The question raises fundamental issues about the MGNREGA’s centralised template and poor delivery mechanism, but it is important to provide a legal basis to its wage structure to protect it against inflation. We need to remember that the way the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) was originally conceived, wages were never meant to be equal to the minimum wages; they should have been lower. This is because the...

Microcredit is losing its halo in many developing countries. Microcredit was once extolled by world leaders like Bill Clinton and Tony Blair as a powerful tool that could help eliminate poverty, through loans as small as $50 to cowherds, basket weavers and other poor people for starting or expanding businesses. But now microloans have prompted political hostility in Bangladesh, India, Nicaragua and other developing countries. In December, the prime minister of...

Twenty years ago, a Maruti 800, with an air-conditioner fitted, cost a little less than Rs 2 lakh. Today it costs about Rs 2.5 lakh. Twenty years ago, a branded 1.5 tonne window air-conditioner cost about Rs 30,000; today, you can get a split AC unit for that price. Then, Videocon was offering large refrigerators for more than Rs 30,000; you can get better units today for much less. TV...

When a group of 46 cooks in northern Gujarat—some of whom had been working for up to seven years—demanded full payment for their labour, they were threatened, beaten, then finally thrown out with little more than the clothes they were wearing. The group—which included women and children—were all migrants from a tribal region in southern Rajasthan. They walked for three days without food to get to the nearest train station,...

The rapid growth of global markets has not seen the parallel development of social and economic institutions to ensure balanced, inclusive and sustainable growth. Although we may not have yet reached “the end of history,” globalisation has brought us closer to “the end of geography” as we have known it. The compression of time and space triggered by the Third Industrial Revolution —roughly, since 1980 — has changed our interactions with...