Adam Smith on Bengal and North America

IN his opus The Wealth of Nations published in 1776 Adam Smith drew a distinction between the progressive state, the stationary state and the declining state. The progressive state was one where capital accumulation would be occurring at a rate faster than the growth of population, because of which wages would be high and population growing; in a declining state by contrast the opposite happened, while in a stationary state the capital stock and the population, and hence the labour force, was constant and so were the wages, but at a level lower than in the progressive state.

Halting the March of Fascism in Europe

THE coming to power of governments led by fascists is either a reality or a threat today over large parts of the world. In Europe at present there are several countries where fascists are leading governments; France was on the verge of being added to this list, in which case it would have been the second major European power, after Italy, to have a fascist government.

AI and Employment

THE fundamental issue raised by Hollywood writers when they had gone on a strike against being replaced by artificial intelligence, somehow receded to the background after the resolution of that particular conflict; but it remains a fundamental issue.

What is To Be Done about Unemployment?

A DISTINCTION is drawn in economics between demand-constrained systems and resource-constrained systems (which for simplicity and symmetry we shall call supply-constrained systems). In the former, an increase in output can occur if there is a rise in aggregate demand without causing any scarcity-induced inflation; in the latter, output is constrained either by capacity being fully used up, or by the scarcity of some critical input or of foodgrains or of the labour force, so that a rise in aggregate demand, instead of raising output, simply causes scarcity-induced inflation.

Camouflaging a Class Agenda

 AN object lesson in how fascistic outfits operate is provided by the BJP’s attitude towards an inheritance tax. The fact that there has been an immense increase in income and wealth inequality in the country during the neoliberal era is well-known. Indeed this is not a phenomenon confined to India alone; it is an international phenomenon which has been much discussed even in high-bourgeois circles for quite some time.

Chicanery versus Humanity

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable GingerRephraseRephrase with Ginger (Ctrl+Alt+E)THE current protests in US university campuses demanding “divestment” from firms linked to Israel’s military machine, are reminiscent of the protests that had swept these campuses in the late sixties and early seventies demanding an end to the Vietnam war. There is however a major difference: the US had then been directly involved in the war, while today it is not.