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

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Development and Trade Policy-Synthesis Missing

Development and Trade Policy Synthesis Missing Ranjit Sau Wealth and Poverty: Essays in Development Economics, Vol 1, by Jagdish N Bhagwati (ed Gene Grossman); Oxford: Basil Black well, 1985 (Indian impression: Oxford University Press, Delhi); pp 319 + xiv, Rs 110.

Economic Consequences of a Dominant Coalition

a Dominant Coalition Ranjit Sau There is a consensus among social scientists that the political economy of India is dominated by a coalition of proprietary classes. Not just the capitalists, but a multiplicity of ruling classes contend for the economic surplus. The standard paradigm of economic theory cannot recognise such a situation. Hence there is an urgent need for innovation in the methodology of analysis, and in the 'research programme' itself Models of game theory and of genetic evolution may be applied to gain insight into the working of the system. The immediate task of economic policy should be to work towards the dissolution of the links which hold the dominant coalition together.

Planning Rural Full Employment-A Case for Working Capital Subsidy

Planning Rural Full Employment A Case for Working Capital Subsidy Ranjit Sau THE Seventh Plan has reiterated the objective of full employment, which is being sought to be achieved within the span of fifteen years. This is not the first time that such a sentiment has been expressed. In the late fifties it was felt that India could get rid of unemployment within a decade. Since then the Planning Commission has been busy in the formulation of employment-oriented plans. In 1978 the removal of unemployment and severe underemployment within ten years was set as one of the principal objective of planning.

Expansion of Luxury Goods and Immiserisation of the Poor

Expansion of Luxury Goods and Immiserisation of the Poor Ranjit Sau FAST growth in one sector may have adverse effects on other sectors of the economy; it may even lead to an absolute deprivation of some sections of the population. The Seventh Plan of India aims at further accelerating the expansion of certain goods which are, in fact, items of luxury consumption that mostly the rich can afford. Economics literature is fond of classifying commodities under two heads; capital goods, and consumer goods. Rarely are the latter subdivided into essential, and luxury goods. Occasionally one comes across the category of what is called wage goods, no doubt; but luxury goods are hard to come by in economic theory, and are much less investigated. Classical theory is preoccupied with corn. The neoclassical theory of general equilibrium makes no such distinction at all; product-mix in it has no impact on income distribution. On the other hand, luxury goods do appear in Sraffa (1960, pp 6-7); but they are assigned a passive role in the theoretical structure, Marx (1885, pp 406-16), in the analysis of simple reproduction, subdivides Department II into necessities of life, and articles of luxury, the latter entering the consumption of only the capitalist class. But again luxury goods as such do not have the pride of place in the Marxian theory of value and accumulation. In Kalecki (1971) luxury goods, or "consumption goods for capitalists", seem to be accorded a more respectable mention as constituting a separate sector, but they do little else. Luxury goods, we believe, are an under-estimated category in economic theory.

On Some Aspects of the Strategy of Growth in India

On Some Aspects of the Strategy of Growth in India Ranjit Sau This paper identifies four major components of the strategy of growth that is taking shape in India under the new regime: fa) district-wise industrialisation; (b) modernisation and technological advancement that is prone to the Ricardo effect; (c) recourse to import as a device for instilling a competitive spirit; and (d) regeneration and optimal use of land resources. It argues the case for a State Public Sector to initiate small and medium scale industries. It suggests the criterion of forward-biased labour-intensity' to counter the Ricardo effect. It pleads for removal of barriers to the growth of small-scale entrepreneurs.

World, Universe and the Nebulous

World, Universe and the Nebulous Ranjit Sau World-Systems Analysis: Theory and Methodology

Industrialisation in a Multipolar World

Industrialisation in a Multipolar World Ranjit Sau The International Economy and Industrial Development: Trade and Investment in the Third World by Robert H Ballance, Javed A Ansari, and Hans W Singer; Wheatsheaf Books, Brighton, 1982; pp 326.

Development of Capitalism in India

Ranjit Sau The latest international division of labour has set in motion a worldwide relocation of industries providing fillip to industrialisation in certain parts of the globe hitherto untouched by modern industry. Under the shadow of this broad sweep, will capitalist development in India result in a basic transformation in its state and society, and usher in the era of so-called 'modernisation'? This is the central question to which this paper addresses itself Like the absolute ground-rent vis-a-vis capitalism in agriculture, the paper argues, the merchant's profit in a country such as India at its present stage of development acts as an obstacle to the growth of capitalism in industry. It further contends that the path of transition to full-fledged capitalism is blocked from both sides: above and below. Internally the structures is such that small capitalists find it difficult to move to higher levels; likewise, the landlords and capitalist farmers with investible resources are not sufficiently stimulated to transform themselves into industrial capitalists. On the other hand, large industrial capitalists are subject to competitive threat from world monopoly capital.

Profit Rates in Private Corporate Sector

Ranjit Sau The record of the past three decades reveals certain significant features of profit rates in the cor- porate sector in India, First, the profit rate varies directly with the size the company, what is more, the degree of fluctuation over times varies inversely with the size of the company.

Africa s Options in Development Strategy

Ranjit Sau The World Bank has identified sub-Saharan Africa as the area of 'top regional priority and has produced a report titled "Accelerated Development in Sub-Saharan Africa: An Agenda for Action". The report reviews the economic performance of the concerned countries, particularly during the last two decades, diagnoses the root causes of stagnation and decline, and unequivocally recommends a certain course of action for the short and the long term.

Structural Adjustment in the Indian Economy-IMF Model of Import-Pushed Growth

IMF Model of Import-Pushed Growth Ranjit Sau The structural adjustment programme as per the IMF Memorandum by and large articulates the ongoing policies as they are in India

Union Budget 1983-84 All Along the IMF Line

Union Budget 1983-84: All Along the IMF Line Ranjit Sau The Budget for 1988-84 does not reflect much concern for the deterioration in industrial growth nor does it propose any determined effort to reverse the trend. The Finance Minister says he is promoting savings; rather what he should promote is investment.

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