The immense growth in inequality in the neo-liberal period inevitably creates a crisis in the economy, so that even the acceleration in growth rate claimed for this regime does not last long. The regime is characterised by a shift of income from the working people, that is, the workers, the peasants, the agricultural labourers, the petty producers and those employed in the unorganised sectors, towards those sections of the population to whom economic surplus accrues; this shift entails essentially a shift from the poorer segments of the population towards the richer segment. https://scroll.in/article/1088813/prabhat-patnaiks-new-book-tracks-the-impact-of-indias-neoliberal-turn-on-e
the CMIE shows that the number of persons employed has not increased at all over the last five years, which constitutes a grim scenario, though how much of it is because of the pandemic, how much because of the lingering effects of demonetization and GST (which dealt crippling blows to the petty production sector) and how much because of the world capitalist crisis, remains a moot point.
James Rodgers, The Conversation
29/12/2025
