An interview with Amit Bhaduri
Amit Bhaduri was internationally selected professor at Pavia University and visiting Professor at the Council for Social Development, Delhi University. His six books and more than sixty journal articles have consistently scrutinized the foundations of neoclassical economic theory and presented theoretical and practical alternatives. Among his most widely cited contributions, co-authored with Stephen Marglin, is the Bhaduri-Marglin model. Distinguishing between wage-led and profit-led growth, the model has given way to a wealth of research on the relationship between the functional income distribution and effective demand. In other work, Bhaduri has studied technological change in agricultural societies, articulated and criticized the social consequences of finance-led growth, and developed just and equitable alternatives to standard models of development.
In anticipation of his forthcoming article on social democracy in PSL Quarterly, and a Phenomenal World series on the topic, we begin this interview by discussing alternatives to financial liberalization, before turning to a discussion on the future of welfare politics, development strategy, and contemporary models of economic growth.