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Author Archive | Jayati Ghosh

BAKU, AZERBAIJAN - OCTOBER 26: (FILE PHOTO) Ageing infrastructure, leaking crude oil and debris from decades of extraction, litter an oil field, October 26, 2006 in Baku, Azerbaijan. Oil-rich Azerbaijan gained independence from the Soviet Union in 1991, and its wealth of oil has been responsible for both its development and success, as well as its status as one of the most polluted environments in the world. Azerbaijan have joined the Ukraine in the construction of the Odessa - Brody pipeline, to provide Europe with 6-7 million tones of oil each year and will reduce dependence on giant Russian energy firm, Gazprom. (Photo by Wojtek Laski/Getty Images)

The COVID-19 debt deluge

How long the COVID-19 crisis will last, and what its immediate economic costs will be, is anyone’s guess. But even if the pandemic’s economic impact is contained, it may have already set the stage for a debt meltdown long in the making, starting in many of the Asian emerging and developing economies on the front […]

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The growing threat of water wars

In 2015, United Nations member states adopted the Sustainable Development Goals, which include an imperative to “ensure availability and sustainable management of water and sanitation for all.” Yet, in the last four years, matters have deteriorated significantly.

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Agustin Marcarian/AFP/Getty Images Comments 3 Add to Bookmarks English Facebook Twitter Whatsapp The IMF’s Latest Victims

The IMF’s latest victims

In 2013, the International Monetary Fund produced a report acknowledging that it had “underestimated” the effects that austerity would have on Greece’s economy. Yet the Fund has made the same mistakes in its subsequent deals with Argentina and Ecuador.

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The Exploitation Time Bomb

The exploitation time bomb

Worsening economic inequality in recent years is largely the result of policy choices that reflect the political influence and lobbying power of the rich. There is now a self-reinforcing pattern of high profits, low investment, and rising inequality–posing a threat not only to economic growth, but also to democracy.

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Wiktor Szymanowicz : Barcroft Media via Getty Images

The political roots of falling wage growth

It’s now official: workers around the world are falling behind. The International Labor Organization’s (ILO) latest Global Wage Report finds that, excluding China, real (inflation-adjusted) wages grew at an annual rate of just 1.1% in 2017, down from 1.8% in 2016. That is the slowest pace since 2008.

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Capitalism Is Doomed — Without Alternatives, So Are We | By Jake Johnson, staff writer | Common Dreams

Not with a bang but with a (prolonged) Whimper

It is probably obvious to everyone that global capitalism is in dire straits, notwithstanding the brave talking up of output recovery that now characterises almost every meeting of the international governing elite. Even so, discussions of the end of capitalism still typically seem overstated and futile, not least because those hoping and mobilising for bringing […]

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Illustration: Andrzej Krauze

After neoliberalism, what next?

We may be living through one of those moments in history that future historians will look back on as a watershed, a period of flux that marked a transition to quite different economic and social arrangements. Unfortunately, in human history a ‘moment’ can be a very long time.

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The Emerging Left in the “Emerging” World

Ralph Miliband Lecture on the Future of the Left, London School of Economics, London, U.K., 28 May 2012 It is a great honour and privilege for me to be invited to deliver this lecture in the Ralph Miliband series on the future of the Left.  Ralph Miliband was not just an outstanding social scientist and […]

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The Dragon’s Shadow: China’s Banking System

On October 10, the Chinese government announced that it will increase its stakes in the four largest commercial banks, which are already largely public-owned.  The move is designed to “support the healthy operations and development of key state-owned financial institutions and stabilise the share prices of state-owned commercial banks”. But why was this move considered […]

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