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...

Since state financial corporations are set up to encourage the establishment of industries by providing loans on liberal terms, the recovery of debts from chronic defaulters is seen by courts from two angles. One is that public money is lent for starting private enterprises and, therefore, the financial institutions should be tough on the debtors. The other approach is that these units benefit the public and, therefore, the endeavour should...

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...

The stalled Land Acquisition Bill should be completely overhauled. In both China and India the issue of land acquisition has become politically very sensitive. In China by official reports more than 66 million farmers have been dislocated in recent years for various commercial development projects. Local officials in cahoots with local business have been rather cavalier in this matter, and this has inflamed passions in the countryside. In India the...

The Prime Minister’s Independence Day address to the nation was particularly disappointing this year. The Prime Minister has said, yet again, that "the country needs another Green Revolution". But what’s distressing is that his government has not even formulated a draft strategy for such a revolution in the last five years, let alone launch it. Why? Largely because the agriculture minister has not shown the slightest interest in a "Second...