There are well-known problems associated with the concept of gross domestic product as well as with its measurement. The inclusion of the service sector within GDP is something that Adam Smith would have objected to on the conceptual grounds that…
The unemployment situation is worse today than it has ever been in post-independence India. There are two distinct elements that have contributed to this situation. One is the fact that the output recovery from the fall caused by the pandemic-linked…
The significance of Lenin’s Imperialism lay in the fact that it totally revolutionised the perception of the revolution. Marx and Engels had already visualised the possibility of colonial and dependent countries having revolutions of their own even before the proletarian…
The recent collapse of the protracted negotiations to restructure Zambia’s external debt, following a default in November 2020, underlines the failure of the prevailing international financial architecture to address global challenges. Not only has the structure not been adapted to…
We observe a strange phenomenon everyday, so strange that its strangeness goes generally unnoticed. Government spokespersons from the prime minister downwards go on repeating ad nauseam that India is the most rapidly growing major economy in the world today, that…
Argentina’s new president Javier Milei proposes to use US dollars as the currency of his country, while abolishing its central bank altogether. What is involved in this proposal is not just maintaining a fixed exchange rate between the dollar and…
Imperialist hegemony over the third world is exercised not just through arms and economic might but also through the hegemony of ideas, by making the victims see the world the way imperialism wants them to see it. A pre-requisite for…
Imagine a country that is exposed to relatively unrestricted trade. There are two obvious problems that it can face because of this trade policy: the first is a balance of payments problem because its exports are insufficient relative to its…
Neo-Liberalism propagates a set of outright falsehoods to present itself in a favourable light compared to the preceding dirigiste regime in India. The basic theme is to suggest that under neo-liberalism there has been such an acceleration of the growth…
The wisdom of pursuing a strategy of export-led growth has been discussed among development economists for at least half a century, ever since the so-called East Asian “miracle” started to be contrasted with the comparatively sluggish growth experience of countries…
