The TPP and U.S.Politics Prabhat Patnaik
A peculiar charade is being played out during the current U.S. election campaign. The Trans-Pacific Partnership (TPP) which is an economic agreement between the U.S. and several Asian countries has been under negotiation for almost eight years now. For four of these eight years Hilary Clinton was the Secretary of State and hence directly supervising these negotiations; and even after she quit that job she has remained a prominent figure around the Obama administration, even if not part of it. And yet both the presidential candidates, not just Donald Trump but even Hilary Clinton, have disowned the TPP during their…
Minimum Wage and the Poverty Line Prabhat Patnaik
The criteria for determining the minimum wage have evolved in India over a long period of time. The basic guidelines set at the Indian Labour Conference have been subsequently improved upon by the Supreme Court in the early 1990s. As of now, the principles for setting the minimum wage after all these modifications stand as follows. The basic family unit for which the calculation is made is supposed to consist of four persons, a husband, wife and two children. These two children together constitute one consuming unit, so that one can say that the family has three consuming units altogether.…
