ISSN (Online) - 2349-8846

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Miscommunicated Monetary Theory

The Modern Monetary Theory is described as an integration of endogenous money, state money, credit money, and functional finance theories. Despite departing from a faithful narration of what actually happens in the real world, the MMT arrives at a new world in which the government can spend as it pleases. Not only this and several other difficult-to-swallow claims, but also academic concepts such as vertical and horizontal components of money supply introduced along the way are what make MMT difficult to communicate to the general public and also difficult to fully appreciate.

The Missing Muslim Army Officers

The representation of Muslims in the army officer corps, at around 2%, is abysmal in contrast to their percentage in the population of India. Diversity is also compromised in the army, with over half of army officers hailing from a handful of north Indian states. This deficit of diversity along social and geographical lines has negative implications for the army’s apolitical and secular credentials.

Congress’s Gujarat Model

Following the result of the Gujarat assembly elections, the print media has witnessed a slew of write-ups by Bharatiya Janata Party (BJP) functionaries trumpeting the party’s victory and explaining how its indefatigable leadership and deep organisational roots contributed to that victory. Though...

Russia’s Comeback in the Middle East

A little more than a decade after its humiliating exodus, Russia has all but reversed the setback from the United States’ (US) invasion of Iraq in 2003. This December, Vladimir Putin engaged in what can only be described as a triumphant tour of the Middle East. From Syria, to Egypt, to Turkey, soon...

Legal Representation and Rape Trials

The right of all accused to have representation in courts is seriously under threat in India not just from the government, but from lawyers and on occasion from civil society itself, especially in rape cases. This leads to serious injustice and sometimes results in deprivation of life and liberty without the due process of law. However, even for the conscientious lawyer, a sexual assault case poses ethical and mental health challenges that have to be navigated with little institutional support.

Weak Note of Caution on Unconventional Monetary Policies

The prolonged deployment of “unconventional” monetary policy responses that began in reaction to the financial crisis of 2008, especially “quantitative easing,” set off speculative investments and fuelled asset bubbles. Since they cannot allow the new bubbles to give in, policymakers must persist with decisions that inflate asset prices. By doing so, they end up sitting one more bubble on the previous one. The probability that one or both may burst has only increased.

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