ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles by Arjun JayadevSubscribe to Arjun Jayadev

The Credit Crisis: Where It Came From, What Happened, and How It Might End

Massive deregulation in the United States allowed non-banks to function like banks, exposing the institutional fragility particular to banking. This unprecedented scale of deregulation and the concomitant absence of systemic risk controls were facilitated by a radically lopsided political economy in the North. This was, in turn, held up by an extremely lopsided global division of labour. Export-surplus-fuelled liquidity and excessive deregulation combined to exacerbate the cyclical nature of banking systems that follow from the credit nature of money, leading to massive booms and searing busts. Layer upon unstable layer, these interacting dynamics have imperilled our world system and brought us to the brink. Each dynamic will now have to be rebalanced, a difficult political task.

Imagined Problems in Computing Wealth Disparities

A rejoinder to K G K Subba Rao's comment on the paper on wealth disparities (EPW, September 22) responds to Rao's specific criticisms and further, addresses other shortcomings in the all-India debt and investment surveys.

Patterns of Wealth Disparities in India during the Liberalisation Era

This paper examines patterns of wealth disparities in India using the all-India debt and investment surveys (1991 and 2002). We find that there have been increases in wealth levels in the country across virtually all groupings, accompanied by a small but perceptible rise in the level of interpersonal wealth inequality, whether examined by summary measures such as the Gini coefficient or by centile shares of wealth. We examine differences in wealth holdings by state and income in the two surveys as well as disparities according to socio-economic categories in 2002. There have been sharp differences in the growth rates of wealth holdings in the middle and upper income states on the one hand and poor states on the other, suggesting divergence in wealth outcomes. Faster growing states have seen larger increases in wealth inequality. Finally, there are large differences in the levels of wealth holdings according to socio-economic categories.


Back to Top