Financialization, Labour Market Flexibility, Global Crisis and New Imperialism – A Marxist Perspective

Photo par Slowking4
Photo par Slowking4

Working paper par Byasdeb Dasgupta, docteur en économie de l’Université Jawaharlal Nehru University, New Delhi, Inde. Financialization, Labour Market Flexibility, Global Crisis and New Imperialism – A Marxist Perspective. FMSH-WP-2013-34, juin 2013.

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L’auteur

Docteur en économie de l’Université Jawaharlal Nehru University, New Delhi, Inde, Byasdeb Dasgupta consacre sa thèse de doctorat (1996) à un sujet relatif aux problèmes des politiques gestion de la dette. Actuellement Professeur Associé à l’Université de Kalyani, West Bengal, il a dirigé le Département d’Economie de cette Université indienne de 2008 à 2010. Parmi ses nombreuses publications, figurent les ouvrages suivants: Unfreedom and Waged Work – Labour in Indian Manufacturing Industry (avec Sunanda Sen), Sage, New Delhi, 2009 ; Globalization, Foreign
Capital and Development (avec Satanu Bhattacharya, Bishakha Ghosh et Archita Ghosh), Regal Publications, New Delhi, 2010 ; Non-Mainstream Dimensions of Global Political Economy: Finance and Labour – Essays in Honnour of Sunanda Sen, Routledge, Londres, 2013. Deux ouvrages sont à paraître en 2013 : External Dimensions of an Emerging Economy : India, Routledge, et Neoliberal Globalization, Global Capitalism and Inclusive Develpment: Theorizing India’s Economic Transition (avec Anjan Chakrabarti et Anup Dhar), Cambridge University Press.

Abstract

Financialization refers to the over-arching presence of the interest of global finance in every sphere of economic life – be it real or financial. Neo-liberalism, globalisation and financialization are three distinct yet mutually inter-related processes which at the present time are furthering the cause of global capitalism world over. The labour ultimately remains the risk-bearing factor in all these processes, which is obvious in terms of flexible labour regime. There is, on the one  hand, de-regulation of finance and on the other, re-regulation of labour (through labour flexibility); and to our understanding global finance and its circuits of operation cannot be sustained without this flexible labour regime which ensures more and more transfer of surplus in the direction of finance. Global crisis is inherent in these processes of neoliberal globalisation and financialization through which present day global capitalism wants to thrive. So, an alternative needs to be sought in a pro-labour regime which would negate both financialization and neo-liberal globalization.

Keywords

financialization, global finance, labour market, flexibility, neo-liberalism, neo-imperialism

Financialisation, flexibilité du marché du travail, crise globale et néo-impérialisme – une perspective marxiste

Résumé

La «financialisation» est un processus qui suppose la suprématie de l’intérêt financier dans toutes les sphère de la vie économique. La finance n’a désormais plus aucun rapport avec l’activité économique réelle; elle a perdu son rôle traditionnel qui était de faire marcher l’économie réelle en servant de pont entre déficit et surplus. Mais la financialisation se nourrit de la flexibilité de travail qui  aide à faire passer le surplus accumulé dans le secteur réel vers le secteur financier. Elle est elle-même est un processus «marchant à la dette», sur lequel se développent les circuits financiers. La crise globale est une réponse systémique au processus de financialisation, qui vit récemment les circuits financiers s’effondrer comme des château de cartes. Le système économique d’aujourd’hui est celui de la domination de l’économie globale par la finance telle que celle-ci fonctionne désormais dans le cadre de la financialisation. L’auteur analyse ici les rapports entre financialisation et flexilibilité du marché du travail et, en conséquence entre financialisation et crise globale.

Mots-clefs

financialisation, finance globale, marché du travail, flexibilité, néo-libéralisme, néo-impérialisme

Content

Section I: Financialization as a process
Section II: Class Processes and the Labour in the era of Financialization
Section III: Global Crisis and Labour
Section IV: Is New Imperialism Shaping the Current Global?
Conclusion
References

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Some Aspects of the External Dimensions of Indian Economy in the Age of Globalisation

Delhi Dasgupta par ampersandyslexia
Par ampersandyslexia

Working paper de Byasdeb Dasgupta, docteur en économie de l’Université Jawaharlal Nehru University, New Delhi, Some Aspects of the External Dimensions of Indian Economy in the Age of Globalisation. FMSH-WP-2013-30, avril 2013.

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The author

Docteur en économie de l’Université Jawaharlal Nehru University, New Delhi, Inde, Byasdeb Dasgupta consace sa thèse de doctorat (1996) à un sujet relatif aux problèmes des politiques gestion de la dette. Actuellement Professeur Associé à l’Université de Kalyani, West Bengal, il a dirigé le Département d’Economie de cette Université indienne de 2008 à 2010. Parmi ses nombreuses publications, figurent les ouvrages suivants: Unfreedom and Waged Work – Labour in Indian Manufacturing Industry (avec Sunanda Sen), Sage, New Delhi, 2009 ; Globalization, Foreign Capital and Development (avec Satanu Bhattacharya, Bishakha Ghosh et Archita Ghosh), Regal Publications, New Delhi, 2010 ; Non-Mainstream Dimensions of Global Political Economy: Finance and Labour – Essays in Honnour of Sunanda Sen, Routledge, Londres, 2013. Deux ouvrages sont à paraître en 2013 : External Dimensions of an Emerging Economy : India, Routledge, et Neoliberal Globalization, Global Capitalism and Inclusive Develpment: Theorizing India’s Economic Transition (avec Anjan Chakrabarti et Anup Dhar), Cambridge University Press.

Abstract

External dimensions of Indian economy in the age of globalisation are viewed in this paper in terms of unabated opening up of the economy with respect to both trade and foreign capital flows. This paper empirically shows that with more opening up of the economy there is more and more transfer of financial resources abroad from the Indian economy. So opening up through neoliberal globalisation is a ploy of global capitalism to extract super duper surplus from India. Analytically also the paper makes an attempt to negate the recent policy reforms (as is imminent in allowing FDI in multi-brand retail, aviations and insurance and in relentless efforts of the Government in slashing down fiscal deficit) as anti-growth and more attuned to the interests of global finance and capital.

Keywords

globalisation, India, Indian economy, global capitalism, economic opening up

Aspects des dimensions extérieures de l’économie indienne à l’âge de la globalisation

Résumé

Les dimensions extérieures de l’économie indienne à l’heure de la mondialisation sont analysées dans le cadre de l’ouverture continue de l’économie dans le domaine des échanges commerciaux et des flux de capitaux. Cette étude montre qu’avec cette ouverture, les transferts de ressources financières de l’économie indienne à l’étranger ne cessent de croître. La mondialisation libérale est ainsi une manière pour le capitalisme global d’extraire un surplus de l’Inde. L’analyse indique également que la politique de réforme du gouvernement indien (illustrée par l’ouverture des secteurs de la grande distribution, du transport aérien et de l’assurance aux capitaux étrangers ainsi que par l’effort mis sur la réduction du déficit fiscal) ne sert pas la croissance mais plutôt les intérêts de la finance globale et du capital.

Mots-clés

globalisation, Inde, économie indienne, capitalisme global, ouverture économique

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Publication : Indo-French Perspectives on Local Government and Democracy

Can practices of local level democracy in France and India as fostered by their local governments be compared? If contextualized with their respective geographical expanse intertwined with their political history, levels of economic development, demographic attributes and cultural moorings, comparison would, at best be shallow. The purpose of this volume, the first of its kind, is to sensitize readers with the nuances of democratic decentralization, viewed from both the angles od demand and supply in India as well as France.

 

ISBN: 9788173049163
Title: Indo-French Perspectives on local Government and Democracy
Author: Lucy Baugnet, Girish Mumar
Imprint: Manohar Publishers & Distributors
Physical Desc.: 321 p.
Year: 2011

 

 

 

 

Contents

Publication : Globalization, Foreign Capital and Development

The book Globalization Foreign Capital and Development is the outcome of an International Conference at the Department of Economics of University of Kalyani in January 2008. The book encompasses several dimensions of international capital flows in the era of globalization and their impacts on developing countries. The topics covered are mostly with respect to the two most growing economies of the world at the moment China and India. A threadbare analysis is offered on the following areas concerning global capital flows and development foreign direct Investments (FDI) their determinants and impacts outward FDI flows from the developing countries like India international trade in parts and components and Continuer la lecture de Publication : Globalization, Foreign Capital and Development

Publication : The Police, State and Society

The Police, State and Society

The Police, State and Society, is a parallel study between criminal justice systems in India and France. It covers the institutional, democratic and functional aspects of the police and law in the two countries .Its discussion of the modern aspects of policing and human rights issues in the criminal justice system against a backdrop of violence and conflict gives it a wider scope than other books in the same genre.

This in-depth analysis will be of interest to students and scholars of sociology, law, criminal justice, political science policymakers and the general reader. Continuer la lecture de Publication : The Police, State and Society

Publication : L’oubli des villes de l’Inde

Pour une géographie culturelle de la ville

Le sens de l’espace donne du sens à la ville. Cet ouvrage le démontre par l’exemple indien. Car si l’Inde est trop souvent représentée à travers des stéréotypes culturels (religiosité, castes…) ou économiques (sous-développement, émergence…), ses villes sont oubliées dans leur nature profonde.

Contrairement aux habitudes académiques qui décrivent les villes par leur forme, leur démographie et leurs activités, la ville habitée et en mouvement est saisie par l’urbanité, pour en faire une ville comme les autres. Mais l’urbanité indienne s’inscrit également en continuité avec les autres modalités de la vie en société. La ville est un comparable portant à la fois les traits de l’universel urbain (urbanité) et, ici, ceux du singulier indien (indianité), qui ne sont pas fixés en modèles idéaux. Continuer la lecture de Publication : L’oubli des villes de l’Inde

Publication : Mapping Central Asia

Indian Perceptions and Strategies

With renewed American involvement in Afghanistan, Pakistan’s growing fragility, and China’s rise in power in the post-Soviet space, Central Asia-South Asia relations have become central to understanding the future of the Eurasian continent. “Mapping Central Asia” identifies the trends, attitudes, and ideas that are key to structuring the Central Asia-South Asia axis in the coming decade.

Structured around four parts, we are skillfully guided through the importance of the historical links between the Indian sub-continent and Central Asia; the regional and global context in which the developing of closer relations between India and Central Asia has presented itself since the disappearance of the Soviet Union, the precise domains of Indo-Central Asian cooperation and study three conflict zones that frame Indo-Central Asian relations : the Kashmir question; and, the situation in Afghanistan; and fear of destabilization in Xinjiang. Continuer la lecture de Publication : Mapping Central Asia

Publication : Territory, Soil and Society in South Asia

This volume tackles a widespread stereotype in academic studies, according to which pre-colonial India consisted of territorial units with ill-defined, fuzzy boundaries, and where territory had, and still has, little value as a cognitive category. In aiming to reconsider this perspective, the book follows two converging lines of enquiry. One explores the conceptions that stress the mutual determination of places and people, and the entrenchment of their identity in the soil. The other analyses historically and anthropologically the changing nature of the notion of territory, understood in its proper sense of a jurisdiction: an area where rights and power are exercised. Continuer la lecture de Publication : Territory, Soil and Society in South Asia

Publication : India’s Unfree Workforce

Of Bondage Old and New

This volume makes a distinction between agrarian bondage as it existed in the past and the contemporary practices of bondage in various branches of the economy. It suggests that the analysis for bonded labour cannot be disassociated from a broader analysis related to the whole landscape of labour. The emergence of neo-bondage is strongly connected to the reinforcement of the informalization of labour relationships as well as the intensification of circulation and labour migration. Neo-bondage is strongly connected to the increased monetization of commodity exchanges and of social relationships, as well as the development of mass consumption. The authors do not accept the proposition that labour bondage is likely to disappear when economic growth is sustained at its current rate. Continuer la lecture de Publication : India’s Unfree Workforce

Publication : India and the European Union

Building a Strategic Partership

Recognition of India’s increased stature and influence regionally and globally, greater interest in a rapidly and consistently growing economy of a billion-plus people, acquisition of nuclear weapons, steadily improving relations with the United States – all contributed to India’s admission into the elite club of nations with which the European Union is forging a « Strategic Partnership » in the 21st century. Continuer la lecture de Publication : India and the European Union