ISSN (Online) - 2349-8846

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The Banking Conundrum

Neo-liberal banking reform was launched in the early 1990s to address the low profitability of the public banking system and the large presence of non-performing assets. It set itself the objectives of cleaning out NPAs, recapitalising the banks and modifying banking practices to restore profitability and drastically reduce NPA volumes. This did initially have some effect. However, while the NPA ratio fell between the early 1990s and the mid-2000s, it has risen sharply since then. Moreover, while earlier priority and non-priority loans contributed equally to total NPAs, more recently, large non-priority loans to the corporate sector account for the bulk of NPAs. An analysis of these features reveals that these trends are indicative of the failure of neo-liberal banking reform in India.

Economists on Bank Scams

Statement on the Illegitimate and Inappropriate Use Money Bills and Finance Bills

More than 200 concerned citizens have expressed concern on the classification of the Finance Bill, 2017 as a "Money Bill" and appealed to Vice President Hamid Ansari. The statement is reproduced below:

Intellectual Property

[An open letter to Prime Minister Narendra Modi.] We, the undersigned, wish to share with you some of our concerns on India’s position on intellectual property (IP), particularly in the context of bilateral relations between the United States (US) and India. We gather from the US-India joint...

Do Not Dilute NREGA

[An Open Letter to the Prime Minister on NREGA by economists based in India and elsewhere in the world.] We are writing to express our deep concern about the future of India’s National Rural Employment Guarantee Act (NREGA). The NREGA was enacted in 2005 with unanimous support from all political...

Keynes vs White at Bretton Woods

The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White and the Making of a New World Order by Benn Steil (New Jersey: Princeton University Press and Council on Foreign Relations), 2013; pp 449, $29.95 (hardcover).

Education Crisis in Sri Lanka

We, as economists, academics and social activists are deeply concerned about the continuing crisis in the education sector in Sri Lanka. Austerity measures and attacks on social welfare in many countries have been disenfranchising children and youth from education as a central avenue for social...

The Emerging Left in the 'Emerging' World

There is much more dynamism within the global left, especially in the South, than is often perceived. The rejection of capitalism in many of left movements in the South tends to be accompanied not only by imagining alternatives, but also by shifting views about what constitutes the desirable alternative. This, in turn, has meant an interrogation of some previously standard tenets of socialist understanding. This essay reviews several features of emerging left movements in Latin America, Africa and developing Asia that suggest a move away from some traditional ideas associated with socialist theory and practice even as there are two important areas of continuity with the leftist thinking of the past.

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