Meghnad Jagdishchandra Desai, Baron Desai (born 10 July 1940) is a
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
-born
naturalised
Naturalization (or naturalisation) is the legal act or process by which a non-citizen of a country may acquire citizenship or nationality of that country. It may be done automatically by a statute, i.e., without any effort on the part of the i ...
British economist and former
Labour
Labour or labor may refer to:
* Childbirth, the delivery of a baby
* Labour (human activity), or work
** Manual labour, physical work
** Wage labour, a socioeconomic relationship between a worker and an employer
** Organized labour and the labour ...
politician. He stood unsuccessfully for the position of
Lord Speaker
The Lord Speaker is the presiding officer, chairman and highest authority of the House of Lords in the Parliament of the United Kingdom. The office is analogous to the Speaker of the House of Commons: the Lord Speaker is elected by the members ...
in the
House of Lords
The House of Lords, also known as the House of Peers, is the Bicameralism, upper house of the Parliament of the United Kingdom. Membership is by Life peer, appointment, Hereditary peer, heredity or Lords Spiritual, official function. Like the ...
in 2011. He has been awarded the
Padma Bhushan
The Padma Bhushan is the third-highest civilian award in the Republic of India, preceded by the Bharat Ratna and the Padma Vibhushan and followed by the Padma Shri. Instituted on 2 January 1954, the award is given for "distinguished service ...
, the third highest civilian award in the
Republic of India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
, in 2008. He is a Professor
Emeritus
''Emeritus'' (; female: ''emerita'') is an adjective used to designate a retired chair, professor, pastor, bishop, pope, director, president, prime minister, rabbi, emperor, or other person who has been "permitted to retain as an honorary title ...
of the
London School of Economics
, mottoeng = To understand the causes of things
, established =
, type = Public research university
, endowment = £240.8 million (2021)
, budget = £391.1 millio ...
.
Early life
Born in
Vadodara
Vadodara (), also known as Baroda, is the second largest city in the Indian state of Gujarat. It serves as the administrative headquarters of the Vadodara district and is situated on the banks of the Vishwamitri River, from the state capital ...
,
Gujarat, India
Gujarat (, ) is a state along the western coast of India. Its coastline of about is the longest in the country, most of which lies on the Kathiawar peninsula. Gujarat is the fifth-largest Indian state by area, covering some ; and the ninth- ...
, Desai grew up with two brothers and one sister. He is said to have gone to secondary school at age seven and matriculated at 14. He secured a bachelor's degree in economics from
Ramnarain Ruia College
Ramnarain Ruia Autonomous College is a college affiliated to the University of Mumbai, in Matunga, Mumbai, India. It was established in June 1937. The University of Mumbai granted autonomous status to Ramnarain Ruia College in year 2017. It co ...
, affiliated to the
University of Mumbai
The University of Mumbai is a collegiate university, collegiate, State university (India), state-owned, Public university, public research university in Mumbai.
The University of Mumbai is one of the largest universities in the world. , the un ...
, and then pursued a master's degree in economics from the Department of Economics (now called the Mumbai School of Economics and Public Policy) of University of Mumbai, after which he won a scholarship to
University of Pennsylvania
The University of Pennsylvania (also known as Penn or UPenn) is a private research university in Philadelphia. It is the fourth-oldest institution of higher education in the United States and is ranked among the highest-regarded universitie ...
in August 1960. He completed his PhD in economics at Pennsylvania in 1963.
Political career
Desai has been active in the British Labour Party, becoming chairman between 1986 and 1992, and was made Honorary Lifetime and President of
Islington South and Finsbury Constituency Labour Party
__NOTOC__
A constituency Labour Party (CLP) is an organisation of members of the British Labour Party who live in a particular parliamentary constituency.
In England and Wales, CLP boundaries coincide with those for UK parliamentary constituenc ...
in London. He was created a
life peer
In the United Kingdom, life peers are appointed members of the peerage whose titles cannot be inherited, in contrast to hereditary peers. In modern times, life peerages, always created at the rank of baron, are created under the Life Peerages ...
as Baron Desai, ''of
St Clement Danes
St Clement Danes is an Anglican church in the City of Westminster, London. It is situated outside the Royal Courts of Justice on the Strand. Although the first church on the site was reputedly founded in the 9th century by the Danes, the current ...
in the
City of Westminster
The City of Westminster is a City status in the United Kingdom, city and London boroughs, borough in Inner London. It is the site of the United Kingdom's Houses of Parliament and much of the British government. It occupies a large area of cent ...
'', on 5 June 1991. He was a member of
Labour Friends of Israel
Labour Friends of Israel (LFI) is a group in the Parliament of the United Kingdom that promotes support for a strong bilateral relationship between Britain and Israel, and seeks to strengthen ties between the British Labour Party and the Isra ...
. Desai quit his Labour Party membership of 49 years over antisemitism concerns in November 2020, following the readmission of former Party Leader
Jeremy Corbyn
Jeremy Bernard Corbyn (; born 26 May 1949) is a British politician who served as Leader of the Opposition and Leader of the Labour Party from 2015 to 2020. On the political left of the Labour Party, Corbyn describes himself as a socialist ...
as a member.
[Labour peer resigns membership of 49 years over antisemitism](_blank)
/ref>
Academic career
Currently, Desai is chairman of the Official Monetary and Financial Institutions Forum
The Official Monetary and Financial Institutions Forum (OMFIF) is an independent think tank organization concerned with central banking, economic policy, and public investment.
OMFIF was co-founded in 2010 by David Marsh, who has subsequently se ...
(OMFIF
The Official Monetary and Financial Institutions Forum (OMFIF) is an independent think tank organization concerned with central banking, economic policy, and public investment.
OMFIF was co-founded in 2010 by David Marsh, who has subsequently se ...
) Advisory Board, an independent membership-driven research network. It focuses on global policy and investment themes for off the record public and private sector engagement and analysis.
He is the current chairman of the Meghnad Desai Academy of Economics, a post-graduation institute in Mumbai
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...
.
Previously, Desai has worked as an Associate Specialist in the Department of Agricultural Economics, University of California, Berkeley
The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California) is a public land-grant research university in Berkeley, California. Established in 1868 as the University of California, it is the state's first land-grant u ...
, California. He became a lecturer at the London School of Economics
, mottoeng = To understand the causes of things
, established =
, type = Public research university
, endowment = £240.8 million (2021)
, budget = £391.1 millio ...
in 1965 and professor of economics in 1983. At the LSE, he taught econometrics
Econometrics is the application of Statistics, statistical methods to economic data in order to give Empirical evidence, empirical content to economic relationships.M. Hashem Pesaran (1987). "Econometrics," ''The New Palgrave: A Dictionary of ...
, macroeconomics
Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole.
For example, using interest rates, taxes, and ...
, Marxian economics
Marxian economics, or the Marxian school of economics, is a Heterodox economics, heterodox school of political economic thought. Its foundations can be traced back to Karl Marx, Karl Marx's Critique of political economy#Marx's critique of politic ...
and development economics
Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural ...
over the years. From 1990 to 1995, he headed LSE’s Development Studies Institute and lead LSE Global Governance from 1992 to 2003.
Desai wrote his first book ''Marxian Economic Theory'' in 1973 followed by ''Applied Econometrics'' in 1976 and ''Marxian Economics'', a revised edition of his 1973 book in 1979. He wrote ''Testing Monetarism'', a critique of monetarism
Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the money supply have major influences on measures ...
, in 1981.
In the 1970s, he taught an idiosyncratic version of economic principles to freshers at the LSE (starting with Piero Sraffa
Piero Sraffa (5 August 1898 – 3 September 1983) was an influential Italian economist who served as lecturer of economics at the University of Cambridge. His book ''Production of Commodities by Means of Commodities'' is taken as founding the neo- ...
).
Desai has written extensively publishing over 200 articles in academic journals and had a regular column in the British radical weekly ''Tribune
Tribune () was the title of various elected officials in ancient Rome. The two most important were the tribunes of the plebs and the military tribunes. For most of Roman history, a college of ten tribunes of the plebs acted as a check on the ...
'' during 1985–1994, in the Indian business daily ''Business Standard'' (1995–2001) and in ''Indian Express'' and ''Financial Express''. From 1984 to 1991, he was co-editor of the ''Journal of Applied Econometrics
Econometrics is the application of Statistics, statistical methods to economic data in order to give Empirical evidence, empirical content to economic relationships.M. Hashem Pesaran (1987). "Econometrics," ''The New Palgrave: A Dictionary of ...
''. A selection of his academic papers was published in two volumes as ''The Selected Essays of Meghnad Desai'' in 1995.
In 2002, Desai's book '' Marx's Revenge: The Resurgence of Capitalism and the Death of Statist Socialism'' stated that globalisation
Globalization, or globalisation (Commonwealth English; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. The term ''globalization'' first appeared in the early 20t ...
would tend toward the revival of socialism. Desai analyses some of Marx's lesser known writings and argues that his theories enhance our understanding of modern capitalism and globalization. His work was well received, with The Guardian
''The Guardian'' is a British daily newspaper. It was founded in 1821 as ''The Manchester Guardian'', and changed its name in 1959. Along with its sister papers ''The Observer'' and ''The Guardian Weekly'', ''The Guardian'' is part of the Gu ...
stating 'If only socialists had studied Marx properly, they would have known all along that capitalism would triumph. Meghnad Desai gets behind the slogans in Marx's Revenge'.
Desai published a biography of Indian film star Dilip Kumar
Mohammed Yusuf Khan (; 11 December 1922 – 7 July 2021), better known by his stage name Dilip Kumar, was an Indian actor who worked in Hindi cinema. Credited with pioneering method acting in cinema, he dominated the Indian movie scene from lat ...
entitled ''Nehru's Hero: Dilip Kumar in the life of India'' (Roli, 2004). He has described the book as his "greatest achievement". Examining Kumar's films – some of which Desai has seen more than 15 times – he discovers parallels between the socio-political arena in India and its reflection on screen. He discusses issues as varied as censorship, the iconic values of Indian machismo
Machismo (; ; ; ) is the sense of being " manly" and self-reliant, a concept associated with "a strong sense of masculine pride: an exaggerated masculinity". Machismo is a term originating in the early 1930s and 1940s best defined as hav ...
, cultural identity
Cultural identity is a part of a person's identity, or their self-conception and self-perception, and is related to nationality, ethnicity, religion, social class, generation, locality or any kind of social group that has its own distinct cultur ...
and secularism
Secularism is the principle of seeking to conduct human affairs based on Secularity, secular, Naturalism (philosophy), naturalistic considerations.
Secularism is most commonly defined as the Separation of church and state, separation of relig ...
, and analyses how the films portrayed a changing India at that time.
In 2003, Desai retired as Director of the Centre for the Study of global governance
Global governance refers to institutions that coordinate the behavior of transnational actors, facilitate cooperation, resolve disputes, and alleviate collective action problems. Global governance broadly entails making, monitoring, and enfor ...
, which he founded in 1992 at the London School of Economics
, mottoeng = To understand the causes of things
, established =
, type = Public research university
, endowment = £240.8 million (2021)
, budget = £391.1 millio ...
(LSE), where he is now professor emeritus. He was chairman of the Trustee's Board for Training for Life, Chairman of the Management Board of City Roads and on the Board of ''Tribune
Tribune () was the title of various elected officials in ancient Rome. The two most important were the tribunes of the plebs and the military tribunes. For most of Roman history, a college of ten tribunes of the plebs acted as a check on the ...
'' magazine. Lord Desai was also a founding member of the Development Studies Institute (DESTIN) at the LSE in 1990.
Desai retired from the LSE in 2003. Since then he has published ''Rethinking Islamism: Ideology of the New Terror'' (2006), ''The Route to All Evil: The Political Economy of Ezra Pound
Ezra Weston Loomis Pound (30 October 1885 – 1 November 1972) was an expatriate American poet and critic, a major figure in the early modernist poetry movement, and a Fascism, fascist collaborator in Italy during World War II. His works ...
'' (2007), a novel ''Dead on Time'', (2009) and ''The Rediscovery of India'' (2009).
Lord Desai serves as the founder chairman of the Meghnad Desai Academy of Economics in Mumbai (MDAE). MDAE offers a one-year post-graduate diploma in economics, offered jointly with Department of Economics (Autonomous), University of Mumbai. MDAE focuses on applied learning and case studies rather than on rote learning. Students will participate in workshops and seminars with top economics and finance professionals from around the world.
Saif Al-Gaddafi thesis
In 2007, Desai was asked by the University of London to serve with Tony McGrew of the University of Southampton
, mottoeng = The Heights Yield to Endeavour
, type = Public research university
, established = 1862 – Hartley Institution1902 – Hartley University College1913 – Southampton University Coll ...
as one of the two examiners of the PhD thesis of Saif al-Islam Gaddafi
Saif al-Islam Muammar al-Gaddafi ( ar, سيف الإسلام معمر القذافي; born 25 June 1972) is a Libyan political figure. He is the second son of the late Libyan leader Muammar Gaddafi and his second wife Safia Farkash. He was a p ...
, the son of the then leader of Libya. They did not immediately accept the thesis, as it was found to be weak. The candidate was subjected to an oral examination for two and a half hours and Gaddafi was asked to revise and re-submit it. The revised version was subsequently accepted.
As Desai had already retired from the LSE he had no involvement with the donation from Saif Gaddafi's charity to the LSE. Learning from the press of these links between LSE and Libya, Desai demanded that the money be returned to the people of Libya. He expressed disappointment at a speech Saif Gaddafi subsequently made on Libyan state television declaring the Gaddafi family's willingness to "fight to the last bullet", observing that "he was not behaving as if he had had an LSE education."
Desai is chairman of the Official Monetary and Financial Institutions Forum
The Official Monetary and Financial Institutions Forum (OMFIF) is an independent think tank organization concerned with central banking, economic policy, and public investment.
OMFIF was co-founded in 2010 by David Marsh, who has subsequently se ...
(OMFIF) Advisory Board, an independent financial think tank which serves as a neutral, non-lobbying platform for exchanges among official institutions and private sector counterparties worldwide.
Personal life
In 1970, Desai married his LSE colleague Gail Wilson, his first wife. She was the daughter of George Ambler Wilson
George Ambler Wilson, CBE, MICE (1906–1977) was a British civil engineer..
Wilson was born in Wellington, Shropshire in 1906.. He was the chief engineer of the Port of London Authority from 1953 to 1967. In 1958 he was elected a member ...
, CBE
The Most Excellent Order of the British Empire is a British order of chivalry, rewarding contributions to the arts and sciences, work with charitable and welfare organisations,
and public service outside the civil service. It was established o ...
. They had three children.
During the course of writing ''Nehru's Hero'', Desai met Kishwar Ahluwalia (now Kishwar Desai), his second wife who worked as an editor for this book. On 20 July 2004 the couple married. Desai and 47-year-old Ahluwalia were both divorced and married at a registrar's office in London.
Desai is an atheist
Atheism, in the broadest sense, is an absence of belief in the existence of deities. Less broadly, atheism is a rejection of the belief that any deities exist. In an even narrower sense, atheism is specifically the position that there no ...
and is an Honorary Associate of the National Secular Society
The National Secular Society (NSS) is a British campaigning organisation that promotes secularism and the separation of church and state. It holds that no one should gain advantage or disadvantage because of their religion or lack of it. It was ...
. He is also a member of and an advisor to the 1928 Institute.
Works
* 1975, "The Phillips Curve: A Revisionist Interpretation". ''Economica
''Economica'' is a peer-reviewed academic journal of generalist economics published on behalf of the London School of Economics by Wiley-Blackwell. Established in 1921, it is currently edited by Nava Ashraf, Oriana Bandiera, Tim Besley, Francesco ...
'', February 1975.
* 1980, ''The Keynesian Theory of Investment: A Critique and a Reformulation'', AUTE Conference, Durham, 1980.
* 1994, "Equilibrium, Expectations and Knowledge", in J. Birner & R. van Zijp, ''Hayek, Co-ordination and Evolution; His Legacy in Philosophy, Politics, Economics, and the History of Ideas'', Routledge 1994.
* 2002, ''Marx’s Revenge: The Resurgence of Capitalism and the Death of Statist Socialism'', Verso Books
* 2004, ''Nehru's Hero: Dilip Kumar in the Life of India'', Lotus Collection
* 2006, ''The Route of All Evil: The Political Economy of Ezra Pound'', Faber & Faber
* 2009, ''Dead on Time'', Beautiful Books Limited (UK).
* 2013, ''Pakeezah : An Ode to a Bygone World'', HarperCollins India
* 2015, ''Hubris: Why Economists Failed to Predict the Crisis and How to Avoid the Next One''
References
External links
Interview with PBS
MDAE
LSE Biography
Article in Mint
''The Times of India'': "The 'I' of Meghnad Desai"
(autobiographic article)
''Indian Express'' columns
Lord Woolf's Inquiry into the LSE and Libya
March 2011
Make a submission.
{{DEFAULTSORT:Desai, Meghnad Desai, Baron
1940 births
Academics of the London School of Economics
British atheists
British secularists
British politicians of Indian descent
British economists
Indian atheists
20th-century Indian economists
Indian emigrants to England
Indian peers
Indian institute directors
Living people
Scientists from Gujarat
People from Vadodara
Labour Friends of Israel
University of California, Berkeley faculty
University of Mumbai alumni
University of Pennsylvania alumni
Recipients of the Padma Bhushan in public affairs
Honorary Fellows of the London School of Economics
British people of Gujarati descent
Naturalised citizens of the United Kingdom
Life peers
Recipients of Pravasi Bharatiya Samman