Professional Documents
Culture Documents
Author(s): D. N. Ghosh
Source: Economic and Political Weekly, Vol. 37, No. 39 (Sep. 28 - Oct. 4, 2002), pp. 3980-3982
Published by: Economic and Political Weekly
Stable URL: http://www.jstor.org/stable/4412653 .
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OUt
the
shelf
the
IMF
Globalisation,
and
Governance
3980
sharp inequalities in income and wealth enterprises and develop a few of them as
distribution,accentuating as time goes on, global players.
It is again the home-grown political elite
the surging tide of joblessness, with no
prospects of its abating. The objective that that, in contract after contract, has made
Stiglitz has set before himself is clear: to it a point to honourcommitments thatwere
paint IMF as the culprit for many of the drawn up on a one-sided basis. If Wall
ills in the developing countries. He has, Street investment bankers and others of
so it seems, chosen facts selectively and their kind could salvage whatever they
craftedhis presentationto suit it. Examples could out of IMF rescue packages, no less
are drawn mostly from sub-Saharan Af- culpable were the incestuous circles of
rica, east Asian countries and Russia, but political bigwigs andbusiness tycoons who
even here, to condemn the IMF as prima- transferred their wealth to overseas locarily responsible for the happenings in those tions. They remain wedded, with apparent
countries is too sweeping to accept.
unconcern,to profligacy,opening the floodIndia's own experience with the IMF, gates for subsidies not to those who deserve
many would argue, does merit some dis- it but to those who are beholden to them
cussion, but it is conspicuous by its ab- in the political power equation. The consence in Stiglitz's book. Somewhat inex- sequences are all there to see, as national
plicably, in a book of 282 pages, India treasuries become bankrupt, unable even
occurs only once and that too incidentally. to meet commitments to pay meagre penIs it thatIMF has never done anything right sions and salaries to school teachers and
anywhere? Many have and more are sure other less advantaged sections of society.
to join issue with Stiglitz. Perhaps we need
This polemic by theNobel Laureatemight
to wait, as Benjamin Friedman says, in a prove to be a handy sourcebook for the
review in New York Review of Books conceited and corrupt political class that
(August 2002) for either Stanley Fisher or has taken command in most developing
Lawrence Summers to write a rejoinder countries. A source of inspiration for
and argue out the case for IMF. Hopefully rhetorical denunciation of the IMF and
we can look forwardto interesting debates other first world establishments. Poverty
in the months to come.
and all of the world's ills can be conveIn discussing the burning issues of the niently foisted on their 'insensitive polidevelopment debacle in many poor coun- cies', while the carpet-bagging ruling elite
tries we cannot ignore the primaryrole and can continue with its self-enrichment that
responsibility of the ruling political class. is sought to be passed off as governance.
If the developing countries are not
In some places people have placed their
trust in their rulers voluntarily, in many developing it is not so much because of
others it came out of the barrels of guns. what IMF does or does not do, but because
Stiglitz has been inexplicably kind to them. of the way the political class in every
If the IMF is able to get away with its country crafts and pursues its development
imperial attitude, it does find congenial policy and strategy. What choices are open
allies in the political and business estab- to us? In an age of globalisation, market
lishments in every country. If the IMF were capitalism can make a difference to the
to blame, no less blameworthy are the economy and society only if it is underrulingpolitical class andtheiraccomplices. pinned by policies to create and support
Whateverpolicy prescriptioncame down institutions,domesticallyas well as globally.
from the IMF, however imperious, had Even if a country is gifted with an enlightmore to do with the abject failure of ened political class, it will have to reckon
governance that preceded the crisis which with the central problem of global capibrought in the IMF in the first place, and talism. Economic globalisation does not
which in most places continued thereafter. necessarily strengthen the current regime
Further, it is this self-same fully home- of market capitalism; it works incessantly
grown indigenous ruling elite that actively to undermine it. The swift waxing and
connived at the kind of privatisation that waning of industries, the sudden shifts of
turned over large national enterprises to production and market capitalisation, the
friends and cronies, allowing them to casino of currency speculation, these will
maximise their wealth by stripping assets continually remain the challenges en route
of these enterprisesandmaking themselves to benefiting from a global free market.
instant billionaires. It is the same class
New technologies make full employwhich are mastersin foot-dragging, avoid- ment policies of the traditional sort uning the discipline of a policy regime that workable.Informationtechnology is throwcan enhanqethe efficiency of state-owned ing social division of labour into a flux.
Economic and Political Weekly
Manifesto:
"Constant
3981
Student
Research
Stipends
Sarai, an interdisciplinary
research and practice
programme on the city and the media, at the
Centre for the Study of Developing Societies,
Delhi, invites applications
for short term studentships
to facilitate preparation of research projects oa.i2L
urban life in South Asia. Applicants
contemporary
should submit a bio data and short statement .---..;.
(300 words)of research interests in this field. ;:'i Selected candidates will attend the City Ono.
- S:'. South Asia's first conference
on the urban
between 9-11th January, 2003. .
experience,
They will also participate in an orientation
the contemporary
workshop, 'Researching
city'.
The studentship
provides candidates
Rs.1000/0..0..
..for the preparation of a preliminary researchi :..--" --.
.
proposal to be presented at a workshop in .--...
June 2003. Travel expenses,
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as well as a modest per diem, will be provided-::.
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and the Conference. The candidates
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www.sarai.net
..
1 November
2002
research
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Asia
.....Colonial Urbanism in South......-----....
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Urban Me'
Narratives of Vi.jena":^.:
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3982
Notes
for
on the City
Send you
ai' tion: to
Ranita ..hatterjee,
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Cor rdina .ti Programinnmst<...
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