Prof. Amartya Sen in a recent lecture ‘Snakes and Ladders’ compared the performances of Europe,
A Report on the Occupy Wall Street movement.
Finally the American public has woken up to the global call for revolution. Right now, there are more than 9000 Americans gathered at the Wall Street with one common agenda “Occupy Wall Street”. Inspired by the massive public protests in Cairo's Tahrir Square and Madrid's Puerta del Sol Square, thousands have slept outside Wall Street for the past two nights starting from 17th September. One of the protestors says “This system of permanent growth is neither sustainable nor reasonable. This system is about to collapse on its own way. We are here to make it happen a little bit faster.”
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.
A blog post on President Obama's recent defeat in US midterm elections and his visit to India
“In more than 30 years of teaching introductory macroeconomics, says Alan Blinder of Princeton University, he has never seen interest as high as it was last year... the crisis has also highlighted flaws in the existing macroeconomics curriculum... Courses in many leading universities are already being amended... Discussion of the “liquidity trap,” in which standard easing of monetary policy may cease to have any effect, had fallen out of vogue in undergraduate courses but seems to be back with a vengeance. Asset-price bubbles are also gaining more prominence.”
excerpts from the article titled “Revise and Resubmit”
An animated explanation of the global crisis of capitalism and its various explanatory formats. By David Harvey, eminent social theorist and Marxist.
"History no doubt does not repeat itself with any predictable monotony, but it would be a mistake not to see certain chilling similarities between the 1930s and now".Eminent economist Prabhat Patnaik writes. Article courtesy: www.networkideas.org
Well before the global financial crisis finally broke in September 2008, most people in developing countries were already reeling under the effects of dramatic volatility in global food and fuel markets. From late 2006, prices of most primary commodities first increased very rapidly, then collapsed even more sharply from their peaks in May-June 2008. This was not due to real economic forces, but rather financial activity, specifically the involvement of investors in index funds,writes Jayati Ghosh.
The spirit is good, the content is weak.
There is a fierce debate within economists regarding the nature of recovery of the Chinese economy from the financial crisis. Vineet Kohli contributes to this debate in the attached article.