Economic Reforms and Social Justice in India

2009 ◽  
Vol 5 (3) ◽  
pp. 195-210
Author(s):  
Kalpana C Satija
Keyword(s):  
Economic Policy ◽  
Social Justice ◽  
Policy Process ◽  
Economic Reforms ◽  
Economic Advantage ◽  
Reform Process ◽  
Economic Policies ◽  
Ruling Elite ◽  
Policy Makers

If one traces the changes in India's economic policies over the last five decades, they bear the imprint of changing geopolitical dynamics. While India's policy makers often couch their agendas in ideological terms, in reality the economy has been steered by the ruling elite to their economic advantage. Therefore, liberalization and the permissible boundaries within which a reform process will operate can be best understood if contextually examined and interpreted. This paper attempts to explain the dynamics of the economic policy process and outlines the contours of India's liberalization program

scholarly journals Shankar Acharya and Rakesh Mohan (eds.) India’s Economy—Performance and Challenges: Essays in Honour of Montek Singh Ahluwalia. New Delhi: Oxford University Press, 2010. xv+465 pages.

2010 ◽  
Vol 49 (2) ◽  
pp. 153-158
Author(s):  
Rashid Amjad
Keyword(s):  
Strong Support ◽  
Reform Process ◽  
New Delhi ◽  
Economic Policies ◽  
Ruling Elite ◽  
Reform Agenda ◽  
Oxford University ◽  
Finance Minister ◽  
The World Bank ◽  
Deputy Chairman

This volume comprises a compilation of essays written by distinguished Indian economists, and international economists and observers on India, in honour of Montek Singh Ahluwalia, an eminent economist and currently Deputy Chairman, Planning Commission, widely recognised as one of the main architects and drivers of the economic reform process. In a very well-written Introduction to this festschrift, capturing the essence of the contributions to the volume and weaving them into an excellent overview, Shankar Acharya and Rakesh Mohan state, “Indeed the story of India’s economic policies over the past three decades could easily be woven around Montek’s career as the pre-eminent government economist through most of this time”. This role is earlier acknowledged in the foreword to the volume by the current Indian Prime Minister, Manmohan Singh, the initiator of the overall reform process as Finance Minister from 1991-96, when Montek (as he is popularly known) worked under him in important positions. This recognition also finds strong support amongst the authors, who were close associates of Montek in policy-making, as they recount the role he played in both shaping and driving the economic policy reform agenda. How a small but well-knit team of economists, most of whom had earlier worked in the World Bank or the IMF, could actually achieve this in a country as large and complex as India would baffle any observer. While the book provides no explicit answer, the reform process appears to have initially found favour in response to the economic crisis in 1991. The process then gained momentum as the reforms showed measurable success, and this helped win over the trust and confidence of the political ruling élite.

Economic Policy-Making in China: Summer 1981

1982 ◽  
Vol 90 ◽  
pp. 165-194 ◽  
Author(s):  
Michel Oksenberg
Keyword(s):  
Economic Policy ◽  
Cultural Revolution ◽  
Policy Process ◽  
Policy Making ◽  
Economic Reforms ◽  
Chinese Policy ◽  
New System ◽  
The Cultural Revolution

More than five years have passed since Mao's death and the arrest of his principal surviving supporters who helped launch and wage the Cultural Revolution. Since 1976 and particularly since late 1978, a major effort has been made to reform the Chinese policy process at the higher levels, especially in the economic realm. Drawing on impressions gained from interviews with Chinese officials in the summer of 1981, as well as a reading of the Chinese press, this article assesses the progress of the reforms. To what extent and in what direction has economic policy making evolved since 1976? What of the Maoist system remains? Further, what are the strengths and deficiencies of the new system? Does the policy process in the economic realm seem capable of directing the substantive economic reforms which the leaders have in mind? These are the questions explored in this article.

scholarly journals Psychology, Economic Policy Design, and Implementation: Contributing to the Understanding of Economic Policy Failures in Africa

2014 ◽  
Vol 2 (1) ◽  
pp. 183-196 ◽  
Author(s):  
Seth Oppong
Keyword(s):  
Economic Policy ◽  
Policy Design ◽  
Status Quo ◽  
Economic Policies ◽  
Human Beings ◽  
Policy Makers ◽  
Design And Implementation ◽  
The Status ◽  
Policy Failures

When designing economic policies, policy makers work with the assumption that targeted beneficiaries would respond in a manner that would lead to success of the policy. However, the responses of beneficiaries do not always follow the expected pattern. Drawing on Thaler and Sunstein’s (2008) and Asante’s (2003) theses, this paper projects the view that economic policies that fail to take account of the psychology of the target people fail. The position in this paper is based on the premises that human beings, as choice architects, are not necessarily rational beings always acting in their self-interests and that culture, traditions, and national aspirations influence the success of economic policies. It is argued that inertia (the unwillingness to move or change the status quo) is related to how individuals living in poverty respond to policies intended to alleviate their conditions. New theoretical insights are advanced and recommendations made on the basis of the exploration of the literature.

scholarly journals Bilateral Economic Relations in a Global Political Economy: Australia and Japan

1997 ◽  
Vol 2 (2) ◽  
pp. 137-173 ◽  
Author(s):  
Mark Beeson
Keyword(s):  
Economic Policy ◽  
National Policy ◽  
Policy Framework ◽  
Economic Policies ◽  
Competitive Advantages ◽  
Market Mechanisms ◽  
Policy Makers ◽  
Economic Relations ◽  
Potential Efficacy ◽  
National Economic

This paper argues that despite the internationalisation of economic activity, and a concomitant diminution of economic policy-making autonomy, national policy settings continue to display a surprising degree of divergence and remain important determinants of economic outcomes. Similarly, there are distinctively different and enduring patterns of corporate organisation across nations which confer specific competitive advantages. Important theoretical and practical questions are raised, therefore, about the potential efficacy of national economic policies and their capacity to accommodate such divergent practices. This paper examines the bilateral relationship between Australia and Japan, and assesses the effectiveness of Australia's predominantly neoliberal economic policy framework in the light of such national and organisational variation. It will be suggested that Australian policy-makers' faith in market mechanisms caused them to underestimate the significance of Japanese commercial practices and regional production strategies, rendering attempts to transform the relationship largely unsuccessful.

scholarly journals THE EFFECTS OF TAWHIDIC PARADIGM ON PUBLIC POLICY MAKING IN MALAYSIA

2017 ◽  
Vol 6 (2) ◽  
Author(s):  
Suhaimi Bin Mhd Sarif ◽  
Yusof Bin Ismail
Keyword(s):  
Public Policy ◽  
Economic Policy ◽  
Policy Making ◽  
Market Forces ◽  
Economic Policies ◽  
Current Policy ◽  
Wealth Creation ◽  
Personal Interview ◽  
Public Policy Making ◽  
Policy Makers

This study examines the conceptualized effects of Tawhidic paradigm on economic policies to promote the growth of halal industry for sustainable wealth creation in Malaysia. Tawhidic paradigm provides guidance to economic policy thinking by relying upon the principles of Qur’an and Sunnah in formulating and implementing policy blueprint and instruments. The current policy thoughts are guided by market forces and sentiments which contributed to unbridled uncertainties and speculation. A Tawhidic paradigm policy thinking and process is developed to help ascertain the level of Tawhidic based policy thinking and practices at policy making, implementation and evaluation. Using personal interview with economic policy makers as method of collecting input, this study reveals that the informants do consider some levels of Tawhidic paradigm but the thoughts appear to be inadequate to help sustain wealth creation. =========================================== Efek Paradigma Tauhid dalam Pengambilan Kebijakan Publik di Malaysia________________________________________________ Studi ini ingin menguji dampak konsep paradigma Tauhid terhadap kebijakan ekonomi dalam mendorong pertumbuhan industri halal, demi terciptanya kekayaan berkelanjutan di Malaysia. Paradigma tauhid memberikan panduan pemikiran kebijakan ekonomi dengan mengandalkan prinsip-prinsip Alquran dan Sunnah dalam merumuskan dan menerapkan cetak biru instrumen kebijakan. Pemikiran kebijakan saat ini dipandu oleh kekuatan dan sentimen pasar yang berkontribusi terhadap ketidakpastian dan spekulasi yang tak terkendali. Pemikiran dan proses pemikiran tauhid dikembangkan untuk membantu memastikan tingkat pemikiran dan praktik kebijakan Tauhid berdasarkan pada pembuatan kebijakan, pelaksanaan dan evaluasi. Dengan menggunakan wawancara pribadi dengan pembuat kebijakan ekonomi sebagai metode untuk mengumpulkan masukan. Penelitian ini mengungkapkan bahwa informan mempertimbangkan beberapa tingkat paradigma Tauhid namun pemikiran tersebut tampaknya tidak memadai untuk membantu mempertahankan penciptaan kekayaan.

More Than Macro Stability

2021 ◽  
pp. 95-118
Author(s):  
Oscar Calvo-Gonzalez
Keyword(s):  
Economic Growth ◽  
Exchange Rate ◽  
Political Stability ◽  
Economic Reforms ◽  
Economic Situation ◽  
Reform Process ◽  
Economic Policies ◽  
Improved Performance ◽  
The Impact ◽  
Economic Policymaking

For economic growth to accelerate, as it did in Spain in the decade after 1950, requires more than just increased political stability. This chapter documents the drastic turnaround in economic policymaking that took place, from an autarkic and statist orientation to a more open and market-friendly one. It also provides a counterfactual exercise to help us gauge the impact of economic reforms. The analysis makes clear two important conclusions. First and foremost, the growth dividend from improving economic policies in Spain was large. The most impactful reforms were those that implied removing excesses that were causing large distortions, such as the misalignment in the exchange rate. The second conclusion is that this improved performance was the result of a decade-long reform process. The results from the counterfactual exercise suggest that the early reforms undertaken before 1959 played almost as much of a role as the 1959 Plan did in stoking growth. This finding is in contrast with most of the literature which, with few exceptions, has focused perhaps too much on the importance of the 1959 Stabilization Plan. This finding also raises important questions why reforms were undertaken and puts in doubt the existing mainstream view that a desperate economic situation had prompted the adoption of the 1959 Stabilization Plan.

scholarly journals SISTEM EKONOMI INDONESIA DALAM PERSPEKTIF PANCASILA DAN UUD 1945

2018 ◽  
Vol 4 (2) ◽  
pp. 304-332
Author(s):  
Agung Rifqi Pratama
Keyword(s):  
Economic Policy ◽  
Economic System ◽  
Policy Making ◽  
The Other ◽  
Economic Policies ◽  
Political Will ◽  
Philosophical Approach ◽  
Policy Makers ◽  
Normative Approach ◽  
Other Hand

The focus of this article, using a juridical normatif and philosophical approach, is in tracking how Article 33 of the Indonesian Constitution is understood and how the Pancasila economic system (based on the five tenets of the State’s ideology) is being implemented by a number of exisitng economic policies. While the Article should be regarded as the embedodiment of Indonesian economic policy, it cannot be denied that the understanding of  it evolved and changed following the 4thamendment to the Constitution. It is observed that the 4thamendment to the 1945 Constitution have had a great impact on the direction taken by the Indonesian economic policy makers.  In using a juridical normative approach we are forced to take the position that Pancasila economic system as found in the Constitution should be followed by the letter in real economic policy making. On the other hand, just to do that, we cannot but realize the need for the existence of government political will.

scholarly journals POLITICIZATION OF THE ECONOMY AND NON-ECONOMIC POLICY (EXPERIENCE OF POST-COMMUNIST GEORGIA)

2019 ◽  
Vol 4 (8) ◽  
pp. 13-21
Author(s):  
VLADIMER PAPAVA
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Financial Institutions ◽  
Science Achievement ◽  
Economic Reforms ◽  
National Currency ◽  
Economic Science ◽  
Economic Policies ◽  
International Financial Institutions ◽  
Governmental Policy

It is not so uncommon when the main deterring factor of economic growth is its politicization. As a matter of fact, economic policy is a part of governmental policy and this means that the “politicization of the economy” is practically unavoidable. The problem is when the conditioning of the “politicization of the economy” is the type of economic policy that is not based on the achievements of economic science. If economic policy is not only distant from economic science but, on some occasions even contradicts it with its elementary provisions, then this type of economic policy held by a government should be called “non-economic policy.” Among the causes of “non-economic policy,” special attention must be paid to problems in the existing mistakes in economics, in the non-professional economic team of a government and in the wrong recommendations given to a government by international financial institutions. Post-communist Georgia’s experience gives us noticeable examples when different governments held ‘non-economic policies’ which negatively impacted the country’s development. As a result of successful economic policies, economic reforms were held which subsequently combated hyperinflation in the 1990s, achieved macroeconomic stability and established the Georgian lari (GEL) as the national currency following currency reform. Relevant reforms were completely based on economics. The main problem is the rapprochement of economic policy to economic science. Achievement of this is only possible in the case when economic policy is elaborated by highly professional economists.

Zur wirtschaftspolitischen Nützlichkeit von Konjunkturprognosen

1996 ◽  
Vol 45 (2) ◽  
Author(s):  
Ernst Helmstädter ◽  
Michael Hüther ◽  
Enno Langfeldt
Keyword(s):  
Economic Policy ◽  
Predictive Power ◽  
Time Lag ◽  
Forecast Errors ◽  
Economic Policies ◽  
Medium Term ◽  
Short Term ◽  
Policy Makers ◽  
Policy Forum ◽  
Economic Forecasts

AbstractThe economic policy forum deals with the question of whether economic policies need economic forecasts. Principally, all three authors agree on their usefulness. However, while Ernst Helmstädter argues that such forecasts can improve the decisions of economic policy-makers, he identifies the making of forecasts as the main problem. In order to enhance the predictive power of forecasts and thus their usefulness for economic policy, he suggests to focus more at cyclical regularities which can be observed for important economic indicators such as exports and investments.Michael Hüther ascertains that the requirements to economic forecasts have changed over the years. Nowadays, the potential for economic growth and its determinants have become more significant. Thus the instruments of economic policy aim at an increasing steadiness of the economy. Nevertheless, there is still a need for economic forecasts. However, the focus has changed from short-term to medium-term forecasts.Enno Langfeldt remarks that forecast errors are usually higher when there is a turnaround of the economy. This is due to a time lag in the availability of economic data and wrong assumptions about the development of important indicators. According to him, there is a potential to improve the forecasting procedure by using modern methodological techniques. By doing so economic policy-makers, firms and households can profit from economic forecasts.

POLICY CHANGE – THE ROLE OF IDEAS AND POLICY ENTREPRENEURS

2018 ◽  
pp. 63-72
Author(s):  
Arwanto Arwanto ◽  
Wike Anggraini
Keyword(s):  
Policy Change ◽  
Significant Role ◽  
Policy Process ◽  
Policy Entrepreneurs ◽  
Multiple Streams ◽  
Policy Makers ◽  
Problem Framing ◽  
Exogenous Factors ◽  
The Relationship

ABSTRACT Understanding policy process involves many distinctive approaches. The most common are institutional, groups or networks, exogenous factors, rational actors, and idea-based approach. This paper discussed the idea-based approach to explain policy process, in this case policy change. It aims to analyse how ideas could assist people to understand policy change. What role do they play and why are they considered as fundamental element? It considers that ideas are belong to every policy actor, whether it is individual or institution. In order to answer these questions, this paper adopts Kingdon’s multi streams approach to analyse academic literatures. Through this approach, the relationship between ideas and policy change can be seen clearer. Ideas only can affect in policy change if it is agreed and accepted by policy makers. Therefore the receptivity of ideas plays significant role and it emerges policy entrepreneurs. They promote ideas (through problem framing, timing, and narrative construction) and manipulate in order to ensure the receptivity of ideas. Although policy entrepreneurs play significant role, political aspects remains the most important element in the policy process. Keywords: policy change, ideas, idea-based approach, Kingdon’s multiple streams, policy entrepreneurs.

Sign in / Sign up

Export Citation Format

Share Document