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The Guardian
05-08-2025
- Business
- The Guardian
Lord Desai obituary
An economist with a strong grasp of politics, Meghnad Desai, who has died aged 85, put telling the truth ahead of the pursuit of personal ambition. His work as professor at the London School of Economics had the wide perspective that came from his Indian heritage, and his interest in Labour politics led to him becoming an active member of the House of Lords. The first of his books, Marxian Economic Theory, was published in 1973. I was one of his many students who benefited from the use of his book Applied Econometrics (1976). Testing Monetarism (1981) predicted the demise of the money-supply targeting that was then being pursued by Margaret Thatcher's government. Marx's Revenge: The Resurgence of Capitalism and the Death of Statist Socialism (2002) contains perhaps his best-known contribution to the discipline. He asserted that Karl Marx had been misunderstood: he never said that capitalism was going to collapse anytime soon. On Meghnad's reading, Marx expected capitalism to continue until it had exhausted its productive potential, which given globalisation, could take a very long time. Appointed to the Lords by Neil Kinnock in 1991, he became a frontbench economics spokesman, but was sacked three years later by John Smith when a theoretical speculation of his ran counter to Labour's need for a presentable tax policy. Meghnad backed a proposal to widen the scope of the VAT net to include food and children's clothing. This view was subsequently supported in 2010 by Sir James Mirrlees' review for the Institute for Fiscal Studies as to how a more rational tax system could operate, but it was not a political headline that Labour was looking for in 1994. More presciently, he pointed out in early August 2022 that if Liz Truss were elected as Conservative leader and so the new prime minister, which she was a month later, then she would crash the pound. On the international stage, Meghnad championed a move away from a narrow focus on material progress in measuring development, and proposed instead a human development index. This found its way into the human development reports produced by the UN. With particular regard to India, Meghnad was an early proponent of, and an optimist about, the market-based reforms that were first introduced in 1991 and were to mark a turning point for Indian economic growth. In a tribute at the time of his deah, Prime Minister Narendra Modi called him a 'distinguished thinker and reformer'. His later writings included Nehru's Hero: Dilip Kumar in the Life of India (2004), on the film star who brought method acting to Indian cinema; Rethinking Islamism: The Ideology of the New Terror (2006), distinguishing between the religion and the militant mindset; and The Rediscovery of India (2011), covering the last 500 years of the region's history. He turned his hand to fiction too, with Dead on Time (2009), featuring a British prime minister, and an autobiography, Rebellious Lord (2020). He published more than 200 articles in academic journals and books, and was co-editor of the Journal of Applied Econometrics from 1984 to 1991. In British political life, he was chairman of the Islington South and Finsbury Labour party between 1986 and 1992; the constituency's MP was Chris Smith. When in 2020 Meghnad felt that the Labour party had not done enough to counter antisemitism, he became a non-affliated peer, and then, in 2023, a crossbencher. Born in what is now Varodara, in Gujarat state, Meghnad was the son of Mandakini and Jagdhishchandra Desai, a civil servant. He started secondary school at the age of seven and matriculated at 14. Then he was educated at the University of Bombay and subsequently won a scholarship to attend the University of Pennsylvania, where he obtained his PhD at the age of 23 under the supervision of the Nobel laureate Lawrence Klein. After a short spell at the University of California, Berkeley, he arrived as a lecturer at the LSE in 1965, becoming professor in 1983 and emeritus in 2003, and president of the Association of University Teachers in Economics (1987-90). At the LSE he was head of the Development Studies Institute (1990-95), and founded and headed the Centre for the Study of Global Governance (1992-2003). In 1970, he married Gail Wilson, a lecturer at the LSE. They had three children, Tanvi, Nuala and Sven. The editor of his book on Dilip Kumar was Kishwar Ahluwalia. After his first marriage ended in divorce, he married Kishwar in 2004, and his family then expanded to include her three children, Gaurav, Mallika and Priyanka. In 2008, he was awarded the Padma Bhushan, the third highest civilian honour awarded by India. Six years later, Meghnad founded the Gandhi Statue Memorial Trust, and as chair of the trustees, he raised money and worked with the UK government to help erect the statue in Parliament Square in 2015. He also supported Kishwar in her role as chair of the Arts and Cultural Heritage Trust, the NGO responsible for creating and running the Partition Museum, which opened in Amritsar in 2017. Meghnad's kindness and generosity were evident when the economics internship I had been offered at a government department in 1979 fell victim to spending cuts by the incoming Thatcher government. He quickly found money to offer me a research assistant post, and encouraged many people early in their careers. His open-mindedness showed in his insistence, when I was an undergraduate, that I read widely, including John Rawls, the advocate of 'justice as fairness'. He is survived by Kishwar, his children and four grandchildren, Om, Ira, Chloe and Kiko. Meghnad Jagdishchandra Desai, Lord Desai, economist, born 10 July 1940; died 29 July 2025
New Indian Express
30-07-2025
- Politics
- New Indian Express
Lord Meghnad Desai: Economist, Mahatma Gandhi baiter, Dilip Kumar fan and much more
Lord Meghnad Desai, by his own admission, was a short-term pessimist and a medium-run optimist. The renowned British Indian economist and House of Lords peer, taught econometrics at the prestigious London School of Economics (LSE), and dabbled in developmental economics, macroeconomics and Marxian economics. His multi-disciplinary thinking and commitment to social justice drew Desai into writing on a range of subjects besides economics such as films and even the Bhagavad Gita. He once casually quipped that his book on Bollywood actor Dilip Kumar -- Nehru's Hero Dilip Kumar -- was his greatest achievement. But as Desai later clarified, the comment was 'mostly facetious,' because he met his second wife Kishwar Desai (former TV personality Kishwar Ahluwalia) while she was editing the book. His first marriage lasted 25 years, from which he has three children. Desai specialized in teaching Marxist economics and wrote several books including Marxian Economic Theory in 1973 (revised later in 1979), Applied Econometrics, Testing Monetarism, Marxian Economic Theory, Marx's Revenge: The Resurgence of Capitalism and the death of Statist Socialism. Some of his other offbeat books include The Rediscovery of India and Who Wrote the Bhagavad Gita. His other academic contributions include over 200 scholarly articles. Among all the books he wrote, his actual favourite is Marx's Revenge: The Resurgence of Capitalism and the death of Statist Socialism, which he termed as a 'globaliser's' book, championing the full freedom of movement of capital, labour, trade and migrants. The book's central argument was, if it came to a choice between the market and the state to goose the economy, modern libertarians would be as shocked as modern socialists to find Marx on the side of the market. "If it came to a choice between whether the Market or the State should rule the economy, the modern libertarians would be shocked as much as the modern socialists to find Marx on the side of the Market," he wrote in the book. Analysing some of Marx's lesser-known writings, he argued that his theories enhance our understanding of modern capitalism and globalization. First, that international trade is good for poor countries, workers have an interest in being exploited by capitalists, as high profits guarantee employment. Third, states are inefficient and markets efficient. He went to show how, in theory and in argument, Marx was committed to the idea that capitalism has to flower fully if it is to allow the bourgeois class to fulfil its modernising destiny. The book briefly surveyed 150 years of global capitalism and some of its leading thinkers including Adam Smith, Lenin, Schumpeter, Hayek, Polanyi, Keynes and Marx. Religion rebel Interestingly, Desai was actively opinionated about religion and pretty often. In January 2012, delivering a lecture at the Prof Ramlal Parikh Memorial Lecture organised by the Indian Society for Community Education, Desai castigated Gandhi's use of the Gita as it condoned violence and equated the Mahabharata war to a holocaust. He raised two issues. First about Gandhiji's endorsement of Bhagavad Gita, and his 'admiration' towards Hitler. "How could someone of Gandhiji's intellect make a mistake on Hitler? How could food and drink habits could be mistaken for virtues?" he wondered. He didn't stop there. In September 2012, he delivered another lecture at the Nalanda University in Bihar on the same topic, this time titled The Bhagavad Gita: A secular inquiry into a sacred text, which caused quite a stir. He argued that the holy book was not "a suitable text for modern India" and further questioned, "Why are we respecting the text uncritically, which has so many flaws?" Subsequently, in 2014, he developed it into a book, Who Wrote the Bhagavadgita: A Secular Enquiry into a Sacred Text, as a humanist critique of the sacred text. Desai, himself, confessed multiple times that he wasn't an expert on scriptures and that he was a self-proclaimed atheist. Still, he went on to outline how the Gita reinforces social inequity and lack of concern for others. Needless to say, Desai's views perplexed critics who concluded that perhaps, Desai found the Gita confusing, and difficult with a scant understanding of the intricacies of Vedic philosophy. They maintained that while Desai may be an intellectual giant in the field of economics, 'he was intellectually bankrupt in the field of Indian philosophy'. That aside, Desai was not new to controversies. Be it with his sensational remarks that India was never an ancient nation, or attacking the Narendra Modi government for the high-profile exits of the Reserve Bank of India governors, or the "spectacularly foolish" move to get the government's hands on RBI reserves, or spending on "stupidities" like farm loan waivers and so on. Outside India, he was under the spotlight for dispatching a letter complaining how the Asia House (in the UK) had withdrawn offensively anti-Hindu paintings by MF Hussain. Separately, he found in Labour's crosshairs for his remarks in a TV interview urging the government to impose VAT and bridge the budget deficit. Prior to that, he created a flutter for his remarks on the Church when he said: "Like my noble friend Lord Dormand I am an atheist and therefore should not speak too much about religion, but I am glad that the Church of England, having lost money in real estate, is now interested in sex and making money. That is always welcome." In 2003, he landed himself in yet another controversy for admitting dictator Colonel Gaddafi's son Saif al-Islam Gaddafi, into the London School of Economics. Amid an uproar that that Saif plagarised his PhD, Desai reasoned that the admission wasn't based on parentage but purely based on scholastic merit. But he drew ire for accepting the £1.5 million financial donation from Gaddafi. Eventually, in 2020, he resigned as a member of the UK's Labour party over its failure to effectively tackle antisemitic racism within its ranks. "I have been very uncomfortable and slightly ashamed that the party has been injected with this sort of racism. Jewish MPs were abused openly, and female members were trolled. It is out and out racism," he said. He had joined the Labour party in 1971 and was elevated to the House of Lords in June, 1991. From Baroda to Britain Desai's journey from Baroda to Britain is rather interesting. As a kid, his maternal uncle once locked him up in a dark bathroom for 20-30 minutes for being mischievous, and that unmemorable incident influenced his decision to migrate. "...In fact, I would say that I may have rejected the prospect of my staying on in India once I had the chance to go abroad for this very reason," he recalled in an interview. His journey in the US began at the University of Pennsylvania, where he earned his PhD in economics in 1963, but it was at the University of California-Berkley that shaped his political leanings decisively towards the Left. It's also where he first met Nobel Laurette Amartya Sen and also participated in various student protests against the Vietnam War and others. Incidentally, Desai was appointed as a lecturer at LSE in 1965 on the eve of a student rebellion! In 1983, he became a Professor of Economics and went on to head LSE's Development Studies Institute (1990-95) and found and lead LSE Global Governance (1992-2003). Desai, a Padma Bhushan awardee, taught economics during his prolonged stint at the LSE from 1965 to 2003, saw his research interests on a variety of subjects -- Marxian analysis, applied econometrics, Indian development and reform, poverty, globalisation, and the role of private markets. He founded the Centre for Study of Global Governance at LSE, as well as its Development Studies programme. Importantly, he was one of the creators of the Human Development Index (HDI) -- an inclusive index that quantifies development not by what is to be achieved but by what has been achieved. After retiring from LSE, in 2015 he collaborated with his former students to set up the Meghnad Desai Academy of Economics (MDAE) in Mumbai. His passing away at the age of 85 leaves a gaping void in many spheres.
Scroll.in
30-07-2025
- Business
- Scroll.in
Meghnad Desai, Indian-origin economist, dies at 85
Meghnad Desai, an India-origin economist and a member of the United Kingdom's House of Lords, passed away on Tuesday. He was 85. Born in Gujarat's Vadodara, Desai studied economics at the University of Mumbai before completing his PhD in economics at the University of Pennsylvania. He wrote and edited more than 20 books, along with over 200 articles for academic journals. Desai's early works focused on the Marxian way of thought, including his first book Marxian Economic Theory (1973), which was followed by Applied Econometrics (1976) and Marxian Economics (1979). In 1981, he wrote a critique on monetarism, an economic theory that emphasises the role of money supply in influencing economic activity and price levels. In 2014, Desai wrote the book Who Wrote The Bhagavadgita? He argued that some themes in the Hindu text 'reinforce social inequality and lack of concern for the other and to that extent he finds Gita to be toxic '. Desai taught at the London School of Economics from 1965 to 2003 and later became an emeritus professor. He was also a member of the House of Lords and a leader of the Labour Party. He served as the chairperson of the party between 1986 and 2002 and received the title of Baron in the City of Westminster in 1991. Desai resigned as a member of the Labour Party in 2020 over its alleged failure to tackle antisemitic racism within its ranks. In 2008, Desai was awarded the Padma Bhushan, India's third-highest civilian honour. On Tuesday, Prime Minister Narendra Modi expressed his condolences to Desai's family and described him as a 'distinguished thinker, writer and economist'. Modi said on social media that the economist always 'remained connected to India and Indian culture' and played a role in deepening India-UK ties. 'Will fondly recall our discussions, where he shared his valuable insights,' the prime minister added. Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist. He always remained connected to India and Indian culture. He also played a role in deepening India-UK ties. Will fondly recall our discussions, where he shared his valuable… — Narendra Modi (@narendramodi) July 29, 2025
Time of India
29-07-2025
- Business
- Time of India
Meghnad Desai, eminent economist, passes away; PM Modi expresses condolences
Meghnad Desai served as emeritus professor of economics at the London School of Economics, teaching there from 1965 to 2003. House of Lords member Meghnad Desai passed away on Tuesday at the age of 84. Meghnad Desai was a distinguished economist. Hailing from Gujarat, India, Desai served as emeritus professor of economics at the London School of Economics, teaching there from 1965 to 2003. Prime Minister Narendra Modi expressed his condolences on X: "Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist. He always remained connected to India and Indian culture. He also played a role in deepening India-UK ties. Will fondly recall our discussions, where he shared his valuable insights. Condolences to his family and friends. Om Shanti." Following his master's degree from the University of Bombay (now Mumbai), Desai pursued doctoral studies at the University of Pennsylvania in 1960, completing his PhD within three years. On April 30, 1991, he received the title Lord Desai of St Clement Danes. His influence extended across academic and political spheres in Britain through his roles as an LSE professor, Labour politician and honorary associate of the National Secular Society. Desai founded the Centre for the Study of Global Governance at the LSE in 1992. He also served as director and founding member of the LSE's Development Studies Institute from 1990 to 1995, according to an ET report. Desai conducted extensive research for more than five decades, focusing on how private enterprises and government policies influenced development. His work encompassed Marxian economics, globalisation, and market liberalisation. In the early 1970s, he began publishing works on Marxian Economic Theory, later expanding his academic pursuits to include econometrics, monetarism, and economic development. His published works include significant titles such as 'Marxian Economic Theory', 'Marx's Revenge: The Resurgence of Capitalism and the death of Statist Socialism', 'The Rediscovery of India', 'Who Wrote the Bhagwadgita' and 'Nehru's hero Dilip Kumar'. His academic contributions also include over 200 scholarly articles. As an active participant in the British Labour Party, Desai served as Chairman from 1986 to 1992. Near the conclusion of his chairmanship, he received the title of Baron Desai in the City of Westminster in April 1991. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
