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

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From Sanskritisation to Hindi-isation and Hindu-isation

It is too early to make a detailed analysis of the general election for the 13th Lok Sabha. The proximate cause of Congress downfall are fairly obvious. The Congress vision of the nation is incomplete, underdeterminate and inconsistent in theory, and gravely dubious in practice. The BJP as a part of the Sangh parivar touches all aspects of our life. Its model of the nation is at variance with the true principles of Vedas. Yet it has potentially tremendous appeal to the caste-conscious, sanskritising Hindu masses. Not too long ago you heard a chorus of lambs: Indira is India. Expect soon a kirtan of hanumans: India is Hindia.

The Two-Party Syndrome: Conservative versus Liberal?

There is a palpable sigh of relief in some quarters under the impression that India is finally moving towards a virtual two-party system organised around certain conservative and liberal co-ordinates. But does India need that sort of a regime? In thoughts as well as in actions, the reign of this particular liberal consensus for about half a century has exacerbated social fragmentation, religious intolerance, and economic underdevelopment. There is no sign of change for the better in this consensus. The conservative consensus differs little from its rival. It invokes Hindu epics, which, in fact, glorify civil wars that had divided the people. The epic age of Indian spiritualism is marked by great diversity of thoughts which cannot possibly be contained within any one culture. And the other beliefs that emerged subsequently deserve no less respect. The conservative agenda is thus incoherent. Communalism and casteism are the two main threats today. The basic problem has two dimensions: inter-religion, and intra-religion. This paper suggests a possibility of resolution, inspired by two universal truths, namely, human sanctity, and human rights; the former justifies the domain, while the latter enumerates the content. The first one is an ancient revelation in all religions; the second one is of recent origin. The basic ideals of India include secularism and equality in the civil society, full employment and growth in the economy, and democracy in polity. This paper tests the prevailing conservative and liberal consensus in the light of such standards. And, above all, it explores a possible path towards these ideals.

The Hindu Opprobrium, Not Equilibrium

The Hindu Opprobrium, Not Equilibrium Ranjit Sau Unintended Consequences: The Impact of Factor Endowments, Culture and Politics on the Long-Run Economic Performance by Deepak Lal; Cambridge, MA: The MIT Press, 1998; pp x + 287.

An Open Letter to the IMF

Ranjit Sau Dear IMF, YOUR Annual Report 1998* is a precious document. It opens aptly as follows; 'The Asian financial crisis that broke out in July 1997 in Thailand and its subsequent global reverberations, dominated the IMF's work in 1997-98, absorbing an unprecedented amount of time of the Executive Board, management, and staff". Furthermore: "The crisis whose global consequences continued after the end of the financial year [May-April] also prompted a record level of IMF lending in 1997-98, adding immediacy to the need to strengthen the financial resources of the institution to enable it to continue playing a fully effective role in the globalised world economy." You are correct to observe that this "crisis, which saw exchange rates and equity prices plunge dramatically, was one of the worst in the postwar period".

Capital Cannibalism, Currency Chaos and the IMF

Ranjit Sau Two parts of financial markets can and do work at cross purposes. An inflow of foreign investment can be effectively reversed by taking positions in currency markets, spot and forward, The net outcome of such journeys with the time machine of financial instruments is called here 'capital cannibalism'. It is suspected that a sizeable amount of currency trade is engaged in such round-trips for private profit, but national waste.

Dollar Capitalism-Reconstruction of Keynesian Economics for the Long Run

Dollar Capitalism Reconstruction of Keynesian Economics for the Long Run Ranjit Sau The next century will see, according to Huntington, the clash of civilisations as the prime axis of international conflicts. This thesis, in our view, has no historical evidence, let alone internal logic. Contradictions of world capitalism will be, we argue here, a major driving force to global events.

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