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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The growth of free markets or capitalism does not create better employment for Dalits. It opens up new spaces for them, but several other spaces are also concurrently shut down.
Editor's note: Do you think the market is impersonal? Or oblivious to race or caste? For mainstream economists, the growth of free markets—via the development of capitalism—would ensure that all race- or caste-based discriminations fade away. A market does not distinguish between a white or a black worker, or an upper-caste or a lower-caste worker. So, if a wage difference exists between two workers of different races or castes (of course, after adjusting for all other differences), competition in the market should create a wage arbitrage and wages should ultimately equalize. However, evidence is to the contrary. There is no equal pay for equal work in most capitalist labour markets. In the US, Black and Hispanic workers have lower annual average earnings than white workers even when they are on the same job with the same experience and education. According to one study, the difference in pay attributable to race was about $1,400 per year. In India, too, about 33-50% of the raw wage differentials between upper-caste and lower-caste workers in regular wage employment are argued to be explained by caste identities. …
The growth of free markets or capitalism does not create better employment for Dalits. It opens up new spaces for them, but several other spaces are also concurrently shut down.
Editor's note: Do you think the market is impersonal? Or oblivious to race or caste? For mainstream economists, the growth of free markets—via the development of capitalism—would ensure that all race- or caste-based discriminations fade away. A market does not distinguish between a white or a black worker, or an upper-caste or a lower-caste worker. So, if a wage difference exists between two workers of different races or castes (of course, after adjusting for all other differences), competition in the market should create a wage arbitrage and wages should ultimately equalize. However, evidence is to the contrary. There is no equal pay for equal work in most capitalist labour markets. In the US, Black and Hispanic workers have lower annual average earnings than white workers even when they are on the same job with the same experience and education. According to one study, the difference in pay attributable to race was about $1,400 per year. In India, too, about 33-50% of the raw wage differentials between upper-caste and lower-caste workers in regular wage employment are argued to be explained by caste identities. …
The country's fighter jet roadmap rests on imported propulsion, leaving its military plans hostage to cost shocks, delays and geopolitics.
As India’s largest stock exchange heads to the public markets, it may need to rethink its excessive reliance on transaction revenue.
April data suggests the slide may be moderating, even as the UAE accelerates moves to derisk its future.
The country's fighter jet roadmap rests on imported propulsion, leaving its military plans hostage to cost shocks, delays and geopolitics.
As India’s largest stock exchange heads to the public markets, it may need to rethink its excessive reliance on transaction revenue.
April data suggests the slide may be moderating, even as the UAE accelerates moves to derisk its future.
