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| Re-regulating
Finance |
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Following
the financial crisis,
much has been done for
preventing systemic
failure in the financial
sector, stalling economic
downturn and ensuring
a recovery. However,
the adequacy and appropriateness
of the measures adopted
remain questionable.
As far as reforming
the financial sector
is concerned, despite
a spate of proposals,
agreement on the appropriate
mix of policies and
the progress with implementation
have been limited. This
section presents papers
and articles that analyse
the adequacy of various
proposals and measures,
the challenges that
could arise at the time
of implementation and
advocate additional
or alternative measures.
Some of these papers
also take a renewed
look at the veracity
of the arguments given
for explaining the genesis
of the crisis.
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| The
Global Financial Crisis
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- International
Conference on 'Recovery or Bubble?
The Global Economy Today', organised
by International Development Economics
Associates (IDEAs), Gulmohar Hall,
Indian Habitat Centre, New Delhi,
29-30 January 2010.
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IDEAs
Conference on "Reforming
the Financial System: Proposals,
Constraints and New Directions",
Muttukadu, Chennai, India,
January 25-27, 2010.
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Towards
Genuine Universalism within Contemporary
Development Policy |
| Andrew
Fischer |
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It
is very difficult to know the impact
of the MDGs on poverty reduction.
On one hand, poverty measurements
are ambigous and on the other hand,
the mechanisms by which MDGs affect
poverty reduction are not clear.
This article argues that the MDGs
should be replaced by a re-politicisation
of the mainstream development agenda,
together with a genuine revival
of emphasis on universalistic modes
of social policy as viable means
of dealing simultaneously with poverty
and inequality. |
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| Looking
to the Future: Examining the dynamics
of ALBA |
| Emine
Tahsin |
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This
paper examines whether and to what
extent the experiences of ALBA (Bolivarian
Alternative for the Peoples
of Our America) succeed in putting
up an ideological challenge against
neoliberalism. The path of the socialist
Cuba and the Bolivarian revolution
of Venezuela are the main driving
forces
of the ALBA project. As a result,
socio-economic development on the
basis of equity and complementarity
has been realized under ALBA integration.
ALBA has also played a role in reducing
the vulnerabilities of the Cuban
economy. |
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| Corporate
and Cooperative Solutions for the
Agrarian Crisis in Developing Countries |
| Sripad
Motiram & Vamsi Vakulabharanam |
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This
article discusses credit and marketing
arrangements for small farmers in
developing countries.
The authors draw on the mixed experience
with agricultural cooperatives in
developing countries to
present the design of a credit and
marketing cooperative. The authors
argue that in conjunction with
other state policies, this arrangement
works better for small farmers than
other alternatives, in particular
corporate ones. |
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| Cry
Wolf but do not ignore Tomorrow's Tigers |
| Heiner
Flassbeck |
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Most
commentators treat Greece's domestic problems and
those of other southern members of the European Monetary
Union (EMU) as if they were totally unrelated to external
trade within and outside EMU. But, if Europe cannot
agree on a concerted action with explicit decisions
about wage adjustment paths
to rebalance its trade, these external imbalances
could lead to dissolution of the EMU. |
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| FDI
and the Balance of Payments in the 2000s |
| C.P.
Chandrasekhar & Jayati Ghosh |
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The
most quoted indicator
of the success of economic reform is the noticeable
rise
in the inflow of foreign direct investment during
the last decade and a half. However,
the available Indian evidence on the performance of
foreign direct investment companies suggests that
their balance of payments consequences are adverse. |
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| Financial
Euphoria and Aftershock |
| Jayati
Ghosh |
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John
Kenneth Galbraith's analysis of the capitalist economy
in the delightfully written tract ''A Short History
of Financial Euphoria'' remains as relevant today
as it was then. However, unlike what Galbraith offers,
the solution
to capitalism's proneness to recurrent bouts of speculation
has to go beyond capitalist markets and profit motivation.
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Speculation
against the Euro |
| Luiz
Carlos Bresser-Pereira |
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The
latest speculative attack against Greece, one of the
fragile countries in the eurozone, is another evidence
of the need to strictly regulate banks and hedge funds.
It also brings home the point that money is a powerful
and dangerous public good that democratic societies
must
have control over. |
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| The
Crisis and Employment in Asia |
C.P.
Chandrasekhar &
Jayati Ghosh |
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Despite
scepticism about
its sustainability, evidence shows that the crisis
of
2008-09 has bottomed out
and a recovery is likely, driven by the fiscal stimulus
offered
by governments across the world. But figures from
the ILO indicate that the impact of
the stimulus on employment appears uneven, with export
dependent economies in Asia too adversely affected. |
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| Euroland
is Being Crucified Upon Its Own Cross of Gold |
| Thomas
I. Palley |
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The
neoliberal doctrine
followed by the European monetary union (EMU) is the
main reason for the current economic woes being faced
by Euroland countries in the context of the financial
crisis. To break out of the current scenario, it is
necessary to forsake the dogmatic monetary policies
still being followed. |
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| K.N.
Raj: Outstanding economist, institution builder, beacon
for young people |
| C.
Rammanohar Reddy |
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The
years after independence saw a number of outstanding
young men and women throw their hearts and bodies
into building a new India. K.N. Raj was a giant of
that generation. Professor Raj was many things: an
outstanding economist, an excellent teacher, a builder
of institutions, a beacon for young people and, not
least, someone who could think well ahead of his time.
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Can
the Euro Survive? |
| Jayati
Ghosh |
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The
focus of financial market attention in the past week
has been on the fiscal problems in some developed
countries within the European Union, in particular
Greece, Portugal etc. The fiscal problems in Greece
are currently the most pronounced, but the problem
posed by the sovereign debt issues of the country
is deeper and potentially more significant. In fact,
it is not just about the current problem of Greece
or any other country, but the larger issue of stability
and viability of the eurozone itself. |
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