https://ir.vidyasagar.ac.in/jspui/handle/123456789/82 Sat, 30 May 2026 11:18:27 GMT 2026-05-30T11:18:27Z https://ir.vidyasagar.ac.in/jspui/handle/123456789/7917 Title: Finance Capital and Contemporary Financialization with Special Reference to India Authors: Ghosh, Nilanjan; Dasgupta, Byasdeb Abstract: The concept of financialization has become increasingly important in the context of economic liberalization programme since 1970s in various parts of the world which include the global South. In India such programme was initiated in 1991 and which is still continuing since then. The proposed paper studies the complex dynamics of finance capital and neoliberal financialization, particularly in emerging economies like India. It will address the structural transformations in advanced and emerging markets during the post-crisis era, supported by empirical evidence from the Indian economy. Additionally, the paper explores the concept of financial subordination and its impact on deepening financialization in emerging markets. Finally, it investigates the complex and contradictory relationship between the growth of finance and productive labour processes, highlighting the dialectical relation between financial expansion and labour exploitation Description: pp : 1-22 Sun, 01 Jun 2025 00:00:00 GMT https://ir.vidyasagar.ac.in/jspui/handle/123456789/7917 2025-06-01T00:00:00Z https://ir.vidyasagar.ac.in/jspui/handle/123456789/7916 Title: Economic Structure and Democracy: Revisiting the Causal Nexus Beyond Growth Authors: Mondal, Srikumar; Das, Sanjay; Jha, Sudipta Abstract: While many theorists have explored the relationship between the economy and democracy, existing explanations fall short in accounting for the recent wave of democratic backsliding in advanced economies since the 2000s. This decline aligns with reduced productive activity, falling employment, and a shrinking global wage share. The current structural changes call for a new analytical framework, one that goes beyond traditional econometrics and distributional conflict models, to understand the erosion of democracy worldwide better and to inform future policy solutions. In this paper, first, we present an alternative perspective on democracy that emphasizes the integration of formal institutional rights (de jure) with citizens' material economic access (de facto). Second, we examine econometrically the relationship between democracy and some key structural economic variables, such as the labour income share and Human Development Index (HDI), using both static and dynamic panel models (including system GMM) across 101 countries, with a focused analysis on BRICS and G7 nations over the past decade. Our findings suggest that even the liberal democracy indices, which do not account for the economic realities of the society, is also deeply rooted in its structural economic foundations. This insight supports our normative argument for the need to transform current structures to realize a more 'organic democracy', a system that harmonizes formal political rights with collective economic agency, to ensure the sustainability of democratic societies in the global political-economic order. Description: pp : 23-45 Sun, 01 Jun 2025 00:00:00 GMT https://ir.vidyasagar.ac.in/jspui/handle/123456789/7916 2025-06-01T00:00:00Z https://ir.vidyasagar.ac.in/jspui/handle/123456789/7915 Title: Macroeconomic Dynamics in India: Exploring the Interplay between Growth, Inflation and Unemployment Authors: Sengupta, Sucheta; Das, Pinaki; Gupta, Arindam Abstract: This study explores the intricate relationships among economic growth, inflation, and unemployment in the Indian economy using time series data from 1993 to 2021, sourced from the Reserve Bank of India and the World Bank. Employing econometric techniques such as cointegration analysis, Vector Error Correction Models (VECM), and Vector Autoregression (VAR), the paper investigates both long-run and short-run causal linkages. The results reveal a statistically significant long-run relationship between unemployment and inflation, where declining unemployment tends to increase inflation, consistent with the Phillips Curve framework. However, no short-run causality is observed between these variables. The study also finds a long-run inverse relationship between unemployment and GDP growth, in support of Okun’s Law, while short-run effects remain statistically insignificant. In contrast, there is no evidence of either a short-run or long-run relationship between inflation and GDP growth, challenging the conventional notion of an inflation–growth trade-off. These empirical insights provide a nuanced understanding of India’s macroeconomic dynamics and offer relevant policy implications for sustaining growth while managing inflation and employment in an emerging economy. Description: pp : 46-61 Sun, 01 Jun 2025 00:00:00 GMT https://ir.vidyasagar.ac.in/jspui/handle/123456789/7915 2025-06-01T00:00:00Z https://ir.vidyasagar.ac.in/jspui/handle/123456789/7914 Title: Remittances Flow to India and its Impact on Growth: Empirical Evidence from India Authors: Majumder, Subhajit; Karmakar, Asim K. Abstract: Over, a long period of time the determinants of economic growth in developing countries have been the subject matter of extensive debate. Conventional drivers of growth have included surplus labour, capital accumulation, technological advancement, foreign aid, foreign direct investment, and investment in human capital, as well as gains from innovation and research and development. The literature has thoroughly explored both the positive and negative impacts of these factors along with recognized the role of institutional variables such as political freedom, political instability, and governance indicators in shaping economic performance. Despite the growing significance of remittances in global capital flows, their direct and indirect effects on economic growth remain relatively underexplored in empirical research. In many developing countries, remittance payments from migrant workers are observed as an increasing magnitude and becoming a significant source of foreign reserve earnings. Remittances inflow is noted to be very useful in promoting household welfare, health and education particularly in developing countries. Inflows of remittances to India have experienced a sharp rise in last three dictates. An important empirical question is whether remittances also contribute to long-term economic growth or not. In this study we have concentrated on the long-run relationship between remittances inflow and the economic growth in case of India considering annual data over the period 1975-2016. For this purpose, we have used Johansen (1988, 1995) cointegration technique and further to assess the short run dynamics of the co-intregrating relationship is estimated by Vector Error Correction model (VECM). Description: pp : 62-78 Sun, 01 Jun 2025 00:00:00 GMT https://ir.vidyasagar.ac.in/jspui/handle/123456789/7914 2025-06-01T00:00:00Z