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Indian Economy under 'Structural Adjustment'
Prabhat Patnaik and C. P. Chandrasekhar
Economic and Political Weekly
Vol. 30, No. 47 (Nov. 25, 1995), pp. 3001-3013
Published by: Economic and Political Weekly
Stable URL: http://www.jstor.org/stable/4403485
Page Count: 13
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What comes through clearly from the Indian experience with structural adjustment is the dominant role of the process of globalisation of finance. Indeed the very design of the current package of structural adjustment bears the imprint of this process and the sequel to the introduction of the package shows that the real mobility witnessed is that of finance rather than that of capital-in-production. But if globalisation of finance restricts the possibility of intervention within a 'national' (or for that matter, any supranational but restricted) space by undermining the concept of a 'control area', the question naturally arises: can there be any sort of an alternative to the current set of policies? It is the author's contention that a feasible alternative, not just a desirable one, to the existing policies exists.
Economic and Political Weekly © 1995 Economic and Political Weekly