The evidence clearly is that the Covid-crisis has upended the fiscal conservatism that has been the hallmark of the neoliberal era since the 1980s.
Author Archive | C.P. Chandrasekhar
Bilateral swaps in China’s global presence
China’s use of yuan-denominated central bank swaps, while enhancing its influence, is a source of support for developing countries in an unequal international order.
Growing divergence between China and ‘Developing Asia’
The past year has brought into sharp relief the significant differences between China and the rest of the world.
It’s all work and no pay for most women in India
The NSSO’s time use survey reveals striking facts about how men and women in India spend their time very differently, with women hugely burdened by unpaid work
COVID-19 adds new dimensions to U.S.-China trade war
The Trump regime is ratcheting up its protectionist rhetoric vis-à-vis China. If this leads to new sanctions, it would worsen the COVID-induced trade crisis rather than help the U.S.
Growth figures underscore economic crisis amidst COVID
Early evidence on the intensity and drivers of the COVID-induced crisis in the U.S. and Europe suggests that the official response may lengthen the recession and delay recovery
A niggardly response to an extraordinary crisis
In a show of solidarity, some of India’s opposition leaders have declared the much-delayed relief package (titled Pradhan Mantri Garib Kalyan Yojana) announced by Finance Minister Nirmala Sitharaman on March 26 to mitigate the effects of the Coronavirus pandemic on the poor as a welcome “first step”.
No escape from low growth
Discussions on the state of the world economy centre around the likely negative impact of the novel coronavirus epidemic and the potential positive effect of the truce reflected in the “phase 1” trade deal between China and India.
End of the free trade myth
“Is that a big deal?”, some may ask. It is to those who have pushed for achieving the far-reaching liberalisation of trade in an unequal global order, first under the General Agreement on Tariffs and Trade (GATT), and then under the auspices of the agreements that established the WTO and defined and expanded its remit.
A rate cut that failed to please
On 31 July, the United States Federal Reserve System (U.S. Fed) announced its decision to cut its benchmark short-term interest rate by one quarter of a percentage point to a target range between 2% and 2.25%. It also announced that it would put an end to its policy of selling chunks of its holdings of […]
Disruption in the world of trade
What is noteworthy is that the deceleration in import volume growth has been particularly marked in the emerging economies of Asia and Latin America, pointing to a loss of momentum in the countries that were expected to be new growth poles in the immediate aftermath of the 2007 crisis.
Vanishing green shoots and the possibility of another crisis
Governments and central banks that were upbeat about global economic recovery are turning pessimistic. A coordinated fiscal stimulus across nations is the need of hour.
Hype and facts on free trade
Voices questioning the claim that nations and the majority of their people stand to gain from global trade are growing louder. The one difference now is that the leading protagonist of protectionism is not a developing country, but global hegemon United States under Donald Trump.
Making merry on bitcoin
Bitcoin has left the world of finance gasping. Although the total market value of all that cryptocurrency in circulation is only a fraction of the value of the world’s financial assets, the rapid rise in the value of the currency has made it the most wanted of those assets. On January 1, 2017, the currency […]
Foreign Banks or Foreign Capital?
One less emphasised lesson from the global financial crisis was that developing countries that are successful in attracting foreign financial investors take a hit when such a crisis occurs because of a reverse flow of capital. Foreign financial firms needing to cover losses or meet commitments at home withdraw their capital, generating a credit crunch […]
Trading Growth for Inflation
Earlier this month all eyes were on Reserve Bank Governor Duvvuri Subbarao. Every statement of his was read as signalling whether he would raise interest rates and by how much he would do so this time. With the economy having bounced back and GDP growth approaching previous peaks, the presumption was that the focus of […]
India: Growth for Whom?
The year 2010 would be remembered as a scam-tainted year when allegations of corruption, both public and private, were difficult to keep track of. Overwhelmed by these allegations, the government has attempted to focus on the fact that India is among the fastest growing countries in the world. But even that boastful claim has been […]
Playing the Currency Blame Game
The slanging match over currency and monetary policies at the annual Fund-Bank meetings, held over the second weekend of October, points to the disarray in global economic governance. While the US sought to mobilise IMF support for an effort to realign exchange rates and ensure an appreciation of the renminbi in the wake of China’s […]
Indian IT: Privileged, Protected and Pampered
India’s IT industry does protest too much. Its latest peeve is that the US has decided to steeply hike, from $2300 to about $4300, the cost of a H-1B visa required for entry into the US of temporary skilled workers from abroad. The new Border Security Bill passed by the US Senate and signed into […]
G20: Where No Side Wins
There is only one message that comes out of Toronto, where the G20 summit has come to an end. The formation, ostensibly created to reflect changing power equations in the world economy, serves no purpose. It has turned out to be one more talking shop in which agreement to disagree is presented as a consensus. […]
