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  • Monthly Review Essays

About Jayati Ghosh

Jayati Ghosh is professor of economics at Jawaharlal Nehru University, New Delhi, and the executive secretary of International Development Economics Associates (IDEAS). She is closely involved with a range of progressive organisations and social movements. She has written for Monthly Review and blogs at triplecrisis.com and networkideas.org/jayati-blog.
  • An effigy of US President Donald Trump dressed as a jester is seen at a protest in Washington, DC, on 5 February 2025 (Drew Angerer/AFP)

    The United States and the Bretton Woods Twins

    Originally published: IDEAs (International Development Economics Associates) on May 13, 2025 (more by IDEAs (International Development Economics Associates))  |

    With President Donald Trump and his team launching an aggressive attack on international institutions and threatening to pull out from many of them, there has been speculation about whether they would adopt the same strategy with respect to the Bretton Woods institutions.

  • Sri Lanka’s Dangerous Domestic Debt Restructuring

    Sri Lanka’s dangerous domestic debt restructuring

    Originally published: Project Syndicate on September 13, 2023 by Kanchana N. Ruwanpura (more by Project Syndicate)  |

    The recent bailout agreement between the International Monetary Fund and Sri Lanka fails to address the economy’s structural problems. Instead, it focuses on highly regressive measures that disproportionately affect the working poor and are likely to exacerbate the country’s ongoing debt distress.

  • Illustration credit: David Istvan

    Debtors of the world, unite!

    Originally published: Red Pepper on June 25, 2023 by Liam Kennedy (more by Red Pepper)  |

    Jayati Ghosh speaks about the growing debt crisis in the global south, the IMF’s never-ending affinity for austerity and the need to confront the power of financial capital.

  • ‘She had worn her best saree to come and learn cycling. At a “cycling training camp” in Pudukkottai, Tamil Nadu. She was exuberant with good cause. Some 4,000 very poor women in her district had come to control the quarries where they were once bonded labourers. Their organised struggle, combined with a politically conscious literacy movement, made Pudukkottai a better place’. – P. Sainath Illustration: Vikas Thakur (India) / Tricontinental: Institute for Social Research Reference photo: P. Sainath / People’s Archive of Rural India (PARI) (Madhya Pradesh, July 2014)

    Women’s work is not valued properly

    Originally published: IDEAs (International Development Economics Associates) on March 30, 2023 by Sudipta Datta (more by IDEAs (International Development Economics Associates))  |

    In an interview with The Hindu, Ghosh talks about gender blindness of official policies, inequalities in society, the state of women empowerment and why women face multiple disadvantages in India.

  • Sri Lanka faces crippling debt repayments of more than $31 billion in this decade, unless these are reduced by write-offs or restructuring (GoodIdeas/shutterstock.com)

    How not to deal with a debt crisis

    Originally published: Social Europe on January 16, 2023 (more by Social Europe)

    Jayati Ghosh warns against historically disastrous approaches to the sovereign-debt crisis hitting low- and middle-income countries.

  • Price pain: It is not the supply-side pressures but profiteering by agribusiness majors that is driving food prices | Photo Credit: SUSHIL KUMAR VERMA

    A food crisis not of their making

    Originally published: The Hindu Businessline on September 19, 2022 (more by The Hindu Businessline)

    The crisis in low, middle-income nations is driven by speculation, falling purchasing power and depreciating currencies.

  • Earth

    Achieving Earth for all

    Originally published: Project Syndicate on July 12, 2022 (more by Project Syndicate)  |

    Because the changes needed to achieve sustainable well-being for everyone are so big, they require determined social movements with wide participation. But while history shows that inertia and defeatism can become self-fulfilling, it also shows that governments ultimately have to respond to popular pressure–or be replaced by it.

  • Financial market

    Capital flight from emerging markets

    Originally published: IDEAs (International Development Economics Associates) on July 26, 2022 (more by IDEAs (International Development Economics Associates))  |

    Financial markets in the so-called ‘emerging economies’ are in turmoil. At the end of May 2022, the Financial Times reported that the return delivered by emerging market (EM) sovereign bonds was around minus 15 per cent for 2022, the worst since 1994.

  • Lovely Wheat field

    Why are global wheat prices rising so much?

    Originally published: IDEAs (International Development Economics Associates) on June 14, 2022 (more by IDEAs (International Development Economics Associates))  |

    The global food crisis has now grown to such proportions that everyone is talking about it (even though world leaders are doing relatively little about it).

  • The feminist building-blocks of a just, sustainable economy

    The feminist building-blocks of a just, sustainable economy

    Originally published: Social Europe on November 15, 2021 (more by Social Europe)

    Jayati Ghosh finds in a UN Women report a blueprint for an economy which serves the public—rather than the other way around.

  • Debt campaigners protest the impact of "vulture funds" on Argentina outside the office of Elliott Advisors, owners of NML Capital, in New York in February 2013.

    How emerging markets hurt poor countries

    Originally published: Boston Review on October 13, 2021 (more by Boston Review)  |

    Financial globalization was supposed to spur development. Instead, it transfers money to the global North and exacerbates existing inequalities.

  • Bilateral US deficits with China

    What has the Trade “War” between the United States and China achieved?

    Originally published: IDEAs (International Development Economics Associates) on October 5, 2021 (more by IDEAs (International Development Economics Associates))  |

    On July 6, 2018, U.S. President Donald Trump unilaterally imposed a 25 per cent tariff on Chinese imports of around $34 billion, and further tariffs in 2018 and 2019—claiming that trade between U.S. and China had been unfairly skewed in China’s favour and needed to be rebalanced.

  • Photo courtesy of Greenpeace Southeast Asia

    Time is running out for a new agricultural model for the global south

    Originally published: IDEA's (International Development Economic Associates) on September 21, 2021 (more by IDEA's (International Development Economic Associates))

    Agriculture—especially industrial agriculture requiring chemical inputs—is cause and victim of these changes. Cultivation patterns such as mono-cropping, with heavy reliance on groundwater and chemical inputs, have reduced the food sovereignty of poor countries and generated growing environmental problems.

  • Even in the U.S. public investment far outweighed private investments

    Is public investment holding up global capitalism’s dynamism?

    Originally published: The Hindu Business Line on September 6, 2021 (more by The Hindu Business Line)  |

    Capitalism is supposed to be all about economic growth, through the dynamism that is created by competition. This growth is meant to be driven by investment (or accumulation) which, in turn, is used to justify the shares of national income that are delivered to private profits, to the owners of capital.

  • Luis Robayo/AFP

    Apocalypse or cooperation?

    Originally published: Project Syndicate on August 12, 2021 (more by Project Syndicate)  |

    The perfect storm of COVID-19 and climate change, and the resulting economic damage, will most likely trigger much more social and political instability. Although substantially increased international cooperation can still avert this nightmarish scenario, the current state of global politics provides few grounds for optimism.

  • Samir Amin- From Dakar with Love | Business Vision bv.world

    Interpreting contemporary imperialism: lessons from Samir Amin

    Originally published: Review of African Political Economy on March 11, 2021 (more by Review of African Political Economy)  |

    Samir Amin’s life and work left behind many important legacies, which can continue to enrich us if only we recognise them adequately. He brought an indefatigable ‘optimism of the will’ to complex processes of political, social and economic change, involving an energy that was not deterred at all by the ‘pessimism of the intellect’ that his razor-sharp mind could generate.

  • Elderly waiting in line for their shots at a mass vaccination drive at Ecatepec town of Mexico (22 February) | Jose M. Ruiz/Eyepix/abacapress.com

    The political economy of COVID-19 vaccines

    Originally published: The Indian Forum on March 5, 2021 (more by The Indian Forum)  |

    Vaccine grabs, the refusal to relax patents to enable mass production, and the use of vaccines for diplomacy run the risk that poorer nations may not be protected against Covid-19 quickly enough. This will prolong the pandemic, even for the richer nations.

  • Source for Figures 1-3: The State of Food Insecurity and Nutrition in the World 2020, FAO and others

    Hunger, again

    Originally published: IDEA's (International Development Economic Associates) on February 23, 2021 (more by IDEA's (International Development Economic Associates))

    The world has been preoccupied with the COVID-19 pandemic, and this has also affected policymakers everywhere. There is much more recognition today of the terrible effects of underfunding public health over decades and how this affects the resilience of economies and societies.

  • Projected Wealth Inequality (Photo: Wikimedia Commons)

    Prepare for a surge in Global inequality

    Originally published: IDEA's (International Development Economics Associates) on January 12, 2021 (more by IDEA's (International Development Economics Associates))  |

    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.

  • Bilateral swaps’ role in China’s rising global footprint.

    Bilateral swaps in China’s global presence

    Originally published: Business Line on December 14, 2020 (more by Business Line)  |

    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.

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Also By Jayati Ghosh in Monthly Review Magazine

  • Climate Imperialism in the Twenty-First Century July 01, 2022
  • The Creation of the Next Imperialism July 01, 2015
  • Women, Labor, and Capital Accumulation in Asia January 01, 2012

Books By Jayati Ghosh

  • Capital Accumulation and Women’s Labor in Asian Economies April 30, 2008

Monthly Review Essays

  • US Imperialism in Crisis: Opportunities and Challenges to a Global Community with a Shared Future
    Sam-Kee Cheng A late 1940s Soviet poster showing a US military service member lounging on top of a German factory, smoking a cigar. The text beneath reads DER DOLLARIMPERIALISMUS [dollar imperialism].

    1. Introduction The predominance of US economic, political and military power in the world was established at the end of the Second World War.1 With just 6.3 percent of global population, the United States held about 50 percent of the world wealth in 1948. As the only power which had used nuclear weapons on civilian […]

Lost & Found

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    Robert W. McChesney Bob McChesney on Saving Journalism

    Our job is to make media reform part of our broader struggle for democracy, social justice, and, dare we say it, socialism.

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