices are confined only to alternative trajectories within…

Brexit and the Economics of Political Change in Developed Countries Jayati Ghosh

The economic forces underlying Brexit—and the election of Donald Trump in the US—are similar, but also well advanced in many European countries, where much of the population faces similar material insecurity and stagnation. These frustrations can easily be channelled by right-wing xenophobic forces. To combat this, the EU needs to undo some of its design flaws and move from austerity to a more flexible union based on the solidarity of its people. Brexit (Download the full text in PDF format) (This article was originally posted in the Taylor and Francis online on June 2, 2017)

The Widening Gap between Rich and Poor Jayati Ghosh

We all know that the world is an unequal place, both across and within countries. We also know that across the world, people are expressing their anger and disgust at this inequality. This is increasingly revealed in extreme and often paradoxical political results. In the USA, a vote against the establishment has just delivered to power the ultimate crony capitalist, Donald Trump. In the United Kingdom people voted to leave the European Union in the false expectation that curbing migration will improve their own life chances. In India the poor, disgusted by a corrupt self-enriching elite, support a bizarre and…

The End of US-led Economic Globalisation? Jayati Ghosh

There is much angst in the Northern financial media about how the era of globalisation led actively by the United States may well be coming to an end. This is said to be exemplified in the changed political attitudes to mega regional trade deals like the Trans Pacific Partnership Agreement (TPP) that was signed (but has not yet been ratified) by the US and 11 other countries in Latin America, Asia and Oceania; and the Trans-Atlantic Trade and Investment Partnership Agreement (TTIP) still being negotiated by the US and the European Union. President Obama has been a fervent supporter of…

The Neoliberal Counter-revolution in Retreat? Jomo Kwame Sundaram

The US Wall Street crash of 1929 was followed by the Great Depression, which in turn engendered two important policy responses in 1933 with lasting consequences for generations to come: President Franklin Roosevelt's New Deal and the Glass-Steagall Act. While massive spending following American entry into the Second World War was clearly decisive in ending the Depression and for the wartime boom, the New Deal clearly showed the way forward and would have succeeded if more public money had been deployed consistently to revive economic growth. Although Michal Kalecki and others had anticipated some of his work, it took a…

Poverty, Vulnerability and Social Protection Jomo Kwame Sundaram

According to the World Bank, the MDG target of halving the share of the poor was achieved by 2008, well in advance of 2015, the target year. However, increased unemployment and lower incomes in recent times remind us that poverty is not an unchanging attribute of a shrinking group, but rather, a condition that billions of vulnerable persons risk experiencing. Despite the various shortcomings of money measures of poverty, they nevertheless reflect the extent of vulnerability. For example, the estimated number of poor globally in 2012 more than doubles from 902 million to 2.1 billion when one raises the poverty…

The Economics of Political Change in Developed Countries Jayati Ghosh

Across the world, people have been watching recent political changes in developed countries with a mixture of bemusement and shock. From the recent anointment of Donald Trump as the Republican candidate for US President, to the rise and spread of blatantly racist anti-immigration political parties and movements in Europe, it is clear that there are tectonic shifts under way in the political discourse and practice in these countries. As these changes have gone from the unthinkable to the depressingly predictable, there are increasingly desperate attempts to understand what is driving them. This is especially the case because – despite all…

Economic Recovery Needed To Enhance Food Security Jomo Kwame Sundaram

After a half century of decline, agricultural commodity prices rose with oil prices in the 1970s, and again for a decade until 2014. Food prices rose sharply from the middle of the last decade, but have been declining since 2012, and especially since last year, triggering concerns of declining investments by farmers. Earlier predictions of permanently high food prices have thus become less credible. Higher prices were said to reflect slowing supply growth as demand continues to grow with rising food needs for humans and livestock, and bio-fuel mandates introduced a decade ago on both sides of the North Atlantic.…