Fifty years ago on July 19, 1969, fourteen large private banks had been nationalized. Ironically the Golden Jubilee of that event, which had been a significant step in the process of building up a new financial architecture for the country,…
The debate over inequality has become hotter world-wide. While Trump had introduced substantial tax cuts for the rich in 2017, and Britain’s Boris Johnson, the front-runner to succeed Teresa May, has promised to do the same if he becomes Prime…
The “Gross Domestic Product” is a concept rooted in an epistemic position which is intrinsically incapable of recognizing the existence of a “surplus” in society. A simple example will make this clear. Suppose we have an agrarian economy in which…
The report of the Periodic Labour Force Survey (PLFS) conducted in 2017-18 is finally out, and it confirms what had been leaked earlier, namely a dramatic increase in the unemployment rate in the Indian economy. The unemployment rate is given…
The result of the recent Indian elections, which gave Narendra Modi’s Hindu Supremacist Party a second five-year term, confirms the basic argument regarding the nature of fascism. There is a fundamental difference between the 2014 elections that brought Modi to…
We often miss this aspect in our discussions, but Modi’s re-election is part of a global Right-ward shift that is taking place. Netanyahu got re-elected in Israel. Erdogan got massively re-elected in Turkey. The Conservative government came back to power…
Mainstream bourgeois economics which is what occupies a hegemonic position in the academic world today is often criticized for being “unreal”, for proceeding on the basis of assumptions that obviously do not correspond to reality. This criticism however, though valid,…
I propose to go back in this piece to the Indian Air Force’s strikes against the terrorist camps at Balakot in Pakistan some weeks ago. My concern here is not with the event itself but with an intellectual position that…
The Index of Industrial Production has for the first time since June 2013 contracted in absolute terms by 0.1 percent in March 2019 compared to a year ago. This comes on top of a mere 0.07 percent increase in February,…
The post-second world war years had seen systematic intervention by the State to stabilize capitalist economies. In fact State intervention had played the same role in that period that incursions into colonial and semi-colonial markets had played earlier, over much…
