ECONOMIC NOTES

The Meaning of Neo-Liberal “Development”

NARENDRA Modi is “marketed” these days as the “development” man. The BJP’s electoral successes, such as they are, are attributed to the fact that everyone wants “development”, which the other political formations, caught up in appeasing this or that “sectional group”, are alleged to have been ignoring until now. And taking a leaf out of Modi’s book, others too have started talking about prioritising “development”.

Cutting Social Sector Expenditure

THE NDA government is reportedly planning drastic cuts in social sector spending in 2014-15 to reduce the fiscal deficit. According to a report in The Hindu of November 27, the cuts relative to the budgetary provisions for this year could be as large as 25 percent in many sectors. While the government has not confirmed these reports, the coyness of its protestations, together with the pervasiveness of such reports, and the clear evidence at least with regard to one area where cuts are being effected, viz.

The Gathering Clouds Of Recession

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 US economy last month showed larger job creation than of late, and also because it had grown at 3.5 percent last quarter which is higher than for some time now. But, far from recovering, the world capitalist economy now appears to be sliding into a new downturn.

The Anatomy of the State Under Neo-liberalism

THE change in the nature of the State under neo-liberalism has been much discussed. From standing apparently above society and mediating between different classes, as under dirigisme (even though it too was a big-bourgeois-led State), the State under neo-liberalism promotes primarily the interests of the corporate-financial oligarchy (which is integrated to international finance capital), on the plea that what is good for this oligarchy is ipso facto good for the nation.

Dilma Rousseff’s Victory

THE American “mainstream” media have tried to play down Dilma Rousseff’s victory in the presidential election in Brazil by emphasising the “narrowness” of her victory-margin, even though they would never be grudging in their acknowledgement of Bush Jr’s victory which was by a far narrower margin. “Narrowness” becomes a consideration for them only when the victor belongs to the Left.

 

The Nehruvian Economic Strategy

THIS being Jawaharlal Nehru’s 125th birth anniversary, much is being written about him and the economic strategy he pursued. The corporate-controlled media are full of articles criticising the “inward looking” dirigiste economic strategy that Nehru, along with PC Mahalanobis who was in charge of the planning process for much of the Nehru era, was supposed to have introduced.

Decontrolling Drug Prices

ON September 22, 2014, the National Pharmaceutical Pricing Authority (NPPA) withdrew at the behest of the central government, which was bowing to the pressure from drug companies, its July 10 order capping the prices of 108 life-saving drugs. These drugs are essential for treating a whole range of diseases from diabetes to cancer, to tuberculosis, to HIV/AIDS to cardiac diseases.

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