What the GDP Hides

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger×THERE are well-known problems associated with the concept of gross domestic product as well as with its measurement.

The Scourge of Unemployment

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger×THE unemployment situation is worse today than it has ever been in post-independence India. There are two distinct elements that have contributed to this situation. One is the fact that the output recovery from the fall caused by the pandemic-linked lockdown has not been accompanied by a comparable employment recovery.

The Question of Pensions

WE observe a strange phenomenon everyday, so strange that its strangeness goes generally unnoticed. Government spokespersons from the prime minister downwards go on repeating ad nauseam that India is the most rapidly growing major economy in the world today, that it will soon become a 5 trillion dollar economy, and that it has overtaken China in terms of the growth rate of the gross domestic product.

What “Dollarisation” Entails

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger×ARGENTINA’S new president Javier Milei proposes to use US dollars as the currency of his country, while abolishing its central bank altogether. What is involved in this proposal is not just maintaining a fixed exchange rate between the dollar and the domestic currency, but an abolition of the domestic currency altogether.

An Education Policy for Colonising Minds

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger×IMPERIALIST hegemony over the third world is exercised not just through arms and economic might but also through the hegemony of ideas, by making the victims see the world the way imperialism wants them to see it. A pre-requisite for freedom in the third world therefore is to shake off this colonisation of the mind, and to seek truth beyond the distortions of imperialism.

The Vacuity of the Free Trade Argument

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger× IMAGINE a country that is exposed to relatively unrestricted trade. There are two obvious problems that it can face because of this trade policy: the first is a balance of payments problem because its exports are insufficient relative to its imports. And the second is the creation of unemployment, and more generally of domestic resources remaining idle, because domestic goods cannot compete with imports.

Neo-Liberal Falsehoods

NEO-LIBERALISM propagates a set of outright falsehoods to present itself in a favourable light compared to the preceding dirigiste regime in India. The basic theme is to suggest that under neo-liberalism there has been such an acceleration of the growth rate of Gross Domestic Product that the people as a whole have become much better off, and vast masses of them have been lifted out of poverty (one particular enthusiast has even claimed that poverty now afflicts only 2 per cent of the population).

Pitfalls of Export-Led Growth

THE wisdom of pursuing a strategy of export-led growth has been discussed among development economists for at least half a century, ever since the so-called East Asian “miracle” started to be contrasted with the comparatively sluggish growth experience of countries like India that were pursuing, in the World Bank’s language, an “inward looking” development strategy.

The Pervasiveness of Poverty in India

ONE of the striking findings of the Bihar Caste Survey, which bears out what the Left has been asserting for a long time, is that absolute poverty in the country is far more pervasive than what successive governments in India have been claiming. It shows that 34.1 per cent of Bihar’s population has a monthly household income of Rs 6,000 or less.

Settler Colonialism under a Shroud of Victimhood

Enable GingerCannot connect to Ginger Check your internet connectionor reload the browserDisable in this text fieldRephraseRephrase current sentenceEdit in Ginger×THE eighteenth and nineteenth centuries had witnessed the emergence of two different paradigms of colonialism: the first, of which India was the classic example, involved the conquest of countries which had had a history of established central administrations that were sustained by established systems of surplus extraction, and the replacement of those old administrations by colonial regimes.

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Peoples Democracy

ECONOMIC NOTES