The Dangers of Regressive Income Redistribution

THE budget season is upon us, and soon there will be pundits appearing on television channels to tell the government what it should do. And the typical advice will be: restrict or wind up the “populist” schemes of the UPA; use the funds generated by such restrictions to provide “incentives” to capitalists to stimulate growth, so that the Indian economy, which has been woefully stagnant of late, experiences a revival. The moral of their story in short would be: an income redistribution from the poor to the rich is good for growth. Is it in fact the case?

On The Global Economic Crisis

THE global economic crisis is usually seen as the sequel to the collapse of the housing bubble in the United States. This understanding however is inadequate. The formation of that bubble and its collapse are episodes which are themselves embedded within a deeper structural crisis that afflicts contemporary capitalism, one related to the phenomenon of “globalisation”.

On the BJP’s Election Manifesto

THERE is nothing surprising about a party that believes itself to be riding the crest of an electoral wave by appearing to be all things to all persons, delaying the release of its election manifesto almost until the elections have actually started. Since a manifesto is supposed to state what a party specifically stands for, the fear is that any such explicit statement would break the spell.