Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Sanctions within a Regime of Neo-liberalism -Prabhat Patnaik    </title>
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Before joining the neo-liberal order, India used to have &ldquo;rupee payment arrangements&rdquo; with the Soviet Union and Eastern European socialist countries under which the main international reserve currency, the US dollar, was used neither for settling transactions nor even as..."/>
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                            <p style="text-align:justify">-NetworkIdeas.org</p><p style="text-align:justify">Before joining the neo-liberal order, India used to have &ldquo;rupee payment arrangements&rdquo; with the Soviet Union and Eastern European socialist countries under which the main international reserve currency, the US dollar, was used neither for settling transactions nor even as the unit of account in terms of which the trade-related transactions were denominated. The dollar in short was used neither as the means of circulation, nor even as the unit of account under these &ldquo;rupee payment arrangements&rdquo;. Instead, bilateral trade was denoted in terms of Indian rupees (or Russian roubles whose exchange rate against the rupee was fixed); and the balances in trade that got built up in favour of one country against the other were not immediately settled. Further, even into the settlement of these balances, the dollar did not enter; they got carried over and were bilaterally settled over a period of time. The whole idea was to ensure that neither country&rsquo;s export to the other was constrained by the absence of dollars with the latter. This means that the trade that occurred through this arrangement would not have occurred otherwise, so that the &ldquo;rupee payment arrangement&rdquo; was &ldquo;trade creating&rdquo;.</p><p style="text-align:justify">It was an eminently sensible arrangement. If country A has goods that country B needs, and vice-versa, then it seems absurd that each of them remains deprived of this mutually-beneficially exchange, simply because each has not made enough exports to country C to earn enough dollars; that is, they do not have enough dollars through exports to the metropolis or to countries from which they can obtain dollars.</p><p style="text-align:justify">Neo-liberal economists however were opposed to all such arrangements, as they took international trade outside the domain of the dollar. These economists argued vigorously that such arrangements caused not &ldquo;trade creation&rdquo; but &ldquo;trade diversion&rdquo;. In their view the argument that in the absence of such arrangements trade would have remained restricted, was incorrect. Put differently, the dollar earnings of both the trading partners entering into such an arrangement were supposed by the neo-liberal economists to have been constrained from the supply side, but not from the demand side; namely by the fact that they did not have enough goods, released from domestic absorption, to sell in the international market, rather than by insufficient demand for their goods in the dollar-area market. This debate however ceased to have any practical relevance after the collapse of the Soviet Union and Eastern European socialism and India&rsquo;s embracing neo-liberalism shortly afterwards. Neo-liberalism is totally opposed to all such arrangements and insists on a &ldquo;unified&rdquo; exchange rate. It favours one price in one market including in the foreign exchange market; accordingly, it put an end to all such arrangements anyway.</p><p style="text-align:justify">Please <a href="https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/" title="https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/" class="re" target="_blank">NetworkIdeas.org, 14 March, 2022, https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/</a><div class="clear"></div>
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    <h1 class="cat-box-title">Sanctions within a Regime of Neo-liberalism -Prabhat Patnaik</h1>
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                            <p style="text-align:justify">-NetworkIdeas.org</p><p style="text-align:justify">Before joining the neo-liberal order, India used to have &ldquo;rupee payment arrangements&rdquo; with the Soviet Union and Eastern European socialist countries under which the main international reserve currency, the US dollar, was used neither for settling transactions nor even as the unit of account in terms of which the trade-related transactions were denominated. The dollar in short was used neither as the means of circulation, nor even as the unit of account under these &ldquo;rupee payment arrangements&rdquo;. Instead, bilateral trade was denoted in terms of Indian rupees (or Russian roubles whose exchange rate against the rupee was fixed); and the balances in trade that got built up in favour of one country against the other were not immediately settled. Further, even into the settlement of these balances, the dollar did not enter; they got carried over and were bilaterally settled over a period of time. The whole idea was to ensure that neither country&rsquo;s export to the other was constrained by the absence of dollars with the latter. This means that the trade that occurred through this arrangement would not have occurred otherwise, so that the &ldquo;rupee payment arrangement&rdquo; was &ldquo;trade creating&rdquo;.</p><p style="text-align:justify">It was an eminently sensible arrangement. If country A has goods that country B needs, and vice-versa, then it seems absurd that each of them remains deprived of this mutually-beneficially exchange, simply because each has not made enough exports to country C to earn enough dollars; that is, they do not have enough dollars through exports to the metropolis or to countries from which they can obtain dollars.</p><p style="text-align:justify">Neo-liberal economists however were opposed to all such arrangements, as they took international trade outside the domain of the dollar. These economists argued vigorously that such arrangements caused not &ldquo;trade creation&rdquo; but &ldquo;trade diversion&rdquo;. In their view the argument that in the absence of such arrangements trade would have remained restricted, was incorrect. Put differently, the dollar earnings of both the trading partners entering into such an arrangement were supposed by the neo-liberal economists to have been constrained from the supply side, but not from the demand side; namely by the fact that they did not have enough goods, released from domestic absorption, to sell in the international market, rather than by insufficient demand for their goods in the dollar-area market. This debate however ceased to have any practical relevance after the collapse of the Soviet Union and Eastern European socialism and India&rsquo;s embracing neo-liberalism shortly afterwards. Neo-liberalism is totally opposed to all such arrangements and insists on a &ldquo;unified&rdquo; exchange rate. It favours one price in one market including in the foreign exchange market; accordingly, it put an end to all such arrangements anyway.</p><p style="text-align:justify">Please <a href="https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/" title="https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/" class="re" target="_blank">NetworkIdeas.org, 14 March, 2022, https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/</a><div class="clear"></div>
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    <h1 class="cat-box-title">Sanctions within a Regime of Neo-liberalism -Prabhat Patnaik</h1>
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                            <p style="text-align:justify">-NetworkIdeas.org</p><p style="text-align:justify">Before joining the neo-liberal order, India used to have &ldquo;rupee payment arrangements&rdquo; with the Soviet Union and Eastern European socialist countries under which the main international reserve currency, the US dollar, was used neither for settling transactions nor even as the unit of account in terms of which the trade-related transactions were denominated. The dollar in short was used neither as the means of circulation, nor even as the unit of account under these &ldquo;rupee payment arrangements&rdquo;. Instead, bilateral trade was denoted in terms of Indian rupees (or Russian roubles whose exchange rate against the rupee was fixed); and the balances in trade that got built up in favour of one country against the other were not immediately settled. Further, even into the settlement of these balances, the dollar did not enter; they got carried over and were bilaterally settled over a period of time. The whole idea was to ensure that neither country&rsquo;s export to the other was constrained by the absence of dollars with the latter. This means that the trade that occurred through this arrangement would not have occurred otherwise, so that the &ldquo;rupee payment arrangement&rdquo; was &ldquo;trade creating&rdquo;.</p><p style="text-align:justify">It was an eminently sensible arrangement. If country A has goods that country B needs, and vice-versa, then it seems absurd that each of them remains deprived of this mutually-beneficially exchange, simply because each has not made enough exports to country C to earn enough dollars; that is, they do not have enough dollars through exports to the metropolis or to countries from which they can obtain dollars.</p><p style="text-align:justify">Neo-liberal economists however were opposed to all such arrangements, as they took international trade outside the domain of the dollar. These economists argued vigorously that such arrangements caused not &ldquo;trade creation&rdquo; but &ldquo;trade diversion&rdquo;. In their view the argument that in the absence of such arrangements trade would have remained restricted, was incorrect. Put differently, the dollar earnings of both the trading partners entering into such an arrangement were supposed by the neo-liberal economists to have been constrained from the supply side, but not from the demand side; namely by the fact that they did not have enough goods, released from domestic absorption, to sell in the international market, rather than by insufficient demand for their goods in the dollar-area market. This debate however ceased to have any practical relevance after the collapse of the Soviet Union and Eastern European socialism and India&rsquo;s embracing neo-liberalism shortly afterwards. Neo-liberalism is totally opposed to all such arrangements and insists on a &ldquo;unified&rdquo; exchange rate. It favours one price in one market including in the foreign exchange market; accordingly, it put an end to all such arrangements anyway.</p><p style="text-align:justify">Please <a href="https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/" title="https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/" class="re" target="_blank">NetworkIdeas.org, 14 March, 2022, https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/</a><div class="clear"></div>
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Sanctions within a Regime of Neo-liberalism -Prabhat Patnaik

Published on Mar 14, 2022   Modified on Mar 17, 2022

-NetworkIdeas.org Before joining the neo-liberal order, India used to have “rupee payment arrangements” with the Soviet Union and Eastern European socialist countries under which the main international reserve currency, the US dollar, was used neither for settling transactions nor even as the unit of account in terms of which the trade-related transactions were denominated. The dollar in short was used neither as the means of circulation, nor even as the unit of account under these “rupee payment arrangements”. Instead, bilateral trade was denoted in terms of Indian rupees (or Russian roubles whose exchange rate against the rupee was fixed); and the balances in trade that got built up in favour of one country against the other were not immediately settled. Further, even into the settlement of these balances, the dollar did not enter; they got carried over and were bilaterally settled over a period of time. The whole idea was to ensure that neither country’s export to the other was constrained by the absence of dollars with the latter. This means that the trade that occurred through this arrangement would not have occurred otherwise, so that the “rupee payment arrangement” was “trade creating”. It was an eminently sensible arrangement. If country A has goods that country B needs, and vice-versa, then it seems absurd that each of them remains deprived of this mutually-beneficially exchange, simply because each has not made enough exports to country C to earn enough dollars; that is, they do not have enough dollars through exports to the metropolis or to countries from which they can obtain dollars. Neo-liberal economists however were opposed to all such arrangements, as they took international trade outside the domain of the dollar. These economists argued vigorously that such arrangements caused not “trade creation” but “trade diversion”. In their view the argument that in the absence of such arrangements trade would have remained restricted, was incorrect. Put differently, the dollar earnings of both the trading partners entering into such an arrangement were supposed by the neo-liberal economists to have been constrained from the supply side, but not from the demand side; namely by the fact that they did not have enough goods, released from domestic absorption, to sell in the international market, rather than by insufficient demand for their goods in the dollar-area market. This debate however ceased to have any practical relevance after the collapse of the Soviet Union and Eastern European socialism and India’s embracing neo-liberalism shortly afterwards. Neo-liberalism is totally opposed to all such arrangements and insists on a “unified” exchange rate. It favours one price in one market including in the foreign exchange market; accordingly, it put an end to all such arrangements anyway. Please click here to read more.

NetworkIdeas.org, 14 March, 2022, https://www.networkideas.org/news-analysis/2022/03/sanctions-regime-neo-liberalism/

Tagged with: Neo-liberalism US dollar Economic Sanctions Russia-Ukraine Conflict Russia Ukraine

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