By Biplab Dasgupta

During this entire appraisal of Indian monetary reforms, the writer recounts how reforms have been initiated and the way they opened up in phases when you consider that 1991. He analyzes the entire elements of the structural adjustment programme together with within the agrarian, business, banking, public zone, monetary reforms, exchange, environmental and labour sectors. in accordance with his ideological and political convictions, the writer questions the advantages of the reforms and argues that an uncritical attractiveness of IMF//World Bank//WTO// stipulations has no longer served to learn nearly all of Indian society.

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Although the buffer stock operations were helpful to the poor countries, Keynes was primarily interested in stabilising the input prices of the rich countries. The fund that was established had no separate currency. In contrast with the Keynesian view, the deficit countries were now penalised as if they alone were responsible for their trade deficits. ITO was never born because of US opposition though its charter was drawn up and other formalities were completed. For about five decades, the General Agreement on Trade and Tariffs (GATT) was the single most important institution regulating world trade and determining the quantum and direction of trade flows, until its activities were taken over by the WTO.

At present, the G-7 countries (the USA, UK, France, Germany, Canada, Italy and Japan) account for roughly half the voting power and virtually control the organisation. 36 Globalisation The Presidentship of the World Bank and the post of Managing Director of the IMF are rotated between the United States and Western Europe on the basis of an informal arrangement, from which the less developed countries are excluded. These two agencies operate in close understanding with each other. In fact the article of agreement for the Bank makes its obligatory for its members to be members of the IMF too (Polak, 1994).

The argument in favour of the former view is that, by making the economies more competitive and stronger, while working within a region, it makes it easier for them to accept global integration outside the region. The other view is that it stands opposed to MFN and non-discrimination principles (Dasgupta, 2000a; Ray, 2002; UNCTAD, 1994b). Some concessions—Generalised System of Preferences (GSPs)— were also given to the poor countries from 1955 onwards. But how effective this was is difficult to tell.

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