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Globalisation

Books & Reports

Why inequality is rising

By Sharmila Joshi

inequality in emerging economies

That inequality is rising in India is not surprising, considering that the centre offers Rs 4.6 lakh crore in tax exemptions and incentives to industrialists, compared to Rs 1.54 lakh crore in subsidies to the poor and farmers. But the solutions a new OECD report offers will increase, not reduce, inequality, says Sharmila Joshi

A recent report by the OECD recognises that income inequality is growing in India. While the economy was “expanding strongly”, the report says, “the distribution of income became increasingly concentrated…[and the] highest increases in real household income were systematically observed in the top quintile.”

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News Scan

Financial crisis could affect international aid and MDGs: UNCTAD

Going by past experience, the financial crisis could mean cuts in developmental aid budgets by 30% or more, says a policy paper from UNCTAD

One of the far-reaching consequences of the global financial crisis could be a cut in official development assistance (ODA) flows to developing countries.

In a policy brief, the UN Conference on Trade and Development (UNCTAD) has said that the financial crisis will deal a hard blow to ODA flows and this, in turn, will set back programmes for achieving the Millennium Development Goals by 2015.

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Analysis

The end of the 'free market' reign?

By Aseem Shrivastava

financial system are at risk of shutting down

With repeated government bailouts of profit-seeking, loss-avoiding financial companies in USA, the very heartland of global capitalism, we have arrived at the end of an era of unquestioned faith in the magic of free markets, says economist Aseem Shrivastava.

"Our entire economy is in danger…The market is not functioning properly. There has been a widespread loss of confidence, and major sectors of the country's financial system are at risk of shutting down. The government's top economic experts warn that, without immediate action by Congress, America could slip into a financial panic."
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»Financial crisis and India's misplaced optimism  By Suchita Vemuri
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»Spreading the wealth By Aseem Shrivastava.
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»Debating the ideology of globalisation By Rahul Varman and Manali Chakrabarti
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Backgrounders

India globalised, Bharat cauterised

By Aseem Shrivastava

Globalisation

"Globalisation is really the best way to lift millions of people out of poverty because it increases trade; it increases job creation. It's a positive force." -Nandan Nilekani, CEO Infosys, Interview with San Francisco Chronicle, July 4, 2004.

"Globalisation creates growth by destruction of the environment and of local livelihoods. It therefore creates poverty instead of removing it. The new globalisation policies have accelerated and expanded environmental destruction and displaced millions of people from their homes and their sustenance base."-- Vandana Shiva, Scientist and environmental expert. Resurgence, June 1997

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»(An)globalisation: The last hurrah of capitalism? By Aseem Shrivastava
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»How does capitalism work? By Aseem Shrivastava
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»Has the 'free market' ideology been the route to prosperity in the Western world? By Aseem Shrivastava
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