2021119(火)

The Left was supporting UPA-1 from the outside


Nassim Nicolas Taleb’s “black swan” event explanation is interesting, and it should have led to greater analysis of the unpredictability of the markets and should have created the equivalent of quantum mechanics in economics, but it did not. The argument put forward by the leaders of the BJP and others was that India did not depend on exports for its economic growth, and that the huge domestic market and the consumption it entailed was good enough to keep the economy in shape and the global developments were marginal. Inquiries might unearth corporate mis-governance in the case of IL&FS, but that is an entirely different story. It is an inherent market risk for companies to fail, for good reasons and bad. But it was the silence of the market economists, the liberals and right-wingers, that was of greater concern. In 2013, P. That is the reason for the Left’s tone of triumphant satisfaction.

The Left was supporting UPA-1 from the outside and they exerted an invisible veto on what the government could do on the economic policy front.L’affaire Infrastructure Leasing and Financial Services (IL&FS) meltdown is not a freak incident.In December 2008-January-2009, then finance minister Pranab Mukherjee announced a Rs 40,000-crore stimulus package for the industry to smoothen their frayed nerves, which had its own deleterious effects on the government’s growth and financial deficit numbers. Chidambaram, in his second run as finance minister, had to face the rupee volatility after the US Federal Reserve announced its decision to taper its unusual monetary policy (UMP) of infusing funds into the tottering financial and industrial institutions.Moral critics of unbridled greed like Nobel Prize-winning economists Joseph Stiglitz and Paul Krugman were gloating in their self-righteousness, but they were not addressing the structural flaw in the market system that had led to the breakdown.

For a moment, Hyman Minsky became the prophet before his time!In India, the only man who seems to have looked at the reality of the frayed free market system was former Prime Minister Manmohan Singh, who did not ever flaunt his credentials as a trained and professional economist, but who was deferred to at China Universal Cylindrical Grinding Machine外部リンク the G-20 meetings that became regular post-2007-08, who made the clear-eyed observation in his speech at the UN General Assembly on September 24, 2011: “Till a few years ago, the world had taken for granted the benefits of globalisation and global interdependence. Today we are being called upon to cope with the negative dimensions of those very phenomena.The leaders of the BJP, who were then in Opposition, including former finance minister Yashwant Sinha, then Leader of the Opposition in Rajya Sabha Arun Jaitley and then Rajya Sabha member Nirmala Sitharaman mercilessly flayed the UPA-2 government over the country’s dithering economy, and refused to accept the argument that the global economic squall had battered the Indian markets, especially exports. There was a flight of capital from emerging market economies like India, and it dampened the Indian economy’s prospects. The moral of the market economy is that small disasters trigger bigger ones, potentially






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