The Intelligent Person S Guide To Liberalization

A lucid analysis of the 'revolutionary' changes in the Indian economy Faced with a major economic crisis in 1990-91, the government responded by initiating far-reaching policy reforms aimed at opening up the country's economy. Since then there has been little discussion on key issues and much political posturing. In this important book two of India's leading economists rescue the current economic debate from jargon and dogma and present it in language accessible to ordinary Indians who, finally, must bear the brunt of the reforms. Cutting through the euphoria and hype that prevent any serious appraisal of liberalization, they highlight the advantages of a free market as also the grave dangers of unquestioning reliance on market forces in a developing country which is home to the largest number of the world's poor. They argue for a flexible system that will adapt to changes in society and polity, a system where both the market and the State must play a role. Eschewing the extreme positions of both the left and the right, this book seeks to encourage a serious reappraisal of the country's bold experiment with privatization, for, as the authors put it, 'doubt is as important as knowledge in the design of economic policy'.

The Government Of India Has Decided To Go Ahead With The Second Generation Reforms In Spite Of Criticism From Various Quarters Including The Opposition, Swadeshi Jagran Manch, Rss, And Some Allies In Ruling Coalition. The Government Has Already Taken Major Decisions In Power, Telecom, And Information Technology Sectors And These Are Expected To Attract Foreign Investments, Particularly Foreign Direct Investment (Fdi), In A Big Way. Vital Decisions Regarding Privatisation And Labour Reforms Are Under Active Consideration Or At Execution Stage. In View Of This The Subject Matter Of This Book Has Assumed Great Importance.The Volume Has A Wide Coverage And Includes Papers Written By More Than A Dozen Economists Spread Over The Entire Country. The Papers Closely Examine Important Implications And Impact Of Liberalisation And Globalisation Measures Taken By The Government In Recent Years.The Response To The Three Volumes Released Earlier Was So Encouraging That It Has Led To The Publication Of The Present Fourth Volume.It Is Hoped That The Book Would Be Found Useful By The Researchers And Students Of Economics, Businessmen, Government Executives Concerned With The Formulation And Execution Of Economic Policies, Parliamentarians And Legislators, And The General Readers Interested In Knowing The Changes That Are Taking Place In Our Economy.

Attempts to define the philosophy of liberalism

This book reviews the experience of 14 countries with external liberalization and related policies, based on papers written by national authors following a common 0000oeconomic methodology. The methodology, the papers' main results, and policy implications are summarized in the introductory chapter. The book reports on a follow-on project to the country studies presented in Lance Taylor (ed.), External Liberalization, Economic Performance, and Social Policy, OUP, 2001. The new project represents a significant extension of the earlier work in that it focuses principally on formerly socialist European economies (Hungary, Poland, Russia), Asian economies (consistently growing China, India, Singapore, and Vietnam; the 1997-98 crisis victims Indonesia, Korea, Malaysia, and Thailand; and cyclically stagnant Philippines and Turkey). Brazil is also included as an important comparator. Macroeconomics has traditionally been less actively pursued in Asia and the transition economies than, say, in Latin America. The 1997-98 crisis awoke the Asians to the importance of macro, and the present book is in part a response to the development. A distinguishing feature of the book is the common methodology, which focuses on the mechanisms via which effective demand is generated and the interactions of labor productivity, employment growth, and income distribution. The country papers show clearly how trade and capital account liberalization along with changes in the real exchange rate affected demand, productivity, and employment at the country level. They also trace through shifts in the overall income distribution and the incidence of poverty. The authors of the papers bring a wealth of insight into their thick descriptions à la Clifford Geertz's famous Balinese cockfight about how diverse economies responded to rather similar reform packages and offer lessons about ongoing institutional change. They also suggest policy shifts that may help make economic performance better in the future than it has been in the past.

This is one of few books on the quantitative assessment of trade liberalisation and its impact on micro and macro economics structure in developing countries. Addressing the prospects of economic growth at a macro level, gives a thorough analysis of various issues such as profitability of enterprises after liberalisation, structural change, imports and exports by sectors and regions, and the trade balances of developing countries. The aspects of terms of trade and the trade balances in African, Latin American and Asian economies are studied using econometric techniques.

This is one of few books on the quantitative assessment of trade liberalisation and its impact on micro and macro economics structure in developing countries. Addressing the prospects of economic growth at a macro level, gives a thorough analysis of various issues such as profitability of enterprises after liberalisation, structural change, imports and exports by sectors and regions, and the trade balances of developing countries. The aspects of terms of trade and the trade balances in African, Latin American and Asian economies are studied using econometric techniques.