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

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Debt-Equity Swaps-New Way Out of International Debt Crisis

New Way Out of International Debt Crisis? Nirmal Kumar Chandra AS the international debt crisis persists, some creditor banks in co-operation with the debtor governments have found an apparently painless, though admittedly partial, solution in debt-equity swaps. What are these swaps like? Take the case of Nissan Corp (Japan) which purchased on the secondary market through Citicorp (US), Mexican debts with a face value of $ 60 million for a sum of $ 40 million, sold the debt to the Mexican government for $ 54 million in Mexican pesos, and the local currency proceeds were invested in Nissan's Mexican affiliate. It looks like a copybook example of Pareto-optimality: the original creditor must have been happy to have recovered two-thirds of the face value in dollars, Nissan obtained Mexican pesos at a discount of 26 per cent and the Mexican government not only took a 10 per cent cut but managed to liquidate its dollar loan. The supreme virtue of it from a Reaganomic perspective was that the entire operation was carried out by using the 'normal' market channels without the use of political pressures or threats.

Education in China-From the Cultural Revolution to Four Modernisations

From the Cultural Revolution to Four Modernisations Nirmal Kumar Chandra Despite some commendable efforts to democratise education, the Cultural Revolution was bogged down by the inability of the leadership to develop an alternative vision of higher education that would take into account the broader socio-political goals simultaneously with the economic compulsions of a major world power that China already was. Out of this ineptitude grew the authoritarian trend culminating in the repression of intellectuals. The succeeding leadership seems to have exploited these weakness to launch a very different socio-economic order that promotes inequalities at many levels, including the field of education. While committed to the slogan of accelerated growth all round, its achievements in the sphere of education are mixed. The restoration of the status quo ante in higher education and the promotion of postgraduate studies are positive steps, but quite insufficient. The savage cutback in secondary education is thoroughly unjustified. The reintroduction of an examination-centred system and of keypoint schools are controversial from an educational view point and retrograde from a democratic perspective.

Theories of Unequal Exchange-A Critique of Emmanuel and Amin

A Critique of Emmanuel and Amin Nirmal Kumar Chandra The theory of unequal exchange, the author argues, is quite unsound and does not advance our knowledge of why the economic distance between the North and most countries in the South is increasing with the passage of time. The writings of Arghiri Emmanuel or Samir Amin do contain many useful insights that serious students of economic developments can hardly afford to miss. Their main fault lies, however, in constructing a simplistic theory with an extremely small number of variables and quantifying them in a manner that suits the theory rather than the facts; they hardly realise that the variables properly estimated could often stand the theory on its head.

Modernisation for Export-Oriented Growth-A Critique of Recent Indian Policy

Modernisation for Export-Oriented Growth A Critique of Recent Indian Policy Nirmal Kumar Chandra Modernisation of the economy has been a pervasive goal of Indian official policy since independence. It has, however, acquired a new connotation since the advent of the present Prime Minister More than ever before, the accent today is on technological upgradation, production of high quality goods at lower prices with the help of appropriate imports, drastic reduction in direct taxes, rationalisation of indirect taxes, and the creation of a healthy competitive environment in various sectors of the economy. It is also believed that the economy will respond positively to these measures, alleviating at the same stroke rural poverty and unemployment.

Long-Term Stagnation in the Indian Economy, 1900-75

The Indian experience since independence seems to be in flagrant contradiction with the orthodox Western theories of economic development, eg, Nurkse

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