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External Dimensions of an Emerging Economy, India

Book Description

This book offers an analysis of external dimensions of an emerging economy, India, in the backdrop of neoliberal globalisation. External dimensions of Indian economy signify her inter-relation with the rest of the world in terms of trade and financial flows and how that affects the development process within the country in the age of neoliberal globalisation. It is based on non-mainstream unorthodox approach in Economics and as such is a critique of the mainstream neoclassical position on current neoliberal globalisation.

Table of Contents

  1. Cover
  2. Half Title
  3. Title Page
  4. Copyright Page
  5. Table of Contents
  6. List of figures and tables
  7. Notes on contributors
  8. Acknowledgements
  9. Introduction
    1. Notes
  10. 1. India, the Great Depression and Britain’s demise as world capitalist leader
    1. Introduction
    2. The dependence of the international payments pattern on colonial and, in particular, on India’s export earnings
    3. Modifying the relation between budgetary, trade and savings–investment balances to take account of transfers from colonies to the metropolis
    4. The sharply declining magnitude of export earnings of the Indian sub-continent owing to agricultural depression
    5. Notes
    6. References
  11. 2. Illegal flows in India’s BOP accounts: their components and impact on the economy
    1. Introduction
    2. Illegal flows of capital and flight of capital
      1. Definitional aspect
      2. Estimates of illegal financial flows and flight of capital: a critique
    3. Links with the black economy in the country
      1. Rates of return on illegal funds and the white economy
    4. Illegal flows in India’s BOP
      1. Illegal flows and the underlying mechanisms
      2. The role of tax havens and ‘Swiss banks’ in flight of capital
      3. Illegal flows and flight of capital
      4. Policy implications
    5. Macroeconomic impact of illegal flows
    6. Conclusion
    7. References
  12. 3. Some aspects of external dimensions of the Indian economy in the age of globalisation
    1. Degree of openness of the Indian economy
    2. Some features of India’s balance of payments in the post-reform period
    3. Foreign capital flows in India during the reform period
    4. Net transfers of financial resources from India during the reform period
    5. Some concerns regarding India’s economic reforms
    6. Conclusion
    7. Notes
    8. References
  13. 4. Macroeconomic policy within cycles of international capital flows: the Indian experience
    1. Cycles in international capital flows
    2. Capital flows and external balances of India
    3. External balances and the macroeconomic policy
    4. Empirical evidence on India
      1. Interest rate and capital flows
      2. Central Bank intervention, reserve accumulation and monetary-policy independence
      3. Capital flows, currency appreciation and trade balance
    5. Conclusion
    6. Notes
    7. References
  14. 5. Multinationals and monopolies: the pharmaceutical industry in India after TRIPS
    1. Background
    2. Rising MNC dominance
    3. Rising imports of finished formulations
    4. Market structure and prices of patented products
    5. Conclusions
    6. Notes
    7. References
  15. 6. Regional economic integration: new context and analytical constructs
    1. Introduction
      1. Dynamism in RTAs
      2. Trade integration in different RTAs
      3. Deepening of RTAs
    2. Analytical construct
      1. Trade flows – trade creation and trade diversion
      2. Foreign direct investment
      3. RTAs and technology
      4. Static and dynamic effects of RTAs
      5. Rules of origin
      6. Growth and income convergence
      7. Intra-industry trade (IIT)
      8. RTAs and peace
    3. RTAs – some critical insights
      1. RTAs as a balance between opening and protection
      2. From efficiency to development outcomes
      3. RTAs – an integrated approach
      4. Scale expansion in RTAs
      5. Rules of origin as development instruments
      6. Empirical findings
    4. Conclusion
    5. Note
    6. References
  16. 7. Political economy of development planning and reforms in India: evolution of the Plan philosophy over the years
    1. Introduction
    2. Development planning and reforms in India –political economy motivations and evolution
    3. Evolution of planning in the new policy paradigm and role of planning commission
      1. Development planning in the post-1991 reform era: role of economic regulations
      2. Economic diplomacy as foreign-policy paradigm and development tool
    4. Conclusion
    5. Notes
    6. References
  17. Index