Imperialism has been pushing countries like India to become food import-dependent and divert land devoted to foodgrain toward crops that imperialist countries can’t grow
To avoid a total collapse of the economy, the Indian government needs to push up demand by spending more on cash transfers to the poor and on goods and services
Even after the pandemic shock is over, the world will still be stuck with the protracted crisis of over-production, which had engulfed it well before
Why has there been a tendency toward persistent ‘excess supply’ in the foodgrain market when growth rate of foodgrain output has barely exceeded the population growth rate?
If wealth inequality is to be prevented from becoming worse than the horrendous level it has already attained, then the only way this can be done is by larger government spending that is financed by a tax on the rich, either a profit tax or a wealth tax
The real problem with the World Bank’s poverty estimates, is that its International Poverty Line is set at an impossibly low level, which greatly underestimates world poverty
The globalization of finance means that any State that violates the dictates of finance, such as by attempting a New Deal financed by a larger fiscal deficit or taxes on the rich, runs the risk of a capital flight from its shores and hence a financial crisis
Taxing oil is the worst among all tax options when income sources have dried up. It will have the most deleterious effect on the level of output and employment
US stock markets boom while its economy collapses. People there are already on streets demanding equality; it is only a matter of time before working people take to streets in India as well
Every step in the direction of opening agriculture to global trade – as announced in the three ordinances by the Modi government – is a step towards reducing domestic food availability.
The collapse in commodity prices has forced these countries into greater external borrowing to manage their balance of payments