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...

Even a cursory glance at the daily newspaper reveals the economic mindset and the manipulation of that mindset into losing its sense of balance and well-being by the plethora of reports, articles and stories on the economic life of the Indian nation. There are all sorts of stories, statistics, credit appraisals, banking trends, FDI investment couched in the jargon of the modern economy that, curiously enough, seems to be so...

The road to Khardung La begins in the Indian town of Leh on the northwestern fringe of the Himalayas. Exhaust-spewing army trucks rattle up the side of dry rock, past Buddhist monasteries clinging to the craggy mountainside and alongside small farms barely scraping fertility from the earth. Khardung La, the highest motorable mountain pass in the world, is more than 18,000 ft. above sea level, the air so thin that...

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...

There is much about Dubai that is artificial and based on illusion: the man-made islands designed to represent a map of the globe; the indoor ski slope in the midst of desert; the incredible hotel with glass walls looking onto a sea aquarium mimicking the surrounding ocean. Dubai had also become synonymous with excess: building the tallest tower in the world and the biggest and most expensive luxury hotels, residences,...