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In view of Prabhat Patnaik’s role in advocating progressive reforms and ideas in the global economy, this volume, in his honour, questions conventional thinking in mainstream economics and policy.

This book brings together diverse scholarship on various aspects of economic development that underscore the importance of tackling dominant and contemporary issues concerning the national and global economy. Divided into five distinct themes—economic growth, engaging with globalisation, poverty and inequality, macroeconomic issues, political economy and developmental aspects—the essays outline significantly contrasting methodologies that are used to deal with issues of vital importance.

Topical and up-to-date, the volume challenges the laissez faire philosophy and highlights the weaknesses of a free market as well as its inability to deal with the current issues.

Contents: Foreword. Introduction. Sustaining the Growth Process. 1. Financial Development and Growth under Capitalism/C. P. Chandrasekhar. 2. Global Economic Challenge: Alone We Lag, Together We Grow/Pranab Mukhopadhyay. 3. Sustainability, Surplus and Survival: Explorations through Agricultural Energetics/Nandan Nawn. I. Dealing with Globalisation: Trade, Capital, Technology: 4. Secular Movements in the International Terms of Trade of Primary Commodities vis-à-vis Manufactured Goods: Towards an Explanation/Shouvik Chakraborty. 5. Global Rebalancing: Limitations of the East-Asia-centric Approach and the Role of Europe/Sabyasachi Kar. 6. Effect of Fiscal Policy on Level of Activity under Capital Flows/Surajit Das. 7. Foreign Direct Investment, Intellectual Property Rights and Technology Transfer/Biswajit Dhar and Reji Joseph. II. Mitigating Immiserisation: Poverty, Inequality, Joblessness: 8. Aspiration, Inequality and Growth/Mausumi Das. 9. A Proposition on Convergence to Equality in a Growth Model with Bliss/Subrata Guha. 10. Education, Equity and Development/Sudhanshu Bhushan. 11. Employment Growth and Informalisation of Workers in the Organised Manufacturing Sector/Shuji Uchikawa. III. Envisioning the Institutional Changes: 12. Monetary Equilibrium and Inertial Expectations/Jyotirmoy Bhattacharya. 13. Stock Markets, Finance and Development: A View from History/Vineet Kohli. 14. Corporate Retailing in the Advanced Countries: Some Salient Features/Pradip Kumar Biswas. IV. Reimagining the Political Hegemony: 15. Empire or Imperialism?/Prasenjit Bose. 16. Output and Price (In)Stability under Neoliberalism: A Kaleckian Approach/Rohit. 17. Agricultural Investment in India in Recent Decades: A Political Economic Note of Its Causes and Consequences/Debarshi Das. 18. Political Economy of Contemporary Indian Agricultural and Rural Dynamics/Praveen Jha. Index.