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This book assesses the effects of globalization and neoliberal economic regimes in low- and middle-income countries, primarily on industries, investment and trade; finance and credit; and employment, gender and development. The volume – written to honour the rich academic work of the eminent economist Professor C. P. Chandrasekhar – addresses issues which are relevant to emerging economies and their concerns around development, investment, financial planning and adopting new technologies. It analyses the new financial systems and institutions and the dominance of global finance in policymaking in these countries and their effects in the postpandemic period. It examines the changing contours of finance, trade and labour models and laws in developing countries to assess the risks and concerns of economic crises and challenges. The volume does justice to an assessment of the macroeconomic and developmental implications of neoliberal policies in India while offering an insightful overview of the new economic practices and policies. It also offers suggestions and measures to address concerns regarding banking and global liquidity, reinforce robust strategies for growth in both small and large industries and bring in reform. This book will be of interest to scholars and students of economics, political economy, finance and trade, development studies and South Asian studies.
"Explains the transition of Indian economy in the background of development issues"--
Neoliberal economic reforms over the last four decades have altered the economic cartography of emerging market economies such as India, particularly in the context of international trade, investment and finance, and in terms of their effects on the real economy. This book examines the issues of financialization, investment climate and the impact of trade liberalization. By analysing these three features of neoliberal reform the book is unique, since it accommodates both a mainstream neoclassical approach and a non-mainstream political economy approach. The major questions answered by this book, cover three basic lines of enquiry pertaining to neoliberal reforms. They are (a) how financialization as a new process affects the real economic health of emerging market economies characterized by globalization; (b) how the changing form of international trade in the new regime impacts upon the informal economy, and employment and trade potential in the home country; and (c) how global investment has shaped the real economy in emerging countries like India. The book will be extremely useful for postgraduate students of international economics, particularly development economics and political economy, including researchers with a keen interest in India.
Conventional interpretations of the New Economic Policy introduced in India in 1991 see this program of economic liberalization as transforming the Indian economy and leading to a substantial increase in the rate of India’s economic growth. But in a country like India, growth is not enough. Who benefits from the new growth regime, and can it significantly improve the conditions of livelihood for India’s 800 million people with incomes below $2.00 a day? This edited volume looks at international policy regimes and their national adoption under strategic conditions of economic crisis and coercion, and within longer-term structural changes in the power calculus of global capitalism. The contributors examine long-term growth tendencies, poverty and employment rates at the national level, regional level and local levels in India; the main growth centers; the areas and people left out; the advantages and deficiencies of the existing policy regime, and alternative economic policies for India. Bringing together the leading figures in the discussion on India’s economic policy, this volume is the authoritative critical study of India’s New Economic Policy.
This book presents the changing contours of India s position in the global economy. The first section deals with India s defensive posture in the nineties vis-à-vis the Multinational Companies. The resistance to speedy opening up of the economy has enabled Indian businesses to become globally competitive. The second section deals with the challenges before Indian in the begging of the 21st millennium as she is increasingly recognized as a world power. The earlier defensive posture has to be change into an offensive posture now with India aiming to break the economies of the rich countries. This can be done, for example, withdrawing forex reserves from US T-Bills. The third section deals with the challenges before India in establishing a just world order. The question in how to break the inherent injustice in the world economy where 20 percent of the people of rich countries are consuming 80 percent of the resources. India should not tie its wagon to the engine of rich countries and try to gain form injustice of the present world order. Instead, India must take the lead in confronting the injustice perpetrated by the rich countries, organize the developing countries and establish a world economy based on justice.
This book offers an analysis of external dimensions of an emerging economy, India, in the backdrop of neoliberal globalisation. External dimensions of Indian economy signify her inter-relation with the rest of the world in terms of trade and financial flows and how that affects the development process within the country in the age of neoliberal globalisation. It is based on non-mainstream unorthodox approach in Economics and as such is a critique of the mainstream neoclassical position on current neoliberal globalisation. The contents of the book can be classified into as follows - (1) India's external dimension in the colonial period through the trade route ; (2) concerns with India's balance of payments transactions in terms of illegal flows, (3) political economy of development planning in the present era of globalisation, (4) capital flows as it affect the India's external front, (5) Indian industries under the TRIPs regime, (6) regional economic integration of India and (7) foreign capital flows in India during the liberalisation period. The entire book is an attempt to decipher the meaning and significance the process of globalisation produces for the real economy of India. The uniqueness of the book is that in one place one can find different unorthodox positions dealing with the external dimensions of emerging India, which cannot be found in any other book.
This book examines the impact of globalization on some vital aspects of Indian politics, its structures and processes, and identifies the challenges to globalization itself, in order to highlight India’s complex and fascinating story. In 1991, India officially embraced the policy of neo-liberal reforms by signing the GATT agreement, which exposed the country, its society, culture and institutions to the various forces of globalization. Globalization as such may not be new to India, for the country has been embracing the influence of external cultures and civilisations for millennia, but the post-1991 reforms policy marked a significant shift, from a predominantly social welfare state and a command economy to a predominantly market driven one. Through a range of disciplinary perspectives, the authors analyse how India’s version of secularism, communal harmony, nationhood, the public sphere, social justice, and the rights of aboriginal communities came under attack from the forces of the new dispensation. The book goes on to show how globalisation in India has posed fresh challenges to political economy, democracy, federalism, decentralization, parliamentary system, judiciary, and the parliamentary Left. Critically reflecting on themes in the context of India’s globalisation that are local, regional, national and global, this book will be of interest to those in the fields of South Asian Politics, Globalisation, and International Relations.
This book employs a variety of perspectives such as Institutional, Social Democratic, Marxist, Gender and Informal, Biblical and Dalit, to critically examine the impact of neo-liberal globalisation on both formal and informal sectors of the labour market and the industrial relations system. The narratives not only interrogate current institutions and paradigms, but also outline future developments.