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Prabhat Patnaik Fifty years ago on July 19, 1969, fourteen large private banks had been nationalized. Ironically the Golden Jubilee of that event, which had been a significant step in the process of building up a new financial architecture for the country, is being celebrated today...

Anamitra Roychowdhury The jobs crisis prominently visible among rural females earlier has now spread to the rural male segment Question of livelihoods and the lived reality of people, sooner or later, catch up with any democratically elected government. One of the major promises on which 2014 elections...

C. P. Chandrasekhar and Jayati Ghosh While the neoliberal focus has been on attempts to “shrink the state” on the grounds of corruption and inefficiency, sensible people have long recognised that high levels of public employment tend to be associated with better quality of life for...

Illustration of the Gains from Trade In the absence of trade, the United States might choose to produce and consume combination A (90W and 60C) on its production possibility frontier (see Figure 2.2), and the United Kingdom might choose combination A(40W and 40C). With trade...

C. P. Chandrasekhar and Jayati Ghosh With India’s development strategy relying increasingly on private investors across industrial and infrastructural categories, the question of how private investment would be financed has moved to centre stage. This question has gained in significance not merely because areas earlier reserved...

Tejvan Pettinger Definition Trade diversion occurs when tariff agreements cause imports to shift from low-cost countries to higher cost countries. Trade diversion is considered undesirable because it concentrates production in countries with a higher opportunity cost and lower comparative advantage. Trade diversion may occur when a country joins a...