by Pranab Bardhan Many decades back when I was teaching at MIT, a senior colleague of mine, Paul Rosenstein-Rodan, a famous development economist, asked me at the beginning of our many long conversations what my politics was like. I said “Left of center, though many Americans may consider it too far left while several of…

by Pranab Bardhan In my earlier column, “Prospects of Social Democracy in a Post-Pandemic World” I did not have the time or space to discuss some systemic issues, like the fraught link of social democracy to the capitalist mode of production. Different people mean different things when they talk of social democracy and its somewhat…

by Pranab Bardhan Many social commentators in the claustrophobic gloom of their self-isolation have shown a tendency to write in somewhat feverish apocalyptic terms about the near future. Some of them expect the pre-existing dysfunctionalities of social and political institutions to accelerate in the post-pandemic world and anticipate our going down a vicious spiral. Others…

by Pranab Bardhan In coping with the dire economic crisis in the wake of the pandemic many developing countries have resorted to cash assistance to the poor for immediate relief. Beyond the relief aspect, many macro-economists have also pointed to the need for such programs to boost mass consumer demand in a period of one…

by Pranab Bardhan In contrast with other genres in literature, in crime fiction, which mainly started in the mid-19th century, women writers (and even women sleuths) became active around the same time as male writers and sleuths in their stories. By some accounts around the middle of 1860’s, both the first modern detective novels (by…

by Pranab Bardhan Many find fault with liberal democracy because it exacerbates inequality, particularly when wedded to unbridled capitalism. But inequality has been rampant in authoritarian countries as well, with or without capitalism. Many non-capitalist countries in actual history have been friendly neither to liberty nor equality, never mind the soaring rhetoric, whereas some liberal…

by Pranab Bardhan As a development economist I am celebrating, along with my co-professionals, the award of the Nobel Prize this year to three of our best development economists, Abhijit Banerjee, Esther Duflo and Michael  Kremer. Even though the brilliance of these three economists has illuminated a whole range of subjects in our discipline, invariably,…

by Pranab Bardhan Einstein had called nationalism ‘an infantile disease, the measles of mankind’. Many contemporary cosmopolitan liberals are similarly skeptical, contemptuous or dismissive, as its current epidemic rages all around the world particularly in the form of right-wing extremist or populist movements. While I understand the liberal attitude, I think it’ll be irresponsible of…

by Pranab Bardhan There is widespread concern about increasing or high economic inequality in many countries, both rich and poor. At a global level, according to the World Inequality Report 2018, the richest 1% in the world reaped 27% of the growth in world income between 1980 and 2016, while bottom 50% of the population…

by Pranab Bardhan A British friend of mine once told me that when he feels stressed he often turns to re-reading R.K. Narayan’s stories about Malgudi, the fictional placid small town in south India. Much earlier, in the 1930’s, a fellow-Britisher, the writer Graham Greene, had discovered Narayan and became his life-long friend, mentor, agent…

by Pranab Bardhan As the job-displacing effects of markets and global integration and the cultural shocks of large immigration have rattled workers, particularly the less skilled ones, their reactive turn to populism in different parts of the world has dismayed liberals. This has been reinforced by resentment against centralized bureaucracies (not just in Brussels or…

by Pranab Bardhan In the next couple of months two of the largest democracies in the world—India and Indonesia—will have their national elections. At a time when democracy is under considerable pressure everywhere, the electoral and general democratic outcome in these two countries containing in total more than one and a half billion people (more…

by Pranab Bardhan This is the 40th anniversary of the onset of economic ‘reform and opening-up’ (gaige kaifang) in China under the leadership of Deng Xiaoping, which eventually led to a dramatic transformation of its economy and global status. It is, however, remarkable that China’s current supreme leader, Xi Jinping, marked the anniversary in a…

by Pranab Bardhan My last column was about populism. One group populists invariably dislike are the ‘liberals’—the despised L-word in American politics. Some of the same people are often despised also by the Left all over the world as ‘neo-liberals’. It is not always easy to know who the latter are, as the word is…

by Pranab Bardhan The ill-defined term ‘populism’ is used in different senses not just by common people or the media, but even among social scientists. Economists usually interpret it as short-termism at the expense of the long-term health of the economy. They usually refer to it in describing macro-economic profligacy, leading to galloping budget deficits…