The Emporio mall, adorned with palms and scented with lavender, is the exclusive playground of India's rich, which despite the effects of the credit crisis still have plenty of cash to buy designer accessories with thousand dollar price tags.
With a phalanx of security guards keeping out the destitute and a pricey admission fee, some social observers see India's first luxury mall as a symbol of an economic apartheid that they say increasingly divides the 'haves' and 'have nots' in India.
Is a megalopolis such as Bombay defined by its neighbourhoods, or is it the other way around?
Courtesy: Himal Southasian
"The Indian financial system needs to be insulated from the turbulence being witnessed in the financial markets of the US and elsewhere. Not only should the ongoing moves towards greater financial liberalization and deregulation be stalled, regulations need to be tightened in several areas where recklessness is already visible."
Prasenjit Bose, Convenor, CPI(M) Research Cell, outlines the lessons from the financial crisis in the US for policymakers in India.
Spectrum is too important to be left to India's current spectrum managers whose skills and expertise are clearly out of sync with market realities. If we can instead move to regulating spectrum transparently like an economic resource that it manifestly is, we will be surprised to see how fast the controversies disappear, says Nilotpal Basu, Central Committee Member of the CPI(M) in the Economic Times.
"This is now a very dangerous moment in the life of our country, because if the financial system did collapse, it would have all kinds of repercussions all over the country, and we don't want that. On the other hand, we cannot allow Wall Street and the Bush administration to push through a bailout package which meets only their needs and takes them off the hook, and puts all that money back into their bank accounts".
Sam Webb, National Chair, Communist Party USA, speaks to Political Affairs on the US financial crisis.
As those responsible for a financial crisis do not have to pay for it, they have no compunction about creating once again the conditions that caused it.
An overlooked order by the Labor Board’s lead lawyer this summer dealt a serious blow to the rights of U.S. workers to protest government policies.
Eminent economist Prabhat Patnaik writes in the People's Democracy, providing in his usual lucid fashion, the whys, hows and wherefores of the financial crisis that has engulfed the United States' financial system. Article courtesy, "People's Democracy".
The global financial crisis must open the eyes of all those who have uncritically supported financial sector liberalisation. They should think about what would happen to the savings of ordinary people, the pensions of working people, and public investment — if India were subjected to the rapacious deregulated financial system prevalent in the United States. Prakash Karat elaborates.
THE super profits being reaped by international finance capital was often portrayed as a balloon that could inflate to infinity. The periodic crises like the collapse of the South Asian "Tigers" in the 1990s or the collapse of US hedge fund Long Term Capital Management a decade ago and the insolvencies of major financial giants in these years of the 21st century were all treated as minor ruptures that could be repaired like punctures in a tyre. Given the unsustainable character of globalisation, the balloon had to burst and that it did.