Hard-headed economists across the ideological spectrum are agreed now that the present economic crisis is not a short term one and will not go away anytime soon contrary to the initial assertions of the pundits. Comparisons with the Great Depression have also been common across the spectrum. It is in the identification of the cause that there are several Great Divides.
Sitaram Yechury, in an article for the Economic Times, examines the interim budget to argue that the neo-liberal mindset of fiscal fundamentalism needs to be jettisoned and a courageous `new deal' of massive public investments must be undertaken.
We won't pay for the crisis. The rich have to pay for it !
The self-styled 'foremost media conglomerate of India', the Hindustan Times group are doing what the Birlas have been notorious for since their earliest avatar as Birla Brothers in the 1910s. They have launched a large-scale retrenchment of media workers in Hindustan and Hindustan times. In this, they have displyed remarkable 'quality' and innovation', their professed hallmark, in creating an atmosphere of terror and uncertainty. Physical threats, humilation and molestation are all part of the time-tested innovative practices that are supposed to counter the economic crisis.
Staid expert opinion coming from outside the ranks of neoliberal zealots on the economic crisis has concentrated on the feasibility of a 'New Deal' to rescue capitalism from the crisis. While opposition to war and militarism has only mounted around the world, the connect of these with the 'real economy' has not always been very central to the concern of even Left liberals.
Jayati Ghosh analyses the negative fall out of Gujarat's high economic growth on its people and the self-interest of the Tatas, Ambanis and Mittals in their lavish praise of Narendra Modi.
The flutter created by the revelations of a gigantic fraud at Satyam Computer Services seems to be developing into a storm. As the repercussions of the Satyam scam unfold, corporate India and their backers in the Government are trying to project this more as an aberration, albeit a serious one. There is a visible reluctance to acknowledge, let alone address, the systemic issues involved. While unearthing the real magnitude and modus operandi of the scam and bringing the perpetrators to justice remain central concerns, ignoring the systemic issues will only serve to perpetuate the status quo and spawn many more such scams in future,writes Prasenjit Bose, Convenor of the CPI(M) Research Unit.
Why did the fourth largest IT company choose to take the criminal route of falsifying accounts and indulging in fraud? Either Ramalinga Raju is exaggerating the hole in his balance sheet or there is some other, more complex, and more disturbing explanation. Economist CP Chandrasekhar writes in The Hindu. Cartoon courtesy, The Hindu newspaper
"Colonial style empire-building is making a huge comeback, and most of the colonialists are late-comers, elbowing their way past the established European and US predators". James Petras on the land grab by emerging economic powers.