India’s Creeping Industrial Stagnation

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger×THERE has been much discussion in public about the index of industrial production for October 2022 being 4 per cent lower than the index for October 2021; and quite rightly so, since no obvious explanations like a Covid-induced lockdown or even its residual lingering effects can be adduced to explain this fall.

On Income and Wealth Inequality

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger×THE fact that income and wealth inequalities have increased quite dramatically under the neo-liberal regime is beyond dispute. The empirical work by Piketty’s team bears out the increase in income inequality. They use income tax data to infer about the share of the top 1 per cent of the population of a country in its national income.

The Working Class under Neo-Liberalism

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger×A NEO-LIBERAL regime entails a spontaneous change in the balance of class power against the working class everywhere. This happens for a number of reasons. First, since capital becomes globally mobile while labour is not, such globally mobile capital gets an opportunity to pit the working class of one country against that of another.

The Fiscal Requirement of A Welfare State

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger×THE post-second world war period had seen a spate of welfare state measures in the advanced capitalist countries, especially in Europe, in emulation of what the Soviet Union was effecting.

The Collapse of FTX

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger×THE large cryptocurrency exchange FTX went out of business on November 11. Many have likened this phenomenon to the collapse of the investment banking firm Lehman Brothers during the financial crisis of 2008, believing the FTX collapse to be as important an event in the cryptocurrency world as the collapse of Lehman Brothers in the official financial system.

The Outflow of Finance from the Periphery

THERE are two defining and portentous features of the current world economic situation. One, which is well discussed, is the world-wide increase in interest rates in response to the pervasive inflationary upsurge; it would indubitably generate recession and unemployment, which, notwithstanding all protestations to the contrary, is the real objective behind it.

Economics and Dishonesty

ECONOMICS is a subject where the ruling classes are forever trying to promote ideologically-motivated explanations in lieu of scientific ones. These explanations of course can be, and have been, fitted into an integrated totality of an alternative non-scientific theoretical structure that Marx had called “vulgar economy” as distinct from classical political economy.

The Triumph of the City

THE triumph of the City of London, the one square kilometre next to Liverpool Street station that houses the citadel of British finance, is complete. Not only did it get rid of one British prime minister, whom it distrusted, in the space of just 44 days, but even got a new one of its choice installed forthwith. Rishi Sunak is being called many things: the first British Asian prime minister, the first Hindu prime minister, and so on. These facts about him however are inconsequential; notwithstanding the hullabaloo in India over his appointment, these facts are mere trivia.

Whatever Happened to Liz Truss?

THE most intriguing question with regard to Liz Truss’ resignation as the prime minister of Britain after a mere 44 days in office is this: what is it about her economic programme that the “market” (read “finance capital”) found unpalatable? At its core after all was tax-cuts for the rich, which the “market” should have lapped up.

Hunger and Poverty

THE Global Hunger Index (GHI) for 2022 has just come out, which shows India occupying the 107th position among the 121 countries for which the index is prepared (countries where hunger is not a noteworthy problem are left out of the index). India’s score on the hunger index is 29.1 which is worse than the score of 28.2 it had in 2014. (The lower the figure the less is hunger).

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Peoples Democracy

ECONOMIC NOTES