Political Economy

Debate Forum

Political Economy

The Tenuous Story of Bihar's Development under Sushasan

Wed, 2012-07-11 10:46 — chirashree

Just when the failed policy ensemble called ‘good governance’ had run through its course nationally both under the NDA and the UPA, Mr Nitish Kumar’s NDA government in Bihar breathed new life into it. Seven years into sushasan, there are gaping holes in this faith based lore.

The Nature of the Current Capitalist Crisis

Sat, 2012-02-04 04:29 | Prabhat Patnaik

Everybody agrees that capitalism is undergoing a serious crisis, but different people read this crisis differently. The commonest view, held even by progressive economists like Paul Krugman and Joseph Stiglitz, is that the crisis is entirely a consequence of the collapse of the housing ''bubble''; since in this situation of crisis, private expenditure, whether on consumption or on investment, is unlikely to increase in the foreseeable future, a revival is possible only through an increase in State expenditure, which means that both in the United States and in Europe, far from adopting austerity measures, the State should instead be increasing its expenditure. [This article was first published here]

Neo-liberalism looks Misty through Amartya Sen’s ‘Snakes and Ladders’

Wed, 2012-02-01 09:54 | Sudipta Bhattacharyya

Prof. Amartya Sen in a recent lecture ‘Snakes and Ladders’ compared the performances of Europe, China and India. He pointed out that the economic policy of ‘austerity’ pushed the developed world ‘into the mouth of a fairly hefty snake’. On the other hand though India’s experiment about democracy is relatively successful, abysmal inequality prevails here; so much so that it’s social development indicators are not only below China, but also below Bangladesh. To save developed and developing world including India from ‘hefty snakes’, state should ensure education and health security and it should act as the ‘social mediator’. Having broad consensus with Sen, Sudipta Bhattacharyya puts forward some important disagreements.

The World at a turning point: The Crisis of Globalization

Fri, 2012-01-13 00:58 | Venkatesh Athreya

Pragoti presents for its readers the text of sixth Tarakeswar Chakraborti Memorial Lecture delivered by Professor Venkatesh Athreya. The lecture is organised by All India Bank Employee's Association (AIBEA) in tie up with University of Madras.

Nobel in Economics: The Politics of ‘Imperialization’

Fri, 2011-11-18 12:25 | Sudipta Bhattacharyya

In 2011 the Nobel Prize in Economics has been given to two macroeconomists Thomas Sargent and Christopher Sims. At the juncture of deep economic crisis worldwide; particularly in North America and Europe what is the contemporary relevance of Sargent and Sims’ ‘seminal work’ in 1970s? Does the Nobel Committee try to prove any point regarding the burning issues centering global economic crisis? To get an answer we have to analyze the Nobel in Economics from its historical perspective.

Three Stories in Marx’s Capital

Tue, 2011-11-08 15:56 | Prasenjit Bose

In the backdrop of the economic crisis which continues unabated in the US and Europe, interest in the work of Karl Marx is witnessing a revival. The three volumes of Capital is Marx’s masterpiece, which contains his political economy critique of capitalism. In order to make sense of what is happening to capitalism today, it is worthwhile to revisit and engage with the issues raised by Capital.

Once Bitten, Still Not Twice Shy!

Sun, 2011-08-14 00:11 — rohit

The United States is going through tumultuous times, which many describe as a signal of double-dip depression, reminiscent of what the US witnessed during the second recession of 1931-1933 which resulted in the Great Depression. Is the US going to repeat similar policy mistakes that it had committed then? We believe that if the conservative ideology prevails, it is quite possible to witness a similar situation. Since the US economy is one of the leading economies of the world, this could have severe fallout on the rest of the world, including India.

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