Economic reforms sans development
Mujumdar, N. A.
Economic reforms sans development - New Delhi Academic Foundation 2004 - 203 p.
N A. MUJUMDAR in the Introduction to his previous book Financial Sector Reforms and India's Economic Development (2 vols., Academic Foundation, 2002) wrote: "the financial sector reforms introduced in the 1990s, as part of the process of liberalisation and globalisation of the Indian economy have, in effect succeeded in alienating the financial system from the business of development". The present book enlarges the scope of this central theme by encompassing the whole range of economic reforms - not just financial sector reforms and seeks to demonstrate that these reforms have resulted in shifting the focus of macroeconomic policy away from the end-objectives of development, namely, reduction in poverty and improvement in the quality of the life of the bulk of the population.
The author argues, the emphasis of reforms seems to be on exhibiting the form of the textbook characteristics of a liberalised, and open economy, at the cost of the substance of development: reduce State intervention and involvement in economic activities, usher in market-driven economy, abolish all subsidies including food and interest rate subsidies to the poor, and let the poor fend for themselves and so on. In the hierarchy of priorities of contemporary Indian policy makers, for instance, privatisation has gained ascendancy over poverty reduction. Economic reforms have thus become empty rhetorics so far as the attainment of end-objectives of development is concerned.
The bunch of 33 selected articles brought together in this book seeks to provide concrete evidence in support of this central theme. The discussion also sketches the broad contours of policy correctives that are needed if the substance of development is to be retained as an important ingredient in the macroeconomic policy mix.
9788171883578
Economic development
338.9 MUJ
Economic reforms sans development - New Delhi Academic Foundation 2004 - 203 p.
N A. MUJUMDAR in the Introduction to his previous book Financial Sector Reforms and India's Economic Development (2 vols., Academic Foundation, 2002) wrote: "the financial sector reforms introduced in the 1990s, as part of the process of liberalisation and globalisation of the Indian economy have, in effect succeeded in alienating the financial system from the business of development". The present book enlarges the scope of this central theme by encompassing the whole range of economic reforms - not just financial sector reforms and seeks to demonstrate that these reforms have resulted in shifting the focus of macroeconomic policy away from the end-objectives of development, namely, reduction in poverty and improvement in the quality of the life of the bulk of the population.
The author argues, the emphasis of reforms seems to be on exhibiting the form of the textbook characteristics of a liberalised, and open economy, at the cost of the substance of development: reduce State intervention and involvement in economic activities, usher in market-driven economy, abolish all subsidies including food and interest rate subsidies to the poor, and let the poor fend for themselves and so on. In the hierarchy of priorities of contemporary Indian policy makers, for instance, privatisation has gained ascendancy over poverty reduction. Economic reforms have thus become empty rhetorics so far as the attainment of end-objectives of development is concerned.
The bunch of 33 selected articles brought together in this book seeks to provide concrete evidence in support of this central theme. The discussion also sketches the broad contours of policy correctives that are needed if the substance of development is to be retained as an important ingredient in the macroeconomic policy mix.
9788171883578
Economic development
338.9 MUJ