By Kaushik Basu
‘The Retreat of Democracy’ offers an accelerated and remodeled collection of Basu's most sensible journalistic and educational writings on political and fiscal topics because the overdue Nineties. in addition to essays on globalization and democracy, the ebook offers analyses of principles in economics, in addition to anthroplogical observations on social norms, the position of tradition, and shuttle in India and out of the country. it is also an highbrow biography of Amartya Sen, with a dialogue of his medical contributions.
Reviews:
'Kaushik Basu is that triply infrequent being - an Indian highbrow who's open-minded, an monetary theorist who's attracted to people, and an American educational who has a feeling of style.' —Ramachandra Guha, writer of 'India After Gandhi: The background of the World's greatest Democracy'
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Additional resources for The Retreat of Democracy and Other Itinerant Essays on Globalization, Economics, and India
Sample text
Likewise, if returns there are expected to be low or if the ringgit is expected to lose value, people convert money out of ringgits all in a rush. Groucho Marx once noted that to be successful you need to be known as honest and dependable; and so, he went on to add, if you can fake those qualities you have got it made. This is true of banks and currencies. It is important for them to appear strong and dependable. Thus Japan put up a brave face till almost the last moment before the crash of Yamaichi Securities.
8 From Cowries to the Euro: Towards a One-Currency World* The European Union is on track towards a common currency for eleven of its fifteen member nations. The culmination of this currency merger will occur on 1 July 2002, when national currencies cease to be legal tender and all citizens of the participating nations switch over to the use of euro notes and coins. The main motivation behind the euro is, arguably, to boost European trade and challenge the US dollar’s primacy as world currency. Whatever the motivation, this is a more momentous event for the world than most people realize.
Steel is an important industry for Pennsylvania and West Virginia, and these states have midterm elections coming up in November 2002. The tariff, no matter how it is justified to the world, is meant to be an instrument to gain favour with the electorate of these states. *First published in Business Standard, 15 May 2002. THE POLITICS OF ECONOMICS 43 This tariff increase is expected to have a major negative fallout outside the US. The impact will be direct on Europe, Japan, and China, which export steel to the US.