Indian industry will remain in the dumps till the global recession ends. Many believe the recession has touched bottom. But will the recovery be swift or painfully drawn out? Doing the rounds are theories that I call the U, V …
Republic Day is an occasion for ruminating on events of the past year. We can hardly claim that it was a year of good political or economic management. Yet India ended the year a clear winner because good luck overcame …
Why does the law require companies to appoint auditors? To ensure that accurate, transparent information about the company is available to shareholders. But in practice businessmen cook their books with a flair that puts Taj Hotel chefs to shame, and …
Why are customs inspectors so corrupt? Because India’s high tariffs induce bribes. And India’s bewildering variety of tariff rates for different items (and even for the same item depending on its end use) encourages corruption by manipulating import classifications. The …
WASHINGTON DC: Despite much bonhomie, visiting home minister L K Advani failed to get any assurance from US secretary of state Colin Powell of a US crackdown on Pakistan’s support for terrorism. It appears the US wants to give President …
ARGENTINA’S economic collapse has brought the usual but bogus warnings about the ill-effects of free-market policies and the Washington Consensus. The same warnings were issued when Mexico went bust in 1995, and again when East Asia, Russia and Brazil went …
The year 2001 was one of many tribulations and disasters, ranging from economic recession to the Manhattan bombing of September 11. It is by now a cliche that the world changed on 9/11, yet many do not fully understand how …
Vulture funds are financial funds that look for pickings among dying or dead companies in a recession. Today, many global steel giants are in their death throes. In the US, 28 steel companies have filed for bankruptcy under Chapter 11, …
MOST writing you see on the World Trade Organisation assumes that developing countries want to liberalise trade in agriculture and textiles. Formally, all developing countries criticise OECD countries for not liberalising these sectors. Murasoli Maran insists that top priority must …
A month ago, I was asked what I thought of Arundhati Roy and others demonstrating against American bombing of Afghanistan. I replied, “How very American of her”. This might sound paradoxical. After all, the demonstrations were aimed against the US. …
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