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Farce of Fund Surveillance

THE Bonn Economic Summit of the industrialised countries of the West has, as we know, been conspicuous for its failure to agree on almost any major issue. It could not agree on the timing and agenda of the next round of negotiations on trade or on the participants in it. Nor could it agree on the discussion of the reform of the monetary system. As it turned out, differences were quite sharp on both the issues of trade as well as money, but they were clearly sharper on money, What is so different about the agreement reached at the IMF's Interim Committee meeting towards the end of April this year that "effective Fund surveillance was necessary as a means of promoting sound economic policies and convergence of performance among member countries", that "steps be taken to strengthen surveillance over the policies of all Fund countries'', and that in that context consideration be given "to means of increasing effectiveness of surveillance over the policies of those industrial and developing countries which have a significant impact on the functioning of the world economy"?

Technology Import-Liberalisation Is Not the Answer

Technology Import Liberalisation Is Not the Answer ISG WE, economists, are very fond of drawing a distinction between 'necessary' and 'sufficient' conditions, almost to the point of making it a cliche. I am tempted to draw the same distinction, in the present context; to ask how necessary it is to import technology in order to modernise our economy. I have no doubt that modernisation is absolutely necessary for our economic progress and that we cannot modernise without updating our technology. But will the import of technology be sufficient to ensure modernisation?

Gold Smuggling- What Is behind Its Acceleration

GOING by the cases of gold smuggling coming to light, it would appear that the smuggling of gold into the country is again on the rise. Several factors operate behind gold smuggling. Not that the demand for gold is generated only by the black economy, but it is true that the black economy is expanding and if it is valid to assume that a part—that too the larger part—of the income/assets generated in the black economy tends to be kept in the form of gold, the growth of the black economy itself could be a continuing source of additional demand for gold.

Tackling the Debt Crisis

Tackling the Debt Crisis ISG AS an international political forum, the Commonwealth is probably one of those very nebulous institutions today whose impact on the policy-makers of its member countries is best not assessed, for any such attempt is unlikely to yield much. That such a forum has, all the same, survived for so long may, for some, only go to prove how institutions have a way of outliving their usefulness. A more positive way of looking at the continuation of the Commonwealth is to view it not as a policy-making institution but as a body that serves to influence thinking on world issues, economic as well as political, of not only its member countries but also non-members. This it seeks to do less through the meetings of ministers and other functionaries from its member countries and more through the studies it commissions on various important world issues. It is this aspect of the Commonwealth's functioning that has come into the forefront more and more in recent years.

What about an Edible Oil Reserve

last October which showed conditions on Finlay estates in Bangladesh, protesters at the company's AGM carried a symbolic tea packet marked 'Finlay puts the T in exploitation'

Undervalued Yen or Overvalued Dollar

Undervalued Yen or Overvalued Dollar? ISG JAPAN'S economy after the Second World War was a highly controlled economy with restrictive tanit and non-tariff barriers applying to trade rigid control on movement of funds not only out of Japan but also into Japan. Over the years, Japan has liberalised trade and dismantled most of its non-tariff barriers except those meant to protect its high-cost primary sector. Rice and beef are the two principal commodities enjoying this protection. Also, tariffs have come down considerably over the years. In regard to control on funds, Japan has been more cautious.

Oh, These Fly-by-Night NRI Depositors

October 29, 1983 maintained through the media and the sight of a Democratic party in disarray, his victory is by no means assured, certainly not, to use an Americanese, a 'shoo-in.' He will have to defend a four-year record which, despite all the trumpet-blowing, will be no easy task; it has several ugly features

Day Dreaming on Oil Price

Day Dreaming on Oil Price ISG OIL price hay been under downward pressure from early 1980, though for some time in between, in the early phase of the Iran-Iraq war, there was ;i firming up, Lately, however, there has been increasing talk of the oil price reverting to the nominal level that obtained in mid-year, 1979, i e, at mound $ 25-6 a barrel of marker crude. Is this purely wishful thinking? Or could there be a genuine possibility of the oil price declining in the near future? An answer is important, because depending" on it, one can form one's judgment on the shape of a country's balance or payments and its investment programme, both overall as well as that concerning specifically the energy sector. However, the answer is not so easily forthcoming.

Why a Non-IMF Rescue Arrangement

January 15, 1983 ment lies: "It goes without saying that the Right-wing reactionary forces represent a dangerous alternative to Indian National Congress power at the national level. This is the chief menace, and it is looming ever larger on the political horizon. The struggle against it is making INC, headed by Indira Gandhi, a broad organisation with relative historical progressiveness which it of course uses to consolidate its popularity and well-deserved authority." Of course. Well known specialists of course have the prerogative to abstract from reality. It is not exactly the 'Right-wing reactionary forces', some of whom were a part of the Union government during 1977-79, who however created the conditions which have rendered the country wide open to exploitation by international capitalism. This situation has been brought about subsequently, by the Indian National Congress headed by Indira Gandhi, whose popularity, Dr Ulyanovsky assures us. is so well-deserved. It is again Indira Gandhi's government, working assiduously during the past three years, who have scrapped the production controls on the big monopoly houses, slashed the supply of free foodgrains to the rural poor, and launched a crusade against communist ideology.

What Price Crude Importst

What Price Crude Imports? ISG THE Petroleum Ministry claims to have made the necessary arrangements for importing the 20 million and odd tonnes of crude pi as a small quantity of processed petroleum products we would need during the course of the current year. What price are we going to pay for the crude imports we have contracted for?


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