How has neo-liberalism transformed the economic structure and policies of India? And what are the politico-economic implications of such policies for marginalised populations? Following Karl Polanyi’s theory of “double movement”, this paper argues that while market liberalism has helped India overcome the slow so-called “Hindu rate of growth”, it has adversely affected the economic interests of the poor. It further argues that the expansion of the market (first movement) has led to various social dislocations in the lives of the poor.
Black money, by its very nature, is hard to estimate accurately; therefore the gains from demonetization of Rs. 500 and Rs. 1000 notes are also difficult to quantify. Thinking about the following ten questions will enable us to have a clearer account of what this will (or not) achieve.
India has more cash (12% of money supply) than other countries (3% in UK and 10% in the US), but it remains a small part of the total.