Finance capital is always opposed to the use of fiscal measures for stimulating an economy. This is because any such fiscal stimulation undermines the social legitimacy of capitalism, and especially of that segment of it which constitutes the world of…
Providing a UBI in place of existing schemes will not change the fundamentally unequal income distribution in the country. The way to resolve the crisis is a redistribution from the rich to the poor. Click to read the full article…
After a recent meeting of the Empowered Committee of Finance Ministers, Arun Jaitley announced that barring Tamilnadu all other state governments had favoured the introduction of the Goods and Services Tax (GST). What he meant by that remark was not…
The author in this article takes a second look at the biggest tax reform in a long time and points out where the rationale for the goods and services tax is flawed. Click here to read the full article.
The debate so far on the Goods and Services Tax (GST) has been largely concerned with the question of compensation to the states for the losses they may suffer owing to the transition to a GST regime. The losses to…
The Constitution (122nd Amendment) Bill, 2014, that, if passed, would introduce a Goods and Services Tax (GST) system in India, faces a still uncertain future because of opposition in the Rajya Sabha, the upper house of the Indian Parliament. The…
The Reserve Bank of India, as is to be expected, has been denying that its Governor Raghuram Rajan had ever suggested that the world was facing the possibility of a 1930s-type Great Depression. Members of the “global financial community” are…
On May 17, the Controller General of Accounts released the audited provisional accounts of the central government for 2014. Unlike the revised estimates in budgetary documents, these figures include actual figures for the month of March. A terse Statement from…
There is a reason why budgets have to be passed in parliament (in India certainly, but also in most other countries). There is a reason why, as per the Indian Constitution, the Finance Bill that details the revenues and expenditure…
The world capitalist economy has been mired in stagnation and high unemployment ever since the 2008 financial crisis. Many were predicting that a turnaround was about to occur, partly because of the fact that the U.S. economy last month showed…
