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South-East Asian Economies Miracle or Meltdown

South-East Asian Economies: Miracle or Meltdown? Jayati Ghosh Abhijit Sen C P Chandrasekhar In the past few months several of the more 'successful' of the south-east Asian economies have been plagued by problems of decelerating exports and deteriorating balance of payments positions, slowdowns in output expansion and declines in employment in exporting industries, domestic imbalances requiring stabilisation policies, and the like. The south-east Asian situation is not anywhere near the Mexican case, but the strong dependence on foreign capital does bring out one important similarity that of external vulnerability which also has important policy lessons for other Asian countries.

Economic Reforms, Employment and Poverty-Trends and Options

Trends and Options Abhijit Sen If poverty reduction is to be a serious part of the agenda of economic reforms, the reforms will have to have an explicitly redistributive content. This will require cuts in subsidies to the rich and also higher taxes to maintain and increase the expenditure relevant for the poor. In addition, the old issues of land distribution and provision of universal primary education and health must be put back on the agenda.

Using Foodstocks Productively

Using Foodstocks Productively Jayathi Ghosh Abhijit Sen C P Chandrasekhar The previous Congress government made a definite choice, in terms cf utilising the surplus public foodgrain stocks, to use them to pay for more liberalised imports rather than to feed the poor in India. However, the existence of these stocks now provides a tremendous opportunity in terms of a substantial non-inflationary expansion in public works and other infrastructure development and maintenance which can be organised through food-for-work and similar schemes.

The Rupee and Its Malcontents-Exchange Rate Management in India

The Rupee and Its Malcontents Exchange Rate Management in India Jayati Ghosh Abhijit Sen C P Chandrasekhar The sources of the current instability in the currency markets - portfolio capital inflows from foreign institutional investors, exporters withholding their foreign exchange earnings and reckless imports and import hunching by domestic firms are rendered the more potent because of the reduced ability of the government to intervene effectively, it having discarded many of the instruments it could earlier have used to determine the exchange rate of the rupee. Having tied its own hands so effectively, the government's external economic policy has become a prisoner of speculative forces rather than their master.

Privatising Natural Resources

Privatising Natural Resources Jayati Ghosh Abhijit Sen C P Chandresekhar Having joined the globalisation bandwagon, it is not surprising that recent attempts at privatisation in India reflect the quintessential features of the process of using the state to transform natural resources into means for primitive accumulation by domestic and foreign interests.

Life after Enron

Life after Enron Jayati Ghosh Abhijit Sen C P Chandrasekhar The Enron agreement was only one of eight so-called fast track' agreements with multinational companies on terms, essentially dictated by the union ministry of power, which are ruinous for the concerned state governments and for power consumers. However, the danger of focusing only on these specific projects is that attention may be diverted from the more fundamental task of framing a new policy for the power sector. What are the dimensions of the crisis facing the power sector and how can it be resolved? Confusion on these basic issues has led to many reactions to the Enron fiasco which are erroneous and misleading.

International Trade and the Agricultural-Sector in India

This paper analyses the impact on Indian agriculture of trade policy reform in India and multilateral trade liberalisation internationally. The rationale and structure of India 's trade policy regime for agriculture over the last three decades are outlined to highlight the fundamental departures implicit in the recent trade policy reform This is followed by discussion of the significance of the agricultural sector in India's economy and foreign trade on the one hand and the importance of Indian agriculture in world output and trade on the other and comparison of domestic and world prices for selected agricultural products.

PERSPECTIVES

Writing about Hindu-Muslim Riots in India Today Gyanendra Pandey The dominant nationalist historiography that insists on the totalising standpoint of a seamless nationalism needs to be challenged not only because of its interested use of categories such as 'national' and 'secular' but also because of its privileging of the so-called 'general' over the particular, the larger over the smaller, the 'mainstream' over the 'marginal

Union Budget 1988-89-On Management of Drought and of Public Opinion

On Management of Drought and of Public Opinion Abhijit Sen The finance minister has been lucky in inheriting relatively high levels of Plan expenditure, particularly on rural development. These have allowed the worse effects of the drought to be averted without much additional effort this year and laid the basis for a claim to record fulfilment of the Plan.

Optimal Capital Structure and towel Cost of Capital-Towards an Operational Approach in the Indian Context

of Capital Towards an Operational Approach in the Indian Context S K Chakraborty Abhijit Sen Knowledge of the cost of capital helps in planning the optimal capital structure for the firm.

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