The collapse of the Dubai dream is not without any implications; it may be an indication that the travails of finance capitalism are not over. GLOBAL capitalism is in a phase in which it must deal with the fruits of the overextension during the previous boom, and there is no doubt that this is going to be painful. The financial crisis in the United States and some other developed countries...

Curbing inflationary expectations is the priority Food price inflation has been in double digits for almost a year. Officially this week it is clocking up 20 per cent, the highest in 11 years. Stories of inflation in pulses and vegetables have appeared repeatedly in newspapers all over the country. The minimum support price for wheat has more than doubled in the past three years. The sugarcane farmers invaded the roads of...

CITIES MAKE one simple promise to newcomers: Sacrifice yourself to me and your children shall prosper. This promise drew Ahmed Raza, a small-time wrestler from an Uttar Pradesh village and millions like him to the capital of newly-independent India. Raza kept his part of the bargain, yet half a century later, his daughter was pushed out of the city her father helped build, the only home she has known. “I...

SOMETIMES, TO accentuate the intransigence of the present, one must revisit the past. So first, a flashback. The year is 2006. An ordinary November evening in Delhi. A slow, halting voice breaks into your consciousness. “How shall I explain? It is not a punishment, but my bounden duty…” A haunting phrase in a haunting voice, made slow with pain yet magnetic in its moral force. “My bounden duty.” What could...

The Anderson saga is one more reminder that the powerful can always count on official help.  In the fall of 2002, Greenpeace campaigner Casey Harell paid a surprise visit to the New York State private estate of Warren Anderson, and found him living a “life of luxury”. Nothing odd about the discovery except that in the eyes of the law Mr. Anderson was untraceable, and had been so since 1992...