|
Innovative
Scamsters
|
| Aug
20th 2008, C.P.
Chandrasekhar |
|
The
recent emergence of a set of financial instruments,
by the name of 'auction rate securities' or ARS, signifies
another symbol of the malfunctioning global financial
markets. The ARS system apparently follows a transparent
and market efficient principle, but in reality results
in a lowering of the notional value of securities held
by investors in the absence of an active market. |
|
Mid-Course
Deviation
|
| Aug
11th 2008, C.P.
Chandrasekhar |
|
The
withdrawal of support for the UPA government by the
Left parties on the Indo-US nuclear deal is justified
since they had always opposed any attempt to forge a
strategic relationship with the US, since there remains
an inherent contradiction between US imperialism and
the interests of developing countries like India. This
problem was compounded by the fact that the UPA had
in any case been deviating widely from the CMP agreed
on by the UPA and the Left, especially in implementing
the pro-poor programmes. |
|
| IT
in India: A Turning Point? |
| Aug
9th 2008, C.P.
Chandrasekhar |
|
In
spite of cautious optimism of some industry insiders
given that the top 20 IT companies seem to be keeping
up their spectacular rates of growth even when facing
a dismal global economy, it is also undeniable that
the increasing presence of foreign firms in the domestic
sector means a shift in the net foreign exchange eared
by the IT sector, leading perhaps even to a net outflow
sometime in the foreseeable future |
|
| WTO:
One More Failure |
| Aug
7th 2008, C.P.
Chandrasekhar |
|
The
collapse of the talks of the Doha Round on 29th July,
2008 is no big deal since along the long route of the
Doha round, periodic failure of negotiations is inevitable.
This is not a disaster for advocates of trade liberalisation
either because, in most countries, actual levels of
protection are much lower than the bound levels WTO
talks about. The point to note is that the so-called
progress in trade liberalisation notwithstanding, the
fundamental asymmetry of the world trading system remains. |
|
| The
Coup D' Etat |
| Aug
4th 2008, Prabhat
Patnaik |
|
The
Indo-US nuclear deal is not an isolated issue, but a
part of a larger process of attempts at changing the
character of the Indian State to a neo-liberal State
integrated with US imperialism. Given the objective
economic conditions leading to further shrinkage of
the already miniscule political constituency in favour
of "reforms", such a change in the character
of the Indian State can be effected only through a coup
d'etat as was witnessed on July 22. |
|
| The
Human Costs of "World Class Cities"
|
| Aug
2nd 2008, Jayati
Ghosh |
|
Unlike
the much quoted differences in terms of old-new, integrated-marginalised,
the contrast between rich and poor in the city of Delhi
is actually more layered. Much of what is new in this
city is also poor; and many of the poor are poor precisely
because they have been drawn into the system, in ways
that have been adverse for them |
|
| Public
Health on The Cheap |
| Aug
1st 2008, Jayati
Ghosh |
|
Government
policy in the social sectors in India clearly relies
heavily on the unpaid or underpaid labour of women.
These women often perform essential and demanding tasks
that typically amount to full-time work, but are not
given the status of regular government employees, and
paid wages that fall below the minimum wages. |
|
| Two
Instruments by Name Kalawati and Sasikala
|
| Jul
28th 2008, R. Ramakumar |
|
Rahul
Gandhi's speech in the Loksabha during the trust motion
did not just try to cover-up for the Enron fiasco which
is responsible for the 'energy insecurity' in Maharashtra,
it was also a poor effort to sidestep the central role
of the Congress party (as well as the Sena-BJP combine)
in triggering the series of farmer'' suicides in rural
Maharashtra. |
|
| A
Long View of Global GDP Growth
|
| Jul
26th 2008, Jayati
Ghosh |
|
It
is sometime useful to situate recent income growth in
the longer term context, if only to remind ourselves
of the structural processes involved. A close examination
of long term patterns in relative positions show that
the recent optimism about developing countries emerging
as dominant players may be misplaced. |
|
| Diamonds
and Blood
|
| Jul
23rd 2008, Jayati
Ghosh |
|
The
new spurt in demand for diamonds among the Indian elite
only feeds into the fact that the world diamond trade
is substantially based on the most gruesome violence
and terror in Africa. This is more reinforced in recent
times which is characterised by an even more cynical
exploitation and reinforcement by multinational processing
and trading companies, of vicious local conflicts in
the sub-Saharan region. |
|
| The
Nuclear Deal and the Priorities of the UPA Government
|
| Jul
21st 2008, Jayati
Ghosh |
|
Instead
of initiating a wide public debate and a detailed debate
in central and state legislatures backed up by full
information on the Indo-Us nuclear deal, a veil of secrecy
has surrounded the negotiations, and the little information
that has been available has come mostly from media sources
that have behaved like pliant publicists for the government
rather than independent observers. |
|
| The
Oil Conundrum
|
| Jul
17th 2008, C.P.
Chandrasekhar |
|
| The
large and quick increases in oil prices have resulted
in a sharp divergence between the domestic prices of
oil products set by the government and the international
prices at which imports are being made. If the divergence
is bridged by raising the domestic price of oil products,
there will be spiralling inflation but otherwise oil
companies will soon become unviable. In countries like
India that are dependent on imports of oil the real
issue is the way in which the gap between domestic and
international prices can be financed. |
|
| Capitalism's
Democratic Deficit
|
| Jul
14th 2008, C.P.
Chandrasekhar |
|
The
one-point agenda of clinching a nuclear deal with the
US that the current Indian government is following serves
the good purpose of diverting attention from the damage
wrought by neoliberal economic policies. But the undemocratic
political wrangling in an election year over the nuclear
deal or communal politics distort the results of a much
needed second referendum on the kind of economic policies
that the previous NDA and the current UPA governments
have followed. |
|
| Engineering
Stagflation
|
| Jul
8th 2008, C.P.
Chandrasekhar |
|
| By
opting to hike petrol, diesel and LPG prices the government
has transferred a significant share of the burden of
increased international oil prices onto the domestic
consumer. The government cannot reduce expenditure in
an election year, so inflation will rise further. Unfortunately
the government has chosen to ignore the most reasonable
policy option of putting a curb on aggregate consumption
and the use of rationing to allocate the targeted volume. |
|
| Interpreting
the IPL
|
| Jun
23rd 2008, Jayati Ghosh |
|
The
shorter and more dramatic format of Twenty20 cricket
was bound to be successful and provide a real challenge
to the most traditional format of test cricket and also
allowed cricket to compete for viewership with other
games such as football. But the real novelty of the
IPL lies in its open, blatant and even exuberant celebration
of the commercial principle. |
|
| The
Scourge of Private Tuitions
|
| Jun
12th 2008, Jayati Ghosh |
|
| In
all Indian cities and towns and increasingly in rural
areas, taking private tuition has now become common
practice and at fees which are much higher than the
regular school fees. A remarkable feature of our school
education system is the way it has allowed and even
encouraged the proliferation of this system. However,
not only is the system deeply inequalising, it adversely
affects the quality of the school education system itself.
|
|
| Bread,
Circuses and The Media
|
| Jun
6 th 2008, Jayati Ghosh |
|
The
obsession of the media with the middle classes in urban
areas means that issues related to the working class
and rural population often gets inadequate coverage.
When serious issues like worsening labour conditions
in a big growing city like Delhi goes unnoticed despite
a major strike to protest the same, the role of the
media in bringing to our attention the realities of
India cannot but be questioned. |
|
| The
Social Composition of Panchayats
|
| May
19th 2008, Jayati Ghosh |
|
| The
implementation of land reforms makes the West Bengal
Panchayat system a much more egalitarian institution
from both a class and a caste point of view, which the
rest of India has not been able to replicate in general.
This progress in West Bengal is noticeable even in the
high participation of women in the Panchayat system. |
|
| The
Crisis of Home-based Work |
| May
17th 2008, Jayati Ghosh |
|
| Recent
data on employment shows that the share of women working
in manufacturing in a subsidiary capacity has been increasing
continuously since 1987-88. This shows the increase
in "putting out” home-based or other work as part
of a subcontracting system for export and domestic manufacturing,
which are not included in official employment statistics.
These are often on piece rate basis, usually very poorly
paid and without any known non-wage benefits. |
|
| An
Insider View from George Soros
|
| Apr
29th 2008,
C.P. Chandrasekhar |
|
| Among
some of the voices which are calling for more attention
to the nature of the current US financial crisis and
for a more disinterested view of the need for state
intervention, an influencial one is that of George Soros.
His book "The New Paradigm for Financial Markets:
The Credit Crash of 2008 and What it Means", being
released in May, challenges the prevailing sanguine
view on the intensity and implications of the crisis.
This review is based on a reading of the digital edition
available from various ebook sellers and his recent
speeches. |
|
| Inflation:
How Much and Why
|
| Apr
17th 2008,
C.P. Chandrasekhar |
|
| Inflation
is emerging as India's primary economic problem now.
The problem is that it looks set to rise very fast with
retail prices moving much faster than the rest. The
major concern still is that this is occurring in a period
when global inflation is on the rise and policies of
trade liberalisation and domestic deregulation have
reduced the degree to which Indian prices are insulated
from international prices. |
|
| Neoliberal
Discomfort |
| Apr
15th 2008,
C.P. Chandrasekhar |
|
| Globally,
evidence has been growing that markets are just not
working, precipitating crises that requires bringing
the state back in. The high oil prices, financial crisis
putting government regulation back in vogue and the
crisis in global food markets show that markets cannot
deliver without regulation. But there are also many
areas where apparently successful outcomes of free market
have turned out to be more of a problem that an economic
gain, the foreign reserves issue being a case in point.
|
|
| World
Prices and The Transmission of Inflation
|
| Apr
8th 2008,
Jayati
Ghosh |
|
| The
recent global rise in inflation is partly demand-led,
the result of several years of rapid economic growth
and resultant demand. This however may be automatically
controlled since growth and inflation will act as a
constraint on each other. But more worrying is the fact
that the possibility of stagflation, brought about by
supply constraints, cannot be ruled out. This will be
far more difficult to control. |
|
| Leaning
on the State
|
| Mar
19th 2008,
C.P.
Chandrasekhar |
|
| Interestingly,
the very financial liberalisation that created the problems
epitomised by the sub-prime crisis was predicated on
a critique of the efficacy and correctness of intervention
by the state. But recent developments show that bail-outs
by the government of institutions that are weakened
by wrong financial decisions are now taken for granted,
thus legitimising interventionism. Can the "problem"
that liberalisation was directed to "solve"
now itself become the solution to the problems that
liberalisation creates? |
|
| Digital
Dumps: A Growing Threat for Developing Countries
|
| Mar
17th 2008,
Jayati
Ghosh |
|
The
management of huge and growing quantities of electronic
waste may emerge as one of the more important environmental
problems of developing countries in the near future.
The problems arise from the very significant health
and environmental hazards associated with e-waste. As
usual, this impact is worse in developing countries,
where people often live in close proximity to dumps
or landfills of untreated e-waste. |
|
| The
New Enclosure Movement
|
| Mar
15th 2008,
Jayati
Ghosh |
|
| A
large part of the rural area around Delhi and other
big cities has been converted from farmland into more
pieces of attractive real estate in a portfolio of land
holding. In the process, the attributes of the villages
of these formerly completely rural areas are changing
fast, not only in terms of ownership and cultivation
patterns, but also in terms of the material means of
support of the local population and their lifestyles.
This also implies significant changes in the nature
and options for employment for the local population.
|
|
| The
NREGA and its Critics
|
| Mar
10th 2008,
Jayati
Ghosh |
|
| Contrary
to the media criticism of NREGPA based on the recent
CAG draft report on grounds of leakages, widespread
corruption, inability to reach beneficiaries and create
useful assets, the CAG Report has actually pointed out
that the shortage of administrative and technical staff
has prevented the programme from doing what it was supposed
to do to the full extent The report also highlights
the urgent need to ensure more administrative assistance
for the programme at all levels. |
|
| Addressing
Social Concern |
| Mar
10th 2008,
Jayati
Ghosh |
|
| The
main issues in this year's economic strategy of the
government, especially the intentions as signalled in
this year's Budget proposals remain the same as that
of 2004. These are employment, the agrarian crisis,
nutrition and food security, education, health and social
security. In each of these areas, the UPA government
promised much. However, the delivery has not only been
far below the promises, but in some cases even worse
than the previous government. |
|
| Why
can't we Feed our People? |
| Feb
5th 2008, Jayati Ghosh |
|
| Despite
rapid economic growth, the nutritional status of our
population appears to be worsening. This is likely to
reflect shifts in wage incomes, relative prices and
increasing costs of health and other essentials. The
worst aspect is that this is happening in a context
of already very poor standards of nutrition on average. |
|
| Violence
against Women: Economic Reforms and Increasing Insecurities |
| Jan
29th 2008, Jayati Ghosh |
|
| There
is a strong though complex relationship between violence
against women and economic processes. This means that
the evidence of increasing violence against women in
India in the past decade must have something to do with
the very rapid economic changes that have also been
so apparent over this period. Adverse employment and
economic conditions, especially in rural areas has increased
the pressure on women. There is also a strong undercurrent
of violence in the recent economic processes which often
target women. |
|
| The
Farce of "School Choice" |
| Jan
28th 2008, Jayati Ghosh |
|
| In
India, apart from the factors of poverty, gender and
other inequalities in basic infrastructure, a wide range
of various forms of social discrimination operate to
exclude children from school education and this is even
more pronounced under the private schools. The proposed
voucher system will further strengthen this discrimination
by weakening the public school system. |
|
| Difficulty
of Growing Tails Again |
| Jan
25th 2008, Prabir Purkayastha |
|
| There
has been a recent parting of the ways between the Left
parties, particularly the CPI(M) and various sections,
which had earlier appeared to be a part of a larger
coalition of forces against imperialist globalisation.
Obviously, Nandigram and Singur are symptomatic of a
much larger difference that existed and which has now
surfaced. This current divergence reflects several issues;
the role of development, the role of the state and the
issue of imperialism. |
|
| The
CPI(M) and the Building of Capitalism |
| Jan
17 th 2008, Prabhat Patnaik |
|
|
This
article argues that the reaction of certain sections
of the media and the younger generation to certain statements
made in the West Bengal CPI(M) political circles which
was read as the CPI(M) having abandoned socialism is
misplaced on three counts. Their arguments do not distinguish
between socialist and people's democratic revolutions;
between working within a system and working not to transcend
the system; and between the Party and Party-led governments.
All of this point towards the complexities of the Indian
revolution and require an in depth understanding of
the political situation. |
|
| India
and the World Economy |
| Jan
12 th 2008, C.P. Chandrasekhar |
|
|
Boosted
by media reports and assessments by public and private
financial institutions of India's high growth potential,
capital inflows have seen a major surge in India resulting
for one in huge foreign exchange reserves. But expectations
that India is out to share in the spoils of global dominance
may be misplaced since these fail to take account of
the kind of liabilities that India is accumulating in
order to finance its still incipient global expansion.
Also, the more the investor and lender confidence results
in capital flows in excess of India's current account
financing needs, the greater is the possibility that
such confidence can erode. |
|
| More
Space for Speculation |
| Jan
8th
2008, C.P. Chandrasekhar |
|
|
SEBI
has recently decided to permit institutional investors
to indulge in short selling, or the sale of shares that
they do not own, and to restore the Securities Lending
and Borrowing Scheme which will allow market players
to borrow stocks to either sell or honour delivery commitments.
At this moment when the boom driven by past speculation
threatens to unravel, this move will simply add to misuses
in the stock market and speculative activities. The
argument that they increase liquidity in the market
and correct stock price over-valuation is also misplaced
in the current context. |
|
| The
Left and its "Intellectual Detractors" |
| Dec
12th 2007, Prabhat Patnaik |
|
|
The
extreme hostility of the intellectual community to the
Left Front Government on the Nandigram issue indicates
that the explanation lies beyond the ordinary. It indicates
something more serious, namely the process of destruction
of politics that the phenomenon of globalization has
unleashed. The attitude of the intellectuals arrayed
against the organized Left at present shows complete
withdrawal from the realm of political praxis to a realm
of messianic moralism. |
|
| Too
Little, Too Late
|
| Dec
12th 2007, C.P. Chandrasekhar |
|
|
Though
the Finance Minister seems to have recently realized
the folly of free and large capital inflows, the realization
comes too late and offers too little in terms of solutions.
He still seems to have an inadequate understanding of
the problems that the capital surge has created and
is still creating. Too late, because the Finance Minister
looks unwilling to face the consequences of actions
aimed at slowing, let alone arresting, capital inflows. |
|
The
Media and the Left in India
| Dec
5 th 2007, Jayati Ghosh |
|
|
The
past few weeks have witnessed an extraordinary frenzy
of media attacks on the Left and in particular, on the
Left Front government in the state of West Bengal. The
recent media coverage has included gross and even malicious
distortion of facts apart from being completely one-sided.
Simultaneously, false and extremely dangerous analogies
have been made comparing this to the Gujarat genocide
in 2002 whereas no valid comparison can actually be
made. All this goes to show the control of the media
by an international alliance that works clearly in the
interests of imperialism. |
|
| The
Changing World of Corporate Finance |
| Nov
30th 2007, C.P. Chandrasekhar |
|
|
Huge
foreign capital inflows have recently pushed up equity
valuations to generally unsustainable levels, and created
many adverse impacts in the economy and on the corporate
sector, and has made it difficult for the RBI to manage
money supply and use the monetary lever to pursue other
objectives. However, these trends notwithstanding, internal
resources and bank finance dominate corporate financing
and not equity, which receives all the attention because
of the surge in foreign institutional investment and
the media's obsession with stock market buoyancy. |
|
| Too
Much of a Good Thing |
| Nov
17th 2007, Jayati Ghosh |
|
|
The
massive surge in net capital inflows has put substantial
pressure on the rupee. Faced with an unwanted surge
of capital that is not being used for productive investment
but is associated with a rising exchange rate, the need
to put some limits and constraints on the capital inflows,
in the form of direct marketing activity in lieu of
a capital gains tax, cannot be denied. |
|
| Disquisitions
of The PM |
| Nov
13th 2007, Prabhat Patnaik. |
|
|
The
recent disquisitions of Prime Minister Manmohan Singh,
which in effect blame the electorate for giving a "fractured
mandate", or in other words denying a clear majority
to the Congress Party, transgress the natural boundaries
of a party's confidence in its party programme or the
degree of impatience with the electorate on the part
of a political party when it does not get the electorate's
support.. |
|
| Can
the PM Cope with Democracy |
| Nov
13th 2007, C.P. Chandrasekhar |
|
|
The
PM periodically expresses his resentment over not being
able to go through with some of his most favoured initiatives.
Two areas in which this resentment is particularly clear
are economic policy and India's international relations,
especially its relations with the United States. It
seems he has begun to consider much that independent
India can be proud of and is enshrined in her Constitution
as a problem, an obstacle in the way of progress as
he sees it. |
|
| On
Nandigram |
| Nov
12th 2007, Jayati Ghosh |
|
|
The
current events in Nandigram in West Bengal show how
the local conflict, which continues to lead to tragic
loss of life, is still being portrayed as a struggle
against land acquisition, when that particular victory
was won several months ago and now the events portray
nothing but political manipulation. |
|
| The
Industrial Upturn |
| Nov
5th 2007, C.P. Chandrasekhar |
|
|
The
disconnect between India's booming financial sector
and its real economy has only worsened in the recent
times. It is the real economy we need to look at to
assess the real performance of the economy. In the context
of the current industrial boom, it becomes important
to acknowledge the possibility of a downturn and find
stable sources of growth. |
|
| Unravelling
India's Growth Transition |
| Nov
2nd
2007, C.P. Chandrasekhar |
|
|
India's
GDP growth has experienced a sudden boost in the middle
of 2003. One specific component of the services sector,
and interestingly, manufacturing growth seems to have
contributed significantly to this transition in growth
pattern. But the fact that the domestic market, which
played a major role in this scenario, was driven in
the final analysis by a financial boom that eased credit
availability, reduced interest rates and encouraged
debt-financed consumption and investment, makes the
growth process fragile and a cause for concern for future
policymaking. |
|
| Water,
Water Everywhere |
| Oct
10th 2007, Jayati Ghosh |
|
|
The
rains which inundated Kolkata in the last week of September
brought great inconvenience, distress and even acute
misfortune to many residents. A major lacunae in urban
planning across India in the form of a relative neglect
of basic issues like sewage and sanitation, causes such
crises to create a wide ranging impact including the
disruption of power supply and lack of clean drinking
water, and the spread of water-borne diseases. |
|
| The
Novartis Case |
| Oct
8th 2007, Jayati Ghosh |
|
|
The
Madras High Court's recent rejection of Novartis' attempt
to patent the leukaemia treatment drug, sold as Glivec
in India, comes as an unexpected and much welcome break
and a precedent in the fight for cheaper lifesaving
drugs. The crucial question of whether this drug is
actually a new invention or simply a minor modification
of an older, off-patent drug, was one which is often
used by multinational pharmaceutical companies as a
method of prolonging monopoly control over products
that would otherwise move off the patent list. |
|
| Incorporation
and Exclusion by the Indian State |
| Oct
3rd 2007, Jayati Ghosh |
|
|
The
development project is nowhere near completion in India
and a major reason is that a basic feature of the process
of economic development thus far has been exclusion
in various forms. Exploring the reasons why and how
requires looking into the relationship between the state
and economic development and the class character of
the state which has undergone major changes over this
period and assumed much more complex and multidimensional
forms. |
|
| It's
Raining Crores for the Cricketers |
| Oct
1st 2007, Jayati Ghosh |
|
|
The
euphoria shown by the BCCI and several states, expressed
in terms of startling cash rewards for the players after
India won the 20Twenty world Cup, reiterates the point
that sport is not really sport any more, it is primarily
spectator entertainment, and therefore media, and therefore
big business. This also channels away funds from so
called cash strapped states which cannot finance development
infrastructure including sports infrastructure, and
results in inequities not only on a gender basis but
also between sports. |
|
| Social
Security Benefits and the New Pension Scheme |
| Sep
29th 2007, Ratan Khasnabis |
|
The
New Pension Scheme (NPS) is radically different from
the existing scheme that ensures a defined benefit from
the employee without asking for a collateral contribution.
Therefore social security in the form of defined benefit
is a right which is being denied by the very concept
of NPS. Secondly, the article argues that there are
problems with the expected return of an equity-linked
financial instrument which the NPS attempts to be as
there is no guarantee that the returns from equities
would always be better than the guaranteed returns.
|
|
| Can
the US Fed help Asian Markets? |
| Sep
5th 2007, C.P. Chandrasekhar |
|
Institutions
reeling under the knock-on effects of the developments
in the US, especially its subprime housing market with
rising defaults and foreclosures, are selling out in
Asian markets to find the money to rebalance their capital
structures or meet their commitments. The crisis in
the US is therefore having wide impact on other economies
in spite of good fundamentals. However, addressing it
will be difficult as it needs major intervention not
only from the US Fed but the President and the Congress.
|
|
| A
Reticent RBI Succumbs |
| Aug
11th 2007, C.P. Chandrasekhar |
|
In
spite of the growing importance of the financial sector,
the RBI is often short on new initiatives and errs on
the side of stability rather than change. Given the
excessive inflow of credit into the system, the RBI
has merely signaled that credit must be restrained basically
in order to curb inflation, but has done very little
in pursuit of that objective. However, it is important
to note that the RBI's ability to curb money supply
is also getting severely restricted in the current financial
regime characterized by high foreign capital inflows.
|
|
| Murdoch's
Last Laffer |
| Jul
30th 2007, C.P. Chandrasekhar |
|
The
offer by Rupert Murdoch to buy up Dow Jones, which owns
the Wall Street Journal shows that the Journal is now
haunted by its own promotion of changes in American
capitalism that have paved the way for the domination
of merger and acquisitions wave. This has led to conversion
of media empires into typical corporations that are
as much the targets of take-over and seekers of financial
gain as any other. This corporate-led, profit-driven
dynamics underlying this trend, promoted vigorously
by the media itself, has had serious adverse implications
for questions of integrity especially of the financial
media, which the Wall Street Journal projects itself
as promoters of.
|
|
| Banking
on Home Builders |
| Jul
14th 2007, C.P. Chandrasekhar |
|
Given
active encouragement to chase profits in hitherto restricted
markets with new instruments, Indian banks are choosing
to change their portfolios rather sharply. The trend
is towards a diversification of bank credit away from
the commodity producing sectors and even trade which
is almost completely counterbalanced by loans to individuals
and professionals by means of personal loans and professional
services, with a large concentration in housing loans.
This has increased the extent of risk in the financial
system.
|
|
| Global
Finance Today: Deja vu? |
| Jun
15th 2007, C.P. Chandrasekhar |
|
This
article describes and analyses a set of new characteristics
in the nature of financial integration of developing
countries with their developed counterparts over the
last four years. It argues that this represents a transformation
where the risks associated with the current surge in
capital flows are far greater than World Bank predictions
and that a turn in the investment cycle, with far-reaching
implications, is real and imminent.
|
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