Articles by Amal Sanyal


Savings, Risk Capital and Public Borrowing Amal Sanyal FROM the promise that we have a large volume of savings currently, two conclusions seem to be derived in policy-making circles rather wishfully. One is that a substantial amount of additional resource can be raised through public borrowing with only marginal increase in the yield rate of government papers, and the second is that the flow of risk capital directly from households to corporations can be significantly increased by only properly reorganising the functioning of the stock market. If true, both of these will ease the government's financial problem, the first directly with larger public borrowing and the second indirectly by reducing the pressure on public financial institutions to provide risk capital. Some recent experiences in the capital market can throw some light on these two suppositions.

Borrowing from the Rich Amal Sanyal RECENTLY the Union government is seeking to reduce its borrowing from the RBI, as a matter of policy, not by increasing direct taxes, nor by reducing its wasteful consumption or the items of budgetary transfer to the rich, but by directly borrowing from the public. Borrowing from the public is of course an inoffensive expression to mean borrowing from the rich. Since the largest items in the recent Union budgets are transfers to the rich and the payment of salary and perks to the bureaucracy and the government servants in the higher brackets of income, this policy in plain words can be described as borrowing from the rich in order to maintain the consumption of the rich. From the point of view of common- sense the policy certainly looks a trifle curious in that it seeks to pay the rich a stream of interest receipts for the expenses incurred on maintaining mostly their own living standard. The following is an attempt to examine the various implications of this course somewhat more closely.

Liquidity, Prices and Growth A Note Prabhat Patnaik Amal Sanyal This note tries to outline briefly a theoretical framework for analysing the interaction between the monetary and the real sectors of an economy like ours. This framework differs both from the Keynesian and the monetarist ones.


Marx's Theory of Money Amal Sanyal WRITTEN in the style of a monograph this small volume looks, as is clear from its title, at Marx's theory of money. In the first part, the author discusses the way in which the question of money has been posed in volume I of "Capital"