ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles by D N GhoshSubscribe to D N Ghosh

Machiavellian Virtue and Economic Globalism

China National Offshore Corporation?s bid for the US multinational oil company Unocal has resulted in a drama of realpolitik in economic globalism. What is, however, of interest is that China has determinedly followed a policy to take on the MNCs and global power on its own terms.

A Consensus for the Future

A Consensus for the Future The Future of India: Politics, Economics and Governance by Bimal Jalan; Penguin Books, New Delhi, 2005; D N GHOSH India

A Policy Approach for Agricultural Lending

It is unrealistic to think that the public sector banks can revitalise agricultural credit delivery without a completely revamped extension services system. It is also time to consider supporting microfinance organisations to take on a larger responsibility in livelihood development. The banks cannot, on their own, carry out the full range of rural credit lending services.

India and China : Partnership or Rivalry in a Globalising World

China and India must behave as responsible players in the global market and reform and restructure their economies in ways that meet their expectations. The central issue facing the global community today is that in the decision-making bodies that deal with cross-border flows of trade, investment and finance, there is a basic asymmetry between power and responsibility, between those who take decisions and those who are affected by it. If the responsibility for ensuring growth and stability of global economy has to be shared by all, the configuration of power structure that dominates the global decision-making bodies has to change fundamentally. The inter-dependent world needs a new architecture for global economic cooperation in which China and India must be effective participants

'Fit and Proper' Banks

In the current supervisory regime of banking regulation, governance concerns take a lower priority than asset-liability and capital-adequacy issues. The RBI's proposed stipulations on ownership regulation will have credibility only if the central bank adds another dimension to its supervisory range. It must accept that keeping a watch over the practices and processes of commercial banks is as much a critical component of its supervisory responsibility, as scrutinising the commercial bank's handling of its asset and liability portfolio. The RBI should consider having a separate instrument, a kind of management audit and inspection, as an essential component of its overall inspection. This will add teeth to its surveillance responsibility and keep the RBI abreast of what is happening on the governance front in every commercial bank.

Disciplining RNBCs

For the few large companies that dominate this sector, the seal of regulatory approval by RBI is their most invaluable asset generating trust among their prospective depositor, mostly in rural and semi-urban communities and ensuring that deposits raised are in accordance with the terms and conditions approved by the RBI and that reasonable safeguards have been installed against default and misuse of funds. But the smart among them manage carefully to stray away carefully from the regulator's watchful eye. Some of the activities they engage in are arguably in the disputed border zone and some safely sheltered in no man's land.

Quirks of the Market Regulator

With the laudable objective of disciplining market participants, the Securities and Exchange Board of India (SEBI) has embarked on a massive operation of building up a comprehensive unique identification scheme. But how will biometric information, to be collected on such a massive scale, add teeth to SEBI's surveillance exercise? And how well is it equipped to isolate those that pose a threat to the integrity of market process? Regulators have to be certainly effective, but they have to be understanding and imaginative as well.

Behind the Celebrity Mask

Behind the Celebrity Mask The Parmalat affair has thrown up the need to change the existing market intelligence system. Not only has it to be extensive, more importantly, it has to be unorthodox, listening to the whisperings in the marketplace, tuning in to the signals being emitted and having the courage to ask uncomfortable questions of financial celebrities.

The Dance of Politics

For years political parties have failed to take note of the growing intensity of feeling against disruption of civic life. Often the disruptions are massive and the agencies of governance choose to look the other way. The circumstances in which a judge of the Calcutta High Court recently felt compelled to attempt to regulate disruptive public protests in the interest of citizens' right to go about their lives are by now well known. If political parties had been behaving responsibly the confrontational ambience would never have arisen. It is the behaviour of political parties and the failure of deliberative politics that have opened the floodgates of judicial intervention.

Waking up to a Strangled Cry

Alexander N Yakovlev, with his privileged access to the relevant archives, illuminates the major phases, trends and events connected with the repressive policies of the Soviet system since its very inception. But a discussion of Yakovlev's revelations leads also to some of the issues that are now troubling the Russian people in the post-communist era.

Market Scandals and Regulatory Governance

What has happened in Wall Street over the past 18 months raises several issues of regulatory governance which are immensely relevant for countries such as India that have embarked on reform of their financial and capital markets. There is deep concern that the regulating agencies are not adequately equipped and capable of discharging their primary responsibility of preserving the integrity of the market processes.

Global Business and Political Governance

A brief look at critical turning-points that have marked qualitative transformations in the nexus between the polity and business. What is most noticeable is the pendulum-like movement of the status and influence of business from the periphery to the centre in the power structure. Each swing of the pendulum originates in the dysfunction of whatever organisational thrust happened to be dominant at the beginning of the swing. Surely, the present swing towards global business will generate some countervailing tendencies which will change the momentum of the process, as also its specific nature. In the process the opportunities for expansion available to the developing nations will diminish in one area, and increase perhaps in others.

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