The Nationalisation of Banks in 1969

ON July 19, 1969, 14 major banks were nationalised in the country. Today, after 52 years there is some talk again of privatising the nationalised banks, which naturally raises the question: why were banks nationalised at all? The answer to this question is usually given in terms of the specific advantages of bank nationalisation; this is correct and appropriate, but what needs also to be kept in mind is the overall perspective underlying bank nationalisation.

Profiting from Debt

IN a stealthy game played over two decades, corporate India is walking away with huge wealth transfers, largely from the public banking system. After much delay, the halting process of settling the bad debt of defaulting corporates using the Insolvency and Bankruptcy Code (IBC) is being completed in a rising number of cases.

Is Socialisation of Investment Enough?

JOHN Maynard Keynes was by far the most insightful bourgeois economist of the twentieth century. He could not afford to be a mere apologist of the system, since he was writing in the midst of the Great Depression and in the wake of the Bolshevik Revolution. To pretend at such a time that everything was fine with the capitalist system would have been the biggest disservice he could have rendered to that system which he so dearly loved. So, the best hope for saving the system for him was to be honest about its flaws and to try and patch them up.

A Crumb from the G-7 Table

THE G-7 meeting that has just concluded has promised to donate one billion doses of anti-Covid vaccine to the rest of the world, consisting primarily of the so-called “developing” countries. The US has promised 500 million doses, Britain 100 million doses; the other G-7 countries, Italy, Japan, France, Germany and Canada are supposed to make up the rest.

Property Rights and Pandemic Deaths

A SPADE must be called a spade. The biggest ally of the coronavirus today as it decimates mankind is the institution of capitalist property rights. The Economist estimates that the actual death-toll across the world from the virus so far is not  three million as officially claimed but 10 million; and the virus is far from finished. The only way that its march can be checked is through universal vaccination of the entire population of the world.

Destitution, Hunger and the Lockdown

ON March 24, 2020, Narendra Modi had announced that the country would go into a lockdown after four hours! This nation-wide lockdown was to last till the end of May, after which there were local lockdowns but not a general one. It brought acute hardship to millions of the working poor, among whom the migrant workers’ woes received global attention.