Research

Publications

Books

Enchanters Wand: The volatile partnership at the heart of the financial system, Verso, 2027

Things fall Apart: From the Crash of 2008 to the Long Slump Sage (India), 2012

Journal Articles

The nexus of public debt and private finance: forging the international order, 2024, Review of Political Economy 2024

The Gold Exchange standard and Colonial India: Foreshadowing financial subordination under a state credit standard, 2024, Review of International Political Economy 2024

Digital platforms: monopoly capital through a classical-marxian lens, Cambridge Journal of Economics, 46 (6) 1269–1288, 2022.

Financial liberalization and the Indian non-financial, corporate sector. Competition & Change, 27(1), 74–93, 2022 (with Arpan Ganguly)

The Doom-Loop Redux: The Corporate Bond-Purchase Program and the Political Economy of the Fed’s Pandemic Response. Review of Radical Political Economics, 54(2), 171–189. 2022.

Women’s Self-Employment as a development strategy: The dual constraints of care work and aggregate demand,Feminist Economics 28:3, 56-83, 2022 (Co-authored with Srinivas Raghavendran)

Does reliable electrification reduce gender differences? Evidence from India, Journal of Economic Behavior & Organization, 185, 580-601, 2021 (with A. Sedai, A. A. Pena, R. Miller)

Friends and benefits? Endogenous rotating savings and credit associations as alternative for women’s empowerment in India, World Development, 145, 2021 (with A. Sedai, A and A. Pena).

The evolution of China’s monetary policy: On the horns of a dilemma. Review of Keynesian Economics 9, 1 83-108, 2021

The network of empire and universal capitalism. Review of Social Economics, 79:1, 76-102, 2021

Shadow Money in the nineteenth century: Is Marx relevant for understanding contemporary shadow money, Review of Political Econom y30 (3) 461-483, 2018.

The rise of the global corporation and the polarization of the managerial class, Review of Political Economy. 29 (4): 539-565. 2018.

The significance of Marx’s theory of Money, Economic and Political Weekly 52, (37): 70-82. 2017.

Finance and Distribution: Revisiting Wage-led and Profit led Growth” Review of Keynesian Economics. 5 (1) 78-93. 2017

Finance, Distribution and Accumulation: A Circuit of Capital Model with a Managerial Class, Metroeconomica, 67 (2): 397-428. 2017.

QE through the prism of the Barings Crisis in 1890: Central Banks and the International Money Market, Journal of Post Keynesian Economics, 37 (1): 91-114. 2014.

Profits Technology and Distribution, Cambridge Journal of Economics Vol. 37, No. 1, pp. 57-89, 2013.

Terms of Trade, Competitive Advantage, and Trade Patterns, Review of Political Economy, 24 (2): 183-202, 2012

Reforming the International Financial System: Core and Periphery Issues and the Dollar Standard, Ekonomiaz, Basque Economic Journal (Special Issue: The Financialization of the

Economy), 2010

Financial Intermediation and Fragility: The Role of the Periphery, International Review of Applied Economics 2010

From the Gold Standard to the Floating Dollar Standard: An appraisal in the light of Marx’s theory of money, Review of Radical Political Economy 2009

Dollar Hegemony, Financialization and the Credit Crisis, Review of Radical Political Economy 41, 3 2009

The Global Meltdown: Financialization, dollar hegemony and the subprime market collapse, Special Issue on the Financial Crisis, Economic and Political Weekly XLIV, 13, 2009

The Borrower of Last Resort: International Adjustment and Liquidity in Historical Perspective”, Journal of Economic Issues Dec, 2008

Book Chapters

Global Value Chains and Unequal Exchange: Market Power and Monopoly Power, In Daniele Tavani and Duncan Foley (Ed) Growth Distribution and Effective Demand: Classical and Post-Keynesian Perspectives, forthcoming (with Deepankar Basu).

Labour, Imperialism and Finance: My journey as an economist. In (ed) Women and Heterodox Economics: Past Present and Future, edited by Alexandra Bernasek and Lynne Chester Edward Elgar, 2025

Financialization Radical Political Economy edited by In Ann Davis and Mona Ali, Routledge, 2025

Rural Poor or Peasant Proletarians: Agrarian Agrarian change and labor markets in Eastern UP in in the colonial period. In (Ed.), Conflict, Demand and Economic Development: Essays in Honour of Amit Bhaduri, edited by Deepankar Basu and Debarshi Das, Routledge, 2020

Marx, Money, and Capitalism: Marx’s theory of money and the contemporary state credit standard. In Karl Marx – Life, Ideas, Influence: A Critical Examination on the Bicentenary (ed) Shaibal Gupta, Marcello Musto and Babak Amini, Palgrave-Macmillan, 2019

The Accumulation of Capital, The Routledge Handbook of Heterodox Economics, edited by T.H Jo, L Chester and C D’ippoliti, Routledge, 2017.

The Dollar Standard and Imperialism, Encyclopedia of Imperialism and Anti-Imperialism, London Palgrave Macmillan 2015.

Core-Periphery Asymmetry, Triangular Adjustment Patterns and the Export of Fragility: AStock-Flow Consistent Model” in Globalization and Development: A Handbook of New

Perspectives (ed) A. Deshpande, Oxford University Press. 2007

Other Writings

The Crypto State Jacobin (June) 2025

Silicon Valley Bank and financial turmoil, Catalyst 7, 1, 2023

Crypto convulsions and digital delusions and the inexorable logic of finance capitalism, Monthly Review, 74, 7, 2022.

The Janus face of public debt Catalyst, 6, 2, 2022 https://catalyst-journal.com/2022/09/the-janus-face-of-public-debt

The Pandemic alone can’t transform Capitalism, Jacobin, 2021

COVID-19 and Dollar hegemony. Catalyst, 4, 2, 2020

How big finance is making a killing from the pandemic, Jacobin (June 11), 2020

To fight the pandemic we must fight the whole system, Jacobin (April 25), 2020

Libra and Facebook’s money illusion, Challenge 63,1 21-39. 2020.

Global Class warfare, Catalyst 3, (1), 2019.