Readings in industrial finance
- Delhi Macmillan Company 1976
- 421 p.
The essays included in this volume represent significant contributions to the literature on industrial finance. Each essay provides to the reader an insight into a specific aspect and is expected to deepen his understanding of the theory and organization of industrial finance.
The selections have been made so as to provide a judicious mixture of theory and description. Appropriate passages from the theoretical works of economists such as Keynes, Joan Robinson, Gurley and Shaw, are offered alongside historical institutional contributions of Goldsmith, Myrdal, Galbraith and others.
Some selections were included specifically with the objective of maintaining a historical perspective considered necessary for a proper understanding of the present problems and develop ments. At the same time, our attempt has been to restrict the selections to those which are likely to be of durable interest for the study of industrial finance.
The book is intended primarily for Indian readers and much of the material included in it is directly related to Indian institutions and problems. It is useful, nevertheless, to include some discussion of the capital market institutions of other countries in order to keep the horizon wide and to provide some enlightening comparisons.
Over the last decade or so, the problems of industrial finance, in India in any case, have acquired new social dimensions inasmuch as financing methods and institutions affect the control of industry, distribution of finance and concentration of power. These considerations are now an important input in the formu lation of government policy towards private industry in India and have been an important influence in shaping the structure and policies of industrial financing institutions. The essays of Hazari, Myrdal and Galbraith and the Report of the Study Group appointed by the National Credit Council on "Organizational Framework for Implementation of Social Objectives' are particularly enlightening in this respect.