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market fundamentalism

From Andhra to Kashmir – The Return of the East India Companies

From Great Game India: At least two of the Big Four global corporate consultancies are reported to be directly involved in the big-ticket Kashmir Development Plan – Ernst & Young and PricewaterhouseCoopers. A pilot project was initiated in 2017 for the creation of a ‘Model Village’ in Kathua, Kashmir, based on a blueprint by PricewaterhouseCoopers

Andrew Simms: Economics is doing great harm – so let’s rethink it

From The Guardian: Roasted by heatwaves, this year the world went into ecological overshoot on 29 July, the earliest yet. Unless we begin again with economics, understanding and letting go what has gone wrong, one day soon everything will have fallen apart and nobody will quite know why. But the answer will be: it was the economy, stupid.

Red Alert: India and world hurtling towards financial meltdown

Ten years after the global financial crisis, a debt-fuelled world economy is headed towards another crash, the IMF has warned. With the Rupee at a record low, unemployment at a 20-year high, and 78 of its largest corporations defaulting on massive debts, India’s rapidly emerging as the epicentre of a crisis that could dwarf 2008.

Memo to The New York Times: How not to talk about climate change

From Jacobin Magazine: The New York Times’ blockbuster story on climate change concludes that democracy and human nature are to blame for the climate crisis. They’re wrong. You cannot tell the story of climate change without telling the story of twentieth-century capitalism. This isn’t just a missed opportunity or a partial story—it’s the wrong story.

The incredible story of how (and why) Big Oil conquered the world

Oil. The 20th century was shaped by it. The 21st century is moving beyond it. But who gave birth to the oil industry? What have they done with the immense wealth and power it granted them? And what are they planning to do with that power in a post-carbon world? The Corbett Report finds out.

Rs 50 lakh crore: India’s tax bonanza to corporations in the last decade

Devinder Sharma writes: In the 12-year period between 2004-05 and 2015-16, total tax concessions given by the Indian government to industry almost equals a whopping Rs 50-lakh crore. If these tax concessions were eliminated and the additional revenue generated was instead used effectively for social betterment programmes, India could have made hunger and poverty history.

Sunita Narain: The future is in our hands

We must rethink the question of states, market and society. We have dismembered the state; grown the market and believed that we’ve empowered society. Slowly, the circle closed— state, market and aspiring, consuming society merged. They became one. Anyone outside this circle stopped getting counted. This cannot work. This is our future’s most important agenda.

Rutger Bregman: Wealth isn’t created at the top; it’s only devoured there

Now, we may disagree about the extent to which success deserves to be rewarded–but virtually all agree that wealth is created primarily at the top. In reality, it is precisely the other way around. This is one of the biggest taboos of our times– the truth that we are living in an inverse welfare state.

What has neoliberal capitalism ever done for India?

Colin Todhunter writes: Data from the Multi-dimensional Poverty Index indicates that 20 years ago, India had the second-best social indicators among the six South Asian countries, but now it has the second worst position. Bangladesh has less than half of India’s per-capita GDP but has infant and child mortality rates lower than that of India.

S.G.Vombatkere: Neoliberalism: Its reality exposed

Dr. Manmohan Singh was a World Bank employee before he became finance minister and later prime minister. As PM, he nominated Montek Ahluwalia from the IMF as Deputy Chairman of the Planning Commission. The present RBI Governor, Raghuram Rajan, was Chief Economist in IMF. This is how the neoliberal agenda has been imposed on India.