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

CapitalSubscribe to Capital

Illusion of Democracy in Financial Markets

Democratising of financial trading fails to recognise the skewed character of finance markets.

Revisiting the City–Capital Symbiosis

The urban is related to the capital through the very notion of accumulation. What goes into building the urban, both materially and perceptively is the accumulated capital, which in turn gets both (re)produced and consumed within the same set-up. The present circulation and accumulation of global capital has resulted in the creation of First World spaces within Third World cities, heterotopias which complicate claims to urban “city”zenships. The emergence of capital-infected cities and heterotopias is explored along with differential claims to urban “city”zenship using an interface with the Indian city as a context.

Problems of Market Economy

Economic Challenges for the Contemporary World: Essays in Honour of Prabhat Patnaik edited by Mausumi Das, Sabyasachi Kar and Nandan Nawn, New Delhi: Sage, 2016; pp 324+xvii, ₹1,195.

Foreign Direct Investment in India in the 1990s

This paper documents the trends in foreign direct investment in India in the 1990s, and compares them with those in China. Noting the data limitations, the study raises some issues on the effects of the recent investments on the domestic economy. Based on the analytical discussion and comparative experience, the study concludes by suggesting a realistic foreign investment policy.

Secondary Market to the Fore

The growth of the financial market in 2002-03 was much more marked in the secondary market than in the primary segment. Turnover in all three components of the secondary market - equity, debt and forex - continued to grow apace.

God, Truth and Human Agency

Rethinking Social Transformation edited by Anant Kumar Giri; Rawat Publications, Jaipur, 2001; pp 407, Rs 725 (hardback).

Marx on Capital's Globalisation

Drawing on Hegel, in his Parisian Manuscripts of 1844 Marx first attempted to show how capitalism not only contained within itself conditions for its own negation, but also created elements of the new society that would supersede it. Under capitalism, labour, like other factors, too is converted to a commodity - 'surplus labour' with exchange value; while production is not bound by limited needs or needs that limit it. Thus, the more capitalism develops, the more it is compelled to produce on a scale which has little to do with immediate demands but depends instead on a continuous enlargement of the world market - leading to 'capital's globalisation'. Yet, even as capitalism seeks to enlarge itself, it creates its own grave diggers - the proletariat who finally revolt against the system.

Pierre Bourdieu (1930-2002)

Pierre Bourdieu, the sociologist who died in Paris in January, had built up a rigorous and profoundly innovative body of work by breaking down the conventional frontiers between sociology, anthropology and history.

Risk and Productivity Change of Public Sector Banks

While the relationship between portfolio risk and capital and its interrelationship with operating efficiency has been explored elsewhere, limited evidence has been forthcoming on the interrelationships among capital, non-performing loans and productivity. The paper makes an attempt to examine the same in the Indian context. Using data on public sector banks (PSBs) for the period 1995-96 through 2000-2001, the paper finds capital, risk and productivity change to be intertwined, with each reinforcing and to a degree, complementing the other. The results imply that inadequately capitalised banks have lower productivity and are subject to a higher degree of regulatory pressure than adequately capitalised ones. Finally, the results lend some credence to the belief that lowering government ownership tends to improve productivity.
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