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Political Response to the 1966 Devaluation-I
Jagdish Bhagwati, K. Sundaram and T. N. Srinivasan
Economic and Political Weekly
Vol. 7, No. 36 (Sep. 2, 1972), pp. 1835-1836
Published by: Economic and Political Weekly
Stable URL: http://www.jstor.org/stable/4361764
Page Count: 2
You can always find the topics here!Topics: Political parties, Politicians, Economic liberalism, Parliaments, Parliamentary system, Political elections, Economic analysis, Economic policy, Economics, Government officials
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The devaluation of the rupee in 1966 came up against intense and widespread political reaction. This made it nearly impossible for the government to gain real political support for the measure ex-ante or a rational appraisal of its success ex-post. An analysis of the factors underlying this outcome is, therefore, necessary to learn lessons for Indian policy-making so that some of the avoidable pitfalls can be eliminated the next time around; there are also more general lessons for policy-makers elsewhere too. In this paper, to be published in three parts, is examined the response to the devaluation of several elite groups: Congress Party and Opposition politicians in and outside Parliament, the Press, business and industrial groups, and economists. The arguments developed in Part I of the paper, concerning the political response to the devaluation, is supported by detailed analysis of the relevant documents of the period. In Part II, is discussed the reaction of politicians and parties. In Part III the analysis will be extended to newspapers and magazines, industrial and business groups, and economists.
Economic and Political Weekly © 1972 Economic and Political Weekly