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A Failed Economy Saved by Geography

Vol. 58, Issue No. 15, 15 Apr, 2023
Biju Paul Abraham, Partha Ray

Despite experiencing multiple political and economic crises in recent times, Pakistan’s economy has so far avoided a collapse similar to Sri Lanka’s. It is argued that the key to understanding its economic survival has been the effective utilisation of its unique geography, thereby exhibiting features of a rentier state. Its strategic location has enabled Pakistan to secure military and economic support from three major countries, namely the United States, China, and Saudi Arabia. While this enabled a razor’s edge type unstable economic survival, it also prevented the country from undertaking significant political and economic reforms. 

The Sri Lankan Crisis

Vol. 57, Issue No. 32, 06 Aug, 2022
Biju Paul Abraham, Partha Ray

Many have argued that the current Sri Lankan crisis was caused by the economic impact of the COVID-19 pandemic and the Ukraine war, and the country’s overdependence on predatory Chinese lending. Sri Lanka’s problems are more deep-rooted and have their origins in economic policy that focused on providing fi scal sops and a family-run political establishment that enabled the government to ignore sound advice.

China-bashing and Post-COVID-19 Narrative

Vol. 55, Issue No. 39, 26 Sep, 2020
Biju Paul Abraham, Biswajit Nag, Partha Ray

The disruption of supply chains caused by COVID-19 has led to predictions that international firms will relocate production away from China, benefiting other emerging economies, including India. However, China’s integration with the global economy in terms of international finance, investment, construction and as a low-cost location for global production is now so deep that such changes will neither be quick nor painless.  In fact, China’s innovations might allow it to even reinforce its position in the global economy.

Trade War and Global Economic Architecture

Vol. 55, Issue No. 17, 25 Apr, 2020
Biju Paul Abraham, Partha Ray

The recent decision of the United States to impose punitive tariffs on imports from China and the European Union, and the retaliation of these trade partners in tandem, is of concern to the global community. In analysing these contemporary events, it is argued that the genesis of the trade war can potentially be traced to the piling up of global imbalances, and the failure of the global financial institutions or fora—like the World Trade Organization and the International Monetary Fund—to address such imbalances. In such a context, whether the emerging economies have the ability to influence the course and outcomes of the current trade war, and whether this trade war can generate the possibility of reform of the international institutions are explored here.

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