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

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All Dressed Up and Nowhere to Go-India Infrastructure Report

All Dressed Up and Nowhere to Go India Infrastructure Report Jayati Ghosh Abhijit Sen C P Chandrasekhar The basic strategy proposed in the India Infrastructure Report prepared by the Expert Group on the Commercialisation of Infrastructure Projects appointed by the ministry of finance is for the government to retreat as investor, to provide space for private participation, even while continuing to facilitate and provide numerous financial crutches for the private sector. But even all of these very expensive measures do not guarantee that the private sector would respond positively to invest in areas which are both risky and not-so-profitable.

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.

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.

Superpower in Decay-Decline of US Economy

Superpower in Decay Decline of US Economy Jayati Ghosh The 1980s witnessed a major restructuring of the US economy, resulting not only from the decline of US hegemony internationally and the increased penetration of external economic forces into the US economy, but also, and critically, from the policy changes brought about by the Republican administration of Reagan and Bush.

Gender Concerns in Macro-Economic Policy

Jayati Ghosh While the impact of short-term stabilisation measures are disquieting, they can still be reversed. The likely long- term effects of liberalisation measures which move towards greater market orientation are more disturbing, not only because they affect women's material conditions immediately but because they set in motion longer term tendencies in the economy, society and in ideology which are much more difficult to reverse.

Development Concerns

Development Concerns Jayati Ghosh Development and Change: Essays in Honour of K N Raj, edited by Pranab Bardhan, Mrinal Datta-Chaudhuri and T N Krishnan; Oxford University Press,

Economic Discipline and External-Vulnerability-A Comment on Fiscal and Adjustment Strategies

If two years of 'shock therapy' constitute any evidence, there is no ground for optimism regarding the viability of the government's current strategy either from a growth or from a balance of payments point of view.

Questioning Liberalisation

Questioning Liberalisation Jayati Ghosh Economic Liberalisation: No Panacea edited by Tariq Banuri; Clarendon Press, Oxford, 1991; pp xvi + 238, Rs 360.

Foreign Private Investment without Illusions

Illusions Jayati Ghosh The emergence of blocs in foreign investment, similar to those in world trade, is of particular interest to those developing countries, including India, which have made attracting foreign investment a major plank of recent policy initiatives.

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

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