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

A PremchandSubscribe to A Premchand

Trust and Watchdogs' Dilemmas

The failure of the regulatory regime as evidenced in the ongoing crisis has its origins in many fields. Two factors that have abetted this failure relate, one, to the conventional emphasis on macro-management and an arm's length relationship with the regulatees, and, two, to the belief that the market is endowed with the capacity to periodically readjust itself to changing requirements. This article first considers the evolutionary aspects of corporate and regulatory management. It is recognised that regulatory failure extends to many other areas. Four cases are cited to illustrate this aspect. The modus operandi of those engaged in fraudulent behaviour and how the regulatory agencies have a handicap in addressing systemic failure are discussed. While emphasising the need for a road map, the article outlines a few directions in which the first steps have to be taken.

On Being One of Many Ekalavyas

This brief piece notes that there were a number of economists and others who received career boosts from publication of their articles in the Economic Weekly. They were not members of any established centres of power or learning and had admiration for the journal and like Ekalavya they did their bit to help the journal, when needed.

Government Land Grants: Case for Reappraisal of Current Policy

The experience with grant or sale of land at a subsidised price to private bodies including commercial organisations suggests that decision-making by government is often arbitrary and as a result may have contributed to the establishment of domains of patronage and centres of profit, rendering the whole issue of public purpose highly debatable.

Ethical Dimensions of Public Expenditure Management

Although there are no standards, there are generally accepted ethical principles. Experience shows that their non-observance may have contributed to policy distortions, uneconomic practices, consolidation of the unaccountable bureaucratic state and to continuing fiscal crises in many governments. The achievement of the goal of a civic society requires the formulation and observance of an ethical code on the part of the government and the development of adequate management tools that facilitate this monumental task. Recent efforts by international financial institutions (IFIs) in this direction do not address these issues and even if their recommendations are implemented in full, there would be no relief from the original sins. The first part of the paper explains the nature of the sins and the second considers the alternatives proposed and their viability.

Central Banking and Public Policy-Making

Lectures on Economic and Financial Sector Reforms in India by Y V Reddy; Oxford University Press, New Delhi, 2002, pp 236, Rs 550.

Government and Public Enterprises-Budgetary Relationships

Budgetary Relationships A Premchand The central issue of the budgetary relationship between government and public enterprises is the tenor of financial control exercised, the determination of what is considered important, and the general approach to all matters concerning the finances of enterprises. Institutional practices and traditions generate their own systems of values. Values, in turn, may lead to either flexibility or rigidity in the institutional approach influencing the budgetary process and the emphasis to be placed at various stages of work.

Performance Budgeting for Defence

A Premchand Though some moves were made in 1968 to organise performance budgeting in the Ministry of Defence, very little progress would appear to have been made so far in that direction.

Performance Budgeting in Public Sector

A Premchand The principal handicaps in the budgeting system of the public sector are two: there is generally very little relationship between the financial outlays of the budget and the physical content of the programme proposed to be achieved, and the system of financial control is concerned more with cash transactions than with the cost of operations.

Another Opportunity Lost

with the destruction of the Congress" was on policy; instead it said, the Leftist Opposition must help the process of polarisation within the Congress so that by the time the next general election came, a broad Left front would have taken shape throughout the country. In other words, said 'Mainstream', "the Left must encourage principled fights within the Congress and welcome those who leave the party because of its anti-people actions rather than offer inducements to power- seekers merely in order to topple Congress government". The weekly said that the Left must also consider the implications of elevating floor-crossing to the status of acceptable political conduct. The situation was full of threat to the proper functioning of democracy and the Left had a responsibility.

Towards a Functional Budget

A Premchand The present budgetary system was evolved to meet the needs of a colonial government, it is unsuited to the financial and physical evaluation and control that has to accompany developmental expenditure. If the national budget is to be more than an exercise in wishful thinking it will have to be made very much more functional in its composition and formulation.
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