January 2009 - Posts - An Awkward Corner

January 2009 - Posts

Maytas Truths: How Should Public Infrastructure Be Funded?

Posted by Niranjan Rajadhyaksha at 
The Maytas controversy has laid bare the extent of crony capitalism in India, with politicians and select businessmen entering cosy deals under the guise of public-private partnerships, or PPP. For a detailed look at the award of the huge Rs 12,000 crore contract to Maytas to build and operate the Hyderabad Metro, please read an excellent article by...

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Sachin Chaudhuri --- Editor and Intellectual Impresario

Posted by Niranjan Rajadhyaksha at 
Ramchandra Guha had some years ago written a typically-perceptive essay on Indian opinion journals . There was Ramananda Chatterjee's Modern Review , K. Natrajan's Indian Social Reformer , Romesh Thapar's Seminar --- and Sachin Chaudhuri's Economic Weekly . I also remember a book I had once read on British intellectual journalism. There...

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Message From IMF: The End Of The Tunnel Is Not In Sight

Posted by Niranjan Rajadhyaksha at 
It's hard to get into a conversation on the economy these days without bumping into the comforting new consensus that growth will pick up from the fourth quarter of this calender year. And then IMF managing director Dominique Strauss-Kahn tells us a few blunt truths in a BBC programme. "The International Monetary Fund will sharply cut growth...

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Bank Nationalization Redux

Posted by Niranjan Rajadhyaksha at 
The number of economists and commentators saying that the Western financial system should be nationalized is swelling. 1. Paul Krugman thinks it is unfortunate that "Washington remains deathly afraid of the N-word --- nationalization. 2. Willem Buiter wonders what needs to be done to make banks lend again. He says it is time to take "all the...

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A Plan To Fix Finance

Posted by Niranjan Rajadhyaksha at 
A group of 30 heavy hitters --- economists and financial regulators --- has released its recommendations on how to fix finance. The entire report is available here . The Group of 30 is a private and nonprofit group established in 1978 and is headed by Paul Volcker , former chairman of the US Federal Reserve. The report is a huge one and I have not yet...

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President Or Prime Minister?

Posted by Niranjan Rajadhyaksha at 
The debate on whether Indian should choose a presidential form of government crops up every now and then. The fractitious nature of our parliamentary politics and the complexities of coalition agreements have led many to believe that we would be better off with power vested in a president, with all the regular checks and balances of a democracy. The...

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The Raghuram Rajan Fan Club

Posted by Niranjan Rajadhyaksha at 
Raghuram Rajan is widely regarded as a Very Smart Guy. He once co-authored a book called Saving Capitalism From The Capitalists . His new theme seems to be: Saving Finance From Financiers. Rajan was attacked and ridiculed by many of the world's best economists for a paper he presented at the annual Jackson Hole jamboree of central bankers and financial...

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A Room With A View --- Of A Mall

Posted by Niranjan Rajadhyaksha at 
Indian mall developers who had eagerly participated in the frenzied building boom in 2007 and 2008 are now wondering what to do with the properties that have very few buyers. Here's an idea. (Hat Tip: Felix Salmon ) Some urbanists believe that city slickers are ready to buy homes in malls. Felix has linked to this article about the possibilities...

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