Economic Development
Count the natural debt, too
Now that Europe’s debt crisis is unfolding all around us, shouldn’t we question why the world is determined to live beyond its means and not worry how it sabotages our common future? The debt crisis is a mere symptom of a deeper malaise. The fact is that countries, private companies and individual households can run only if they can borrow against their assets and hope that the debt will grow slower than the value of their asset. Most financial analysts will now tell you that this business is doomed because of the Ponzi scheme nature of the loan business, where borrowing is used to speculate to get more loans and so repayment becomes difficult and over time impossible.
The bogey of green clearances
The environment is holding up growth and economic development. This is the common refrain in circles that matter. So when the Group of Ministers tasked to resolve the issue of coal mining in forests asked for a report on what needs to be done, it was told that the best would be to dismantle green conditions, almost completely.
20 years to…where?
Next year, in June, world leaders will get together in the joyful city of Rio de Janeiro, Brazil, to mark 20 years of UNCED—the Earth Summit (see Down to Earth, May 15, 1992).
Land is more than just that
My article last fortnight about people’s fight against POSCO has brought me interesting responses. They call for clarifications and further discussion. The question is about the value of current livelihoods of the people of coastal Odisha. Is earning from betel nut farming being exaggerated to reinforce the romantic and misinformed view that people are fighting projects because they are better off today? The equally valid question, then, is: why are the people so apparently poor if they are earning Rs 10-17 lakh per hectare (ha) each year as I had said?
ABCDE of Obama’s sales pitch
There is no doubt US President Barack Obama was in India on a business trip. His recent electoral losses weighed heavily with him when he stitched up deals, reportedly worth US $10 billion, that would create about 50,000 jobs back home.
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