After dedicating most of 2009 to jump-starting financial markets through stimulus packages, developed countries are now turning their attention to reforming the basic architecture of those markets, especially the incentives for risk-taking. In a major step towards regulating systemic risks, the United Kingdom last week announced a one-off 50 per cent “super-tax” on bankers’ discretionary bonuses exceeding £25,000. The move could raise £550 milli on, which would be used to...

  On a day of long speeches in the plenary and loud protests outside, the Danish president of the UN climate talks here told developing countries that progress on the Kyoto Protocol is unlikely here. There may not be any post-2012 commitment of emission cuts by rich nations under the Protocol coming out of Copenhagen. Outside, protesters and police scuffled as an attempt to break through the barricades of the Bella Centre,...

Missing job cards, fudged muster rolls and diversion of NREGS funds through fake bills. What the Rajasthan social audit has revealed is the tip of the iceberg.  Bhilwara-2009 invited a swift and strong backlash — the government backed off realising it had stepped into a quagmire of corruption The battle being fought in the panchayats, streets, offices, and courts of Rajasthan is not just about social audit To understand why civil society...

I have just returned after performing at the climate circus in Copenhagen. Like all sensible columnists, I will reserve my remarks on why the outcome was entirely predictable, till after the event! But as I attended this meeting of the Conference of Parties (COP) of the Climate Convention (UNFCCC) after a gap of some six years, a snapshot comparison of then and now may be more useful. The UNFCCC process started...

Rajasthan had emerged as a model for transparency and accountability in NREGS implementation. Tragically, entrenched interests have been allowed to hijack the process.  Through the second half of October and for most of November this year, Rajasthan was engulfed in an unusual form of protest, spearheaded in the main by gram panchayat officials. Joined in some places by elected MLAs and MPs, and backed covertly by a section of District...