----- Forwarded Message ----- From: E R F <[email protected]> To: MacroScan Mailing List <[email protected]> Sent: Friday, 1 June 2012, 14:21 Subject: [MacroScan] What's New on Macroscan (May 1, 2012 to May 31, 2012) What's New on Macroscan (May 1, 2012 to May 31, 2012) www.macroscan.org or www.macroscan.net CURRENT ISSUES ILO Leadership Election Must Not be Another Charade May 21st 2012, C.P. Chandrasekhar The ILO is uniquely positioned among the multilateral organisations to play an extremely significant role in forging a global consensus around viable alternative economic trajectories. The election of a developing country candidate as its new Director-General would have important consequences that go beyond symbolism. Time to End the Madness May 16th 2012, C.P. Chandrasekhar Irrational insistence on fiscal conservatism has led to widespread growth slowdown not only in the European countries, but also in emerging economies like China and India. The political backlash in major eurozone economies rekindles hope that governments embracing growth stunting fiscal tightening would soon switch back to sound economic policy-making. Is a Universal Pension Scheme Feasible in India? May 16th 2012, Jayati Ghosh In an economy like ours, a universal pension scheme must be part of a broader development strategy that focuses on public investment in physical and social infrastructure, which will ensure supply of necessary goods and services while increasing demand from the population in a stable and inclusive way. The Roaring 2000s May 11th 2012, C.P. Chandrasekhar The coincidence of the profit and the output booms during the two post-liberalisation booms in India's organised manufacturing sector since the early 1990s suggests that in periods of rising demand, the organised manufacturing sector in India has been a major beneficiary of reform through a rise in mark up. The complaints of the leaders of this sector are therefore not to be taken too seriously. For a Universal Old-age Pension Scheme May 10th 2012, Prabhat Patnaik The basic argument behind the demand for a universal, non-means-related, non-contributory pension scheme is derivable from the rights-based approach and stands unimpaired. For raising the resources necessary for such a publicly-funded pension scheme, tax proposals similar to those in international discussions can be worked out for India as well. Paralysis in Policy Assessment May 8th 2012, C.P. Chandrasekhar The kind of policy paralysis that the UPA government is identified with refers to the failure of the government to deliver fully on its commitment to so-called economic reform. But the true paralysis lies in its inability to address deprivation by allocating additional resources and improving delivery to accelerate advance on the human development front. A Communist's Life under Capitalism May 8th 2012, Prabhat Patnaik The contradictions confronting the personal life of a Communist activist having to work within a capitalist society have not attracted much classical Marxist theorizing. But the question of how a communist living under capitalism must both engage in quotidian life and yet be outside of it needs to be addressed for the formulation of an appropriate Communist praxis in today's world. The Continuing Need for Industrial Policy May 7th 2012, Jayati Ghosh The 13th UNCTAD conference held recently in Qatar discussed industrial policies as the significant yet unsung force behind the much trumpeted emergence of some developing economies as major players in the global stage. Despite liberalisation in the '90s, much of India's success too lies in the industrial policies that preceded it. Moreover, India has much to learn from its counterparts like Brazil on how to utilise industrial policies even in largely market-driven economies. FEATURES Of Profits and Growth May 29th 2012, C.P. Chandrasekhar and Jayati Ghosh The period between 2002-03 and 2008-09 saw India's economy grow at an unprecedented rate, with manufacturing too witnessing a revival. However, the rate of growth of the manufacturing sector would be reduced due to the effects of the recent developments of reduction and even reversal of foreign capital inflows, the liquidity crunch and the large scale corruption in India. Growing Differences in State Per Capita Incomes May 15th 2012, C.P. Chandrasekhar and Jayati Ghosh The period of economic liberalisation has been marked by growing differences in per capita incomes across states, although the trend has varied across decades. In this article, the authors examine the evidence on per capita Net Domestic Product at the state level since 1980, and consider some possible explanations for the observed trends. WEB RESOURCES Review of Agrarian Studies (RAS) May 28th 2012 The Review of Agrarian Studies is the peer-reviewed journal of the Foundation for Agrarian Studies (www.agrarianstudies.org), a charitable trust based in India and established in 2003. The major objectives of the Foundation are to facilitate and sponsor multi-disciplinary theoretical and empirical enquiry in the field of agrarian studies in India and elsewhere in less-developed countries. The Foundation does so in association with a wide section of people interested in the agrarian question, including persons associated with academic institutions, social and political activists, members of mass organizations working in the countryside, and other professionals and scholars. MacroScan is a website managed by professional economists seeking to provide an alternative to conservative and mainstream positions in economics. The site is maintained by the Economic Research Foundation, New Delhi. 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