Public uproar over 20 suicides in two months has forced the Andhra Pradesh government to act to regulate micro-finance institutions. On October 14, the state government brought an ordinance making it compulsory for MFIs to register themselves, declare the effective rate of interest they charge, ensure that no security is sought for loans and no coercion is used for recovery. Non-compliance will be punished with a three-year prison term and a...

A recent survey carried out by the TNUEF brings to light details of the discrimination Dalits in Madurai have faced for generations. OVER seven decades have rolled by since the freedom fighter A. Vaidhyanatha Iyer successfully led Dalits into the Meenakshi temple in Madurai, overcoming all the impediments posed by the casteist forces that were hell-bent on thwarting the historic event. But the stark reality is that “hidden apartheid” against...

During the last three years, two subjects have been consuming the attention of the world community almost to the exclusion of other equally important subjects. One is the financial crisis, which had threatened to lead to a meltdown of the global economy, and the other is the threat to orderly climate changes in the world. As we step into the second decade of the 21st century, the global financial crisis...

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...

For about a week after the Dubai crisis broke, international financial markets chose to ignore it. Stock-markets climbed, commodity prices rose and the dollar continued to be beaten down. It is not too difficult to explain this initial indifference. For one, the magnitude of the Dubai crisis appeared piffling, at first glance, compared to the “subprime” crisis or the meltdown following “Lehman’s bust”. When global banks had run up losses...