Ravi Batra
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Raveendra Nath "Ravi" Batra (born June 27, 1943) is an
Indian-American Indian Americans or Indo-Americans are citizens of the United States with ancestry from India. The United States Census Bureau uses the term Asian Indian to avoid confusion with Native Americans, who have also historically been referred to ...
economist, author, and professor at
Southern Methodist University , mottoeng = "The truth will make you free" , established = , type = Private research university , accreditation = SACS , academic_affiliations = , religious_affiliation = United Methodist Church , president = R. Gerald Turner , prov ...
. Batra is the author of six bestselling books, two of which appeared on
The New York Times Best Seller list ''The New York Times'' Best Seller list is widely considered the preeminent list of best-selling books in the United States. John Bear, ''The #1 New York Times Best Seller: intriguing facts about the 484 books that have been #1 New York Times ...
, with one (
The Great Depression of 1990 ''The Great Depression of 1990'' is a book by Ravi Batra in the field of economic history and future evolution, originally published in 1985. The book's original title was ''Regular Cycles of Money, Inflation, Regulation and Depressions''. MIT Eco ...
) reaching No. 1 in late 1987. His books center on his idea that
financial capitalism Finance capitalism or financial capitalism is the subordination of processes of production to the accumulation of money profits in a financial system. Financial capitalism is thus a form of capitalism where the intermediation of saving to invest ...
breeds excessive inequality and political corruption, which inevitably succumbs to financial crisis and economic depression. In his works, Batra proposes an equitable distribution system known as Progressive Utilization Theory (PROUT) as a means to not only ensure material welfare but also to secure the ability of all to develop a full personality. Batra has appeared on
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,
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,
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,
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, and
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, and has been profiled in ''
The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'', ''
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'', and ''
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''. Since the financial crisis, Batra has been a frequent guest on radio shows and featured in numerous publications.


Academic career

Batra obtained his B.A. degree from Punjab University in 1963 and M.A. degree from
Delhi School of Economics Delhi School of Economics (DSE), popularly referred to as "D School", is a Higher Educational Institution within the University of Delhi. The Delhi School of Economics is situated in University of Delhi's North Campus in Maurice Nagar. Establ ...
in 1965. In 1969 he received his Ph.D. in economics from
Southern Illinois University Southern Illinois University is a system of public universities in the southern region of the U.S. state of Illinois. Its headquarters is in Carbondale, Illinois. Board of trustees The university is governed by the nine member SIU Board of Tr ...
. He became
assistant professor Assistant Professor is an academic rank just below the rank of an associate professor used in universities or colleges, mainly in the United States and Canada. Overview This position is generally taken after earning a doctoral degree and general ...
of
economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and intera ...
at the
University of Western Ontario The University of Western Ontario (UWO), also known as Western University or Western, is a Public university, public research university in London, Ontario, London, Ontario, Canada. The main campus is located on of land, surrounded by resident ...
in 1969. He moved to
Southern Methodist University , mottoeng = "The truth will make you free" , established = , type = Private research university , accreditation = SACS , academic_affiliations = , religious_affiliation = United Methodist Church , president = R. Gerald Turner , prov ...
in
Dallas, Texas Dallas () is the third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the fourth-largest metropolitan area in the United States at 7.5 million people. It is the largest city in and seat of Dallas County w ...
, in 1970 to become assistant professor of economics. In 1972, he became
associate professor Associate professor is an academic title with two principal meanings: in the North American system and that of the ''Commonwealth system''. Overview In the ''North American system'', used in the United States and many other countries, it is a ...
, and in 1973 he was appointed full
professor Professor (commonly abbreviated as Prof.) is an Academy, academic rank at university, universities and other post-secondary education and research institutions in most countries. Literally, ''professor'' derives from Latin as a "person who pr ...
of economics and
head of department A head is the part of an organism which usually includes the ears, brain, forehead, cheeks, chin, eyes, nose, and mouth, each of which aid in various sensory functions such as sight, hearing, smell, and taste. Some very simple animals may ...
at the age of 30. Prior to 1978 he published advanced theoretical articles and two books, primarily in the field of trade theory.


Spiritual heritage

Batra's writings should be considered in terms of the philosophy of his mentor,
Prabhat Ranjan Sarkar Prabhat Ranjan Sarkar (21 May 1921 – 21 October 1990), also known by his spiritual name Shrii Shrii Ánandamúrti (Ánanda Múrti="Bliss Embodiment"), and known as Bábá ("Father") to his disciples, was a spiritual Guru, philosopher, so ...
, who has had a profound influence on him.


Novel ideas

In 1963, Batra met his mentor, P.R. Sarkar (1921–1990), and after establishing himself in his chosen field, he decided to branch out by contributing to his mentor's work. In 1978, he published a novel book '' The Downfall of Capitalism and Communism: A New Study of History'', where he turned his gaze from theoretical economics to history. In the book Batra promoted the Social cycle theory of his spiritual mentor, Sarkar, based on an analysis of four distinct classes with different psychological preferences or endowments. At the same time, Batra has theorised that
economic inequality There are wide varieties of economic inequality, most notably income inequality measured using the distribution of income (the amount of money people are paid) and wealth inequality measured using the distribution of wealth (the amount of we ...
affects economic performance and social change. He popularised the concept of the "share of wealth held by richest 1%", as an indicator of inequality and an important determinant of depressions.


Social evolution

The main thesis of the book was that the age of acquisitors, better known as
capitalism Capitalism is an economic system based on the private ownership of the means of production and their operation for Profit (economics), profit. Central characteristics of capitalism include capital accumulation, competitive markets, pric ...
, was soon to come to an end in the West. This dramatic change was to be followed by the downfall of the age of
commander Commander (commonly abbreviated as Cmdr.) is a common naval officer rank. Commander is also used as a rank or title in other formal organizations, including several police forces. In several countries this naval rank is termed frigate captain. ...
s in the
Soviet Union The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen national ...
, more commonly known as
communism Communism (from Latin la, communis, lit=common, universal, label=none) is a far-left sociopolitical, philosophical, and economic ideology and current within the socialist movement whose goal is the establishment of a communist society, a s ...
. While his predictions for capitalism to collapse within a few decades due to rampant inequality and speculation have not come true, his prediction for the collapse of communism, due to inner stasis and oppression, arrived in 1990, sooner than expected. The key reason that capitalism, as a self-perpetuating social formation, was seen to be on an unsustainable path, was the relentless drive of acquisitors to acquire ever more capital. Over time, this activity was seen to gain momentum and result in financial booms and busts. A depression would then follow and as it came on top of extreme inequality it would quickly bring social chaos and
revolt Rebellion, uprising, or insurrection is a refusal of obedience or order. It refers to the open resistance against the orders of an established authority. A rebellion originates from a sentiment of indignation and disapproval of a situation and ...
. As anarchy was not a normal state of affairs, the class of military leaders would step in the breach and reestablish
order Order, ORDER or Orders may refer to: * Categorization, the process in which ideas and objects are recognized, differentiated, and understood * Heterarchy, a system of organization wherein the elements have the potential to be ranked a number of d ...
and thereby usher in a new age of "commanders". In this context, Batra reviews a prior such social change, which occurred two millennia ago, when the
Roman Republic The Roman Republic ( la, Res publica Romana ) was a form of government of Rome and the era of the classical Roman civilization when it was run through public representation of the Roman people. Beginning with the overthrow of the Roman Kin ...
was transformed into the
Roman Empire The Roman Empire ( la, Imperium Romanum ; grc-gre, Βασιλεία τῶν Ῥωμαίων, Basileía tôn Rhōmaíōn) was the post-Republican period of ancient Rome. As a polity, it included large territorial holdings around the Mediterr ...
. At that time slave uprisings were common but were violently suppressed. This period became known as the
Servile Wars The Servile Wars were a series of three slave revolts ("servile" is derived from "''servus''", Latin for "slave") in the late Roman Republic. Wars * First Servile War (135−132 BC) — in Sicily, led by Eunus, a former slave claiming to be a pr ...
. At the same time, the military was in ascendancy as the
Roman Army The Roman army (Latin: ) was the armed forces deployed by the Romans throughout the duration of Ancient Rome, from the Roman Kingdom (c. 500 BC) to the Roman Republic (500–31 BC) and the Roman Empire (31 BC–395 AD), and its medieval contin ...
continued to expand the empire. The pivotal figure in the development was the military leader,
Julius Caesar Gaius Julius Caesar (; ; 12 July 100 BC – 15 March 44 BC), was a Roman general and statesman. A member of the First Triumvirate, Caesar led the Roman armies in the Gallic Wars before defeating his political rival Pompey in a civil war, and ...
, who wrested control from the Senate by diluting its membership, but was in turn murdered by the disgruntled Senators. The military class, led by his adopted son
Octavian Caesar Augustus (born Gaius Octavius; 23 September 63 BC – 19 August AD 14), also known as Octavian, was the first Roman emperor; he reigned from 27 BC until his death in AD 14. He is known for being the founder of the Roman Pri ...
, cemented the new social order. Batra thinks such a scenario in the future will refocus the social motivity, away from acquisition of money to a mastery of technology and physical bravery including the conquest of
space Space is the boundless three-dimensional extent in which objects and events have relative position and direction. In classical physics, physical space is often conceived in three linear dimensions, although modern physicists usually consider ...
, heralding a new age of commanders in the
West West or Occident is one of the four cardinal directions or points of the compass. It is the opposite direction from east and is the direction in which the Sunset, Sun sets on the Earth. Etymology The word "west" is a Germanic languages, German ...
. These ideas contrast starkly with those of thinkers like
Francis Fukuyama Francis Yoshihiro Fukuyama (; born October 27, 1952) is an American political scientist, political economist, international relations scholar and writer. Fukuyama is known for his book ''The End of History and the Last Man'' (1992), which argue ...
who argues in ''
The End of History and the Last Man ''The End of History and the Last Man'' is a 1992 book of political philosophy by American political scientist Francis Fukuyama which argues that with the ascendancy of Western liberal democracy—which occurred after the Cold War (1945–1991) ...
'' that capitalism, as it is based on
democracy Democracy (From grc, δημοκρατία, dēmokratía, ''dēmos'' 'people' and ''kratos'' 'rule') is a form of government in which the people have the authority to deliberate and decide legislation (" direct democracy"), or to choose gov ...
and
freedom Freedom is understood as either having the ability to act or change without constraint or to possess the power and resources to fulfill one's purposes unhindered. Freedom is often associated with liberty and autonomy in the sense of "giving on ...
, represents the pinnacle of human social development. For Fukuyama, the collapse of Soviet Communism could have been inevitable, but not that of Capitalism.


Bestsellers

Ravi Batra is the author of six international bestsellers, two of which appeared on ''The New York Times'' list. In 1980 he published ''Muslim Civilization and the Crisis in Iran'' where he predicted the fall of the Shah and the rise of a class of intellectuals, or Mullahs, followed by a drawn out war with Iraq. In 1984, he penned what was to become his first bestseller, first under the title ''Regular Cycles of Money, Inflation, Regulation and Depressions''. A central theme of this book was that the mal-distribution of wealth, which Batra found to be the cause of past episodes of financial speculative manias that were followed by a crash and depression.
Lester Thurow Lester Carl Thurow (May 7, 1938 – March 25, 2016) was an American political economist, former dean of the MIT Sloan School of Management, and author of books on economic topics. Education Born in Livingston, Montana, Thurow received his B.A. in ...
was so impressed that he wrote a preface stating the ideas were "novel and brilliant". This book was subsequently renamed as ''The Great Depression of 1990''. It entered the New York Times Best Seller list in the Non-fiction category in early 1987 and reached #1 later that year.


Outcomes of predictions

Batra predicted a full scale depression in the US in 1990; it did not happen. Batra's reputation rose in Europe on account of his correct prediction for the downfall of communism when he was awarded the Medal of the
Italian Senate The Senate of the Republic ( it, Senato della Repubblica), or simply the Senate ( it, Senato), is the upper house of the bicameral Italian Parliament (the other being the Chamber of Deputies). The two houses together form a perfect bicameral sy ...
in 1990. Batra continued to publish bestselling works in Japan with economic malaise lasting until the early 2000s. In the US, however, his sales began to drop and his booming side-line career as a media commentator on matters economic and financial began to sour. In 1993, Batra received the
Ig Nobel Prize The Ig Nobel Prize ( ) is a satiric prize awarded annually since 1991 to celebrate ten unusual or trivial achievements in scientific research. Its aim is to "honor achievements that first make people laugh, and then make them think." The name of ...
in economics. On September 9, 2007, Batra predicted
A political revolution will take place in the United States by the end of this decade ... by around 2010. And the revolution could go on for four or five years before it is complete. So, from 2010 to 2016 we could see major changes in US economy and society. It will be a peaceful revolution and it will bring an end to the rule of money in society.


Recent works

In 1993, Batra published ''The Myth of Free Trade: The Pooring of America'' in which he argued that
free trade Free trade is a trade policy that does not restrict imports or exports. It can also be understood as the free market idea applied to international trade. In government, free trade is predominantly advocated by political parties that hold econo ...
has enabled the rich to become richer but most people became poorer. Batra predicted that NAFTA would create unemployment in Mexico and lower wages in America. He urged the breakup of large firms, a raise in tariffs, and a drastic cut in defense spending to turn the country around. In his view, domestic monopolies generate inequality and poverty and global trade damages the industrial base and the global environment. In 1998, he published ''Stock Market Crashes of 1998 and 1999: The Asian Crisis and Your Future''. The book was revisiting the premise of his earlier bestselling work, arguing nothing had changed, only the palliative cures of economic policy had become more effective at suppressing the symptoms of financial capitalism, but not cure its underlying illness. He therefore predicted increasing stock market volatility. Again in 1999, he published a book ''The Crash of the Millennium: Surviving the Coming Inflationary Depression'', which suggested a plunge in stocks. The drop in high-tech stocks in the Spring of 2000 sent a shiver through the global market place. However, his critics claimed that since the capitalist system remained relatively intact, that he was proven wrong. In 2004, he wrote a new book ''Greenspan's Fraud: How Two Decades of His Policies Have Undermined the Global Economy'' where he critically evaluates the policy prescriptions of Former Federal Reserve Chief Alan Greenspan. In 2008 he published his book, ''The New Golden Age: The Coming Revolution against Political Corruption and Economic Chaos'', where he analyzes the present day economic downturn and the forces behind it. After some significant struggle, Batra predicts a "swift and stunning" revival of American ideals based on true democratic principles that will quickly spread around the world:
The United States does not export much, but it does export ideas, which today mainly emit hedonism and materialism. A new standard exalting martial qualities and magnanimity will soon replace the currently dominant American ethos. It will also sound the death knell for tricklism which is creating poverty around the world. America's revolutionary ideas will quickly captivate the globe; they will spread like wildfire and eradicate poverty within a generation. The internet will make sure that the renaissance spreads its fragrance all over the planet. Verily, for the first time in history, there will be a Golden Age.(Pg. 204)


Bibliography


Books

* * * * * * * * * * * * * * *


Journal articles

* * *


See also

* Free trade controversy * Progressive utilization theory


References


External links

*
Southern Methodist University
{{DEFAULTSORT:Batra, Ravi 1943 births American Hindus American male non-fiction writers American people of Punjabi descent Delhi School of Economics alumni Futurologists Indian emigrants to the United States Living people People from Dallas People from Multan Punjabi academics Pakistani exiles Southern Illinois University Carbondale alumni Southern Methodist University faculty University of Western Ontario faculty Writers about globalization Economists from Texas 21st-century American economists