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...

After dedicating most of 2009 to jump-starting financial markets through stimulus packages, developed countries are now turning their attention to reforming the basic architecture of those markets, especially the incentives for risk-taking. In a major step towards regulating systemic risks, the United Kingdom last week announced a one-off 50 per cent “super-tax” on bankers’ discretionary bonuses exceeding £25,000. The move could raise £550 milli on, which would be used to...

People of dalit communities in the Gadarwara sub-division of district Narsinghpur in Madhya Pradesh are on the brink of starvation as they are facing harassment, economic sanctions and social boycott because they have refused to remove animal carcasses. A fact finding team of civil society organisations says that dalits at many places have been ‘imprisoned’ in their own houses as all entry and exit points have been blocked by the...

The S.C. and S.T. (Prevention of Atrocities) Act has failed to make Dalits any safer. THE ascent of the Mayawati-led Bahujan Samaj Party (BSP) to power in Uttar Pradesh on May 13, 2007, was seen as a defining moment in the politics of Dalit empowerment in the country. The Scheduled Caste (S.C.) leader of an avowedly “Dalit assertive” party had been Chief Minister earlier too, but the difference this time...

Is drought being used as an excuse to delay the national Food Security Act? An informal network of organizations and individuals involved in the Right to Food Campaign believe so. The campaign groups are demanding that a national consultative process on an improved draft bill must be started immediately so that the proposed Food Security Act could be passed as soon as possible. The campaigners also demand that exports of...