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

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Is Bank Debt Special?

Despite reform programmes in the capital market in the last decade, for most firms banks and internal sources remain the most important financing sources. The uniqueness of bank debt is evident in its many flexible loan schemes and credit sanctions as well as in options that exist which facilitate tailor-made structuring of debt. This paper attempts to understand specifically the role of banks as a source of debt capital for different groups of firms in India. Even as firms continue their dependence on banks for funding, this paper examines the determinants of various forms of bank finance - short-term, long-term and overall bank debt.

Religious Movements and Social Change

Sri Vaishnavism and Social Change by Kandadai Seshadri; K P Bagchi and Co, Calcutta, 1998; pp xi + 179, Rs 240.

Doctoral Work in Social Sciences

If doctoral theses in the social sciences are any indication of the status of research in these disciplines in India, it is in poor shape.

CANADA-Canadian Federal Election Great Divide

Canadian Federal Election: 'Great Divide'? V Subramaniam THE Canadian federal election on October 25 produced some unexpected results. The predictions before the dissolution of parliament on September 8 indicated a 'hung' parliament with no majority party. Polls by late September began to indicate a possible Liberal Party majority and polls closer to October 25 showed a clear majority. The final result took everyone by surprise. The Liberals won a thumping majority of 177 in a house of 295 and the ruling Progressive Conservative Party (PC) was virtually annihilated with just two seats. The separatist Bloc Quebecois gained 54 seats and official opposition status and the new Reform Party from Western Canada counted 52 members. The left wing New Democratic Party bagged a bare 9 seats, losing its recognised party status. More than a hundred elected members were new to parliament. It has been called a political watershed in Canadian history. To understand its significance for Canada and for the democratic world, we need to go into some recent background history and actual campaign details.

Administrators and Politicians Emerging Relations

emerged with the Janata party holding power at the Centre and in the northern states and the CPI(M), the Congress and the AIADMK holding power in West Bengal and in the southern states. The challenge thus posed to the Indian political system is widely recognised even if it is not well understood or analysed. But the special test it imposes on the administrative system is not acknowledged except in terms of a personal equation by the administrators and politicians concerned.

Ananda K Coomaraswamy

August 27, 1977 Ananda K Coomaraswamy V Subramaniam IN this centenary year of the birth of Ananda Kentish Coomaraswamy, it- would be useful to evaluate the im- pact the great man had at a popular and at a sophisticated level on Westerners as well as Indians. In a visible way, the impact has been dramatic. Around the turn of the century very few outside South India had seen a bronze icon of the dancing Shiva

CANADA-Quebec Separatism Is Not Dead

which period elections were to be held in the country for a government for entire Vietnam, according to the Geneva Agreements. But the Vietnamese people were betrayed. The US sent Ngo Dinh Diem to Saigon, helped him established a dictatorship there and flagrantly violated the Geneva Agreements by not allowing the elections to be held. Thus the very temporary division of Vietnam was perpetuated and the southern half was turned into a new kind of colony of the US. Later, the US intervened directly and the Vietnamese patriots had to fight for over 20 years to completely liberate and reunify their THE November 15th elections in Quebec was described even before they were held by the news media as the "most important" in Canadian history; and so they have proved to be, with the Parti Quebecois, led by Rene Levesque and committed to an independent Quebec winning a thumping victory. It is however being said that the results cannot be taken to mean the end of Canada as a federation, or the birth of a free Quebec; and even Rene Levesque has said that he is in no great hurry. The immediate message of the election results, as a leader of Francophones outside Quebec put it, is that the Frenchwill not tolerate being ignored any more in Canada. For over a century the French in Canada had grumbled and complained but had not expressed themselves so strongly.

RELIGION-The Sage of Kanchi

August 2, 1975 cotton mills are apparently not coming forward to buy the Federation's cotton. Nor has the government-owned Cotton Corporation helped.

American Academics and India

rupted. Teheran's chronic conflict with Baghdad and the latter's recent treaty with Moscow have strengthened the Iranian resolve to be the dominant naval power in the Persian Gulf. The next logical step, from the Shah's point of view, is to establish Iran as an important maritime power in the Indian Ocean. This process will, of course, require active assistance from the military-industrial networks of the West.

Background to Big Power Involvement in Africa

people. The export of fish, eggs, poultry, etc, has resulted in short supply of these things in the market thereby causing hardship to the people, particularly to the poorer sections composed mainly of the peasantry, the working class and the lower middle class. The common man attributes this scarcity and the consequential rise in prices to the export of these commodities to India.

Why Are the French-speaking African Elite Different

claim all credit for the settlement for themselves. This arrangement was entirely to the liking of DMK and the Chief Minister for two reasons. First, none of the central trade unions have much of a following among the Simp- son workers and so individually and collectively they would be a far less formidable hurdle to DMK's designs than Kuchelar who had built up a strong base for himself among the workers. Second, DMK can depend upon the certainty that the central trade union organisations represented on the trade union committee will fall out among themselves over the conduct of the affairs of the union and over the .sharing out of loaves and fishes when the time conies for electing the new union executive. This will leave DMK, which is represented on the trade union committee by the president of its Progressive Labour Federation, in a position to play a dominant role in the affairs of the union. The settlement arrived at with the leaders of the central trade union organisations may thus FROM the time of the Non-aligned Conference in Lusaka in September 1970, Indians interested in African affairs have become mure aware of the differences in attitude between the leaders of English-speaking African countries such as Kenya, Tanzania or Zambia and the leaders of French-speaking African countries such as Senegal, Ivory Coast or Congo (Brazzaville) to important issues connected with colonialism and its aftermath.1 Thus, on the issue of French arms sales to South Africa, the French-speaking African countries refused to name France in the earlier resolutions of the Organisation for African Unity (OAU) condemning such arms sales. This fact was referred to pointedly at the Non-aligned Conference. At the OAU summit meeting last Juno, the Francophone African leader Houphouet-Boigny of the Ivory Coast led those who advocated a dialogue with South Africa. In general, Francophone African leaders still preserve the most cordial, if not filial, relations with the former colonial power in contrast to other newly independent countries.

The Silent Sell-Out in Rhodesia

December 4, 1971 about the 'complacence' of the British worker and the world has been given the feeling that the average unionist in Britain has very little consciousness of what he is involved in here, that the worker of Britain thinks of nothing more than beer, bingo, and the foot- TO an observer from India, the strangest feature of the whole drama of Douglas Home's elaborate negotiations with Rhodesia's Smith, ultimately "legalising" his regime is. the low key of the comments thereon in Zambia. Ever since the UDI of Rhodesia, Zambia's political leaders have rightly concerned themselves with discovering some means of reversing it. On moral and legal grounds President Kaunda has on every possible occasion condemned the "illegal minority regime" as an outrage against human dignity. The leaders of black Africa, with few exceptions, joined with Kaunda in condemnation. Over the last six years, Zambia's trade has been slowly turned away from the South progressively to the North

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