C.P. Chandrasekhar The Indian government’s effort to resolve by force its banking crisis with the help of the Insolvency and Bankruptcy Code (IBC) has hit yet another roadblock. Even when major secured creditors agree to a resolution plan, because they have to take a smaller haircut...
"Cultural phenomenon" redirects here. For other cultural phenomena, see culture. A literal "bandwagon", from which the metaphor is derived. The bandwagon effect is a phenomenon whereby the rate of uptake of beliefs, ideas, fads and trends increases the more that they have already been adopted by others. In other words, the bandwagon...
Anis Chowdhury and Jomo Kwame Sundaram According to their own internal evaluations, both the World Bank (WB) and the International Monetary Fund (IMF) have huge credibility deficits due to the policy conditionalities and advice they have dispensed to developing countries in recent decades. Washington Consensus Taking advantage of...
Basic situation: Two identical countries (A and B) have different initial factor endowments. Autarky equilibrium ( ): no trade, individual production equals consumption. Trade equilibrium: both countries consume the same ( ), especially beyond their own Production–possibility frontier; production and consumption points are divergent. The Heckscher–Ohlin model (H–O model) is a general equilibrium mathematical model of international...
Tejvan Pettinger The environmental Kuznets curve suggests that economic development initially leads to a deterioration in the environment, but after a certain level of economic growth, a society begins to improve its relationship with the environment and levels of environmental degradation reduces. From a very simplistic viewpoint,...
Jayati Ghosh Suddenly, it seems like everything is shrinking in India: our capacity for tolerance and diversity, the space for democratic expression and dissent – and now, economic growth. The warning signs have reached a point where they cannot be ignored any longer and more people, including...
Economic growth means an increase in national income, but does economic growth actually help to reduce relative poverty and income inequality – or can economic growth exacerbate existing income inequalities? There are two types of poverty: Relative poverty: This is when income is a certain percentage less than...
Prabhat Patnaik In justification of the move to end Kashmir’s special status, Amit Shah in his speech in the Rajya Sabha brought in the question of Kashmir’s “development”, arguing that closer integration with the rest of India will bring in much investment into the region. He...
Anis Chowdhury abd Jomo Kwame Sundaram The harmful effects of falling corporate tax rates have been acknowledged in a recent International Monetary Fund (IMF) research paper. This trend, since the early 1980s, has been especially detrimental for developing countries, which rely on direct taxation much more than developed economies. Acknowledging that existing...