Globalisation
Books & Reports
Why inequality is rising 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.” |
News Scan
Financial crisis could affect international aid and MDGs: UNCTADGoing 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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Related Articles»'Made in USA' crisis now affecting developing countries: Stiglitz »Global economy set to shrink, India loses half-a-million jobs »UN economic report calls for deep reforms in global financial system |
Analysis
The end of the 'free market' reign? 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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Related Articles»Spreading the wealth By Aseem Shrivastava. »Debating the ideology of globalisation By Rahul Varman and Manali Chakrabarti |
Backgrounders
India globalised, Bharat cauterised
"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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