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.
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]
Prof. Amartya Sen in a recent lecture ‘Snakes and Ladders’ compared the performances of Europe,
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.
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.
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.
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.
The recent stock market downswing in India and the world, in the aftermath of the downgrading of US credit rating by Standard & Poor (S&P) has graphically shown the irrationality of the economic world built around finance capital led globalization.
The latest comprehensive data on employment in India, collected by the National Sample Survey Organisation (NSSO) has been published. This article is an attempt to interpret the data, published in EPW.
Barmeshwar Mukhiya, the self-proclaimed chief of Ranvir Sena, is a free man now. How does it reconcile with the rhetoric of Nitish Kumar? This post analyses the class-caste basis of Nitish-led coalition and attempts to reach an answer.