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

International Economic AffairsSubscribe to International Economic Affairs

Why a Non-IMF Rescue Arrangement

January 15, 1983 ment lies: "It goes without saying that the Right-wing reactionary forces represent a dangerous alternative to Indian National Congress power at the national level. This is the chief menace, and it is looming ever larger on the political horizon. The struggle against it is making INC, headed by Indira Gandhi, a broad organisation with relative historical progressiveness which it of course uses to consolidate its popularity and well-deserved authority." Of course. Well known specialists of course have the prerogative to abstract from reality. It is not exactly the 'Right-wing reactionary forces', some of whom were a part of the Union government during 1977-79, who however created the conditions which have rendered the country wide open to exploitation by international capitalism. This situation has been brought about subsequently, by the Indian National Congress headed by Indira Gandhi, whose popularity, Dr Ulyanovsky assures us. is so well-deserved. It is again Indira Gandhi's government, working assiduously during the past three years, who have scrapped the production controls on the big monopoly houses, slashed the supply of free foodgrains to the rural poor, and launched a crusade against communist ideology.

Did GATT Hold Any Promise at All

Did GATT Hold Any Promise at All? I S G GATT (General Agreement on Tariffs and Trade) should serve as a standing reminder to all and sundry that one country one vote does not, by itself, work wonders. The pundits who now rebuke the developing countries for not displaying enough interest in GATTs activities ought first to brush up their history. It was not for want of active interest on their part that the developing countries found themselves almost completely ignored in the operation of GATT. In fact, UNCTAD was the outcome of the frustrations of the developing countries with the functioning of GATT, in spite of the fact that these countries have acccounted for more than two-thirds of the GATT membership. Indeed, UNCTAD is a living monument principally to those frustrations.

Mexican Crisis and Response

THE developing country with the largest outstanding external debt is now Mexico. Last month it was in danger of defaulting on its payments. Something like $ 16 billion were duo to be repaid by Mexico on an outstanding debt of dose to $ 90 billion. With oil prices having been on 'the decline for almost a year and Mexico's policy of selling only as much oil as it needs to sell and conserving the rest for the future, it is a matter of surprise that the crisis took so long to surface.

Pages

Back to Top