Access

You are not currently logged in.

Access your personal account or get JSTOR access through your library or other institution:

login

Log in to your personal account or through your institution.

If You Use a Screen Reader

This content is available through Read Online (Free) program, which relies on page scans. Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.

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
Stable URL: http://www.jstor.org/stable/4361764
Page Count: 2
  • Read Online (Free)
  • Download ($9.00)
  • Subscribe ($19.50)
  • Cite this Item
Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Preview not available
Preview not available

Abstract

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.

Page Thumbnails

  • Thumbnail: Page 
1835
    1835
  • Thumbnail: Page 
[1836]
    [1836]