ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles by D N GhoshSubscribe to D N Ghosh

Globalisation, the IMF and Governance

Joseph Stiglitz's new book breathes moral outrage against the IMF. But any reform measures confined to the Bretton Woods institutions would not be an adequate response to the challenges of global capitalism. The scope and dimensions of collective action have to be much wider than redefining the role of the IMF and reforming its governance as recommended by Stiglitz.

Wall Street Capitalism and the World of Professional Managers

A systemic failure of epic proportions in organisations and institutions that are the foundations of market capitalism is unfolding. This essay takes a broad overview of the nature of the improprieties that led to the collapse of corporate governance systems in some of the largest US corporations. The behaviour of professional managers who run these corporations as well as the supporting self-governing institutions and corporate boards is then discussed in the context of the capital market-driven governance systems within which they operate. The essay concludes by raising a few issues of regulatory accountability that the recent happenings have thrown up.

The Unauthorised Code of Corporate Governance

Ten commandments - nothing in common with the authorised corporate governance code, of course - for a passage to the Fortune 500, distilled from the experience of Enron.

Governance Culture and Adaptive Efficiency

The progressive deregulation of the financial market has brought about major changes in the relative position of the different players in the market. Against the backdrop of the evolving relationship between the state and the market, this essay focuses on three interrelated issues the current institutional environment, adaptive efficiency and issues of governance.

Representation of Slavery in English Literature

If money-making was regarded as a 'dirty game' by the literary giants of English in the 18th century, why is it that almost all the writers of that and the next century made peace with slavery?

National Champions in the Financial Sector

To argue for development of national champions in the financial sector is not blind economic nationalism, nor is it protectionism or an alternative to competition. The authorities have to plan to develop and retain a few key institutions, but certainly it will serve no purpose if these institutions do not and are not enabled to come up to accepted international standards. Lessons from the story of the submission of the City, one-time symbol of British financial power and dominance.

Corporate Governance and Boardroom Politics

Corporate governance codes, which are emerging from a variety of quarters, are woven round the role and responsibility of the board of directors. A discussion of the essential prerequisites for effective supervision by the board, an overview of the ground realities in the Indian corporate sector and an assessment of the significance of the current trends.

Wall Street Entrepreneurs

The interrelationships between governments and markets in international finance are indeed complex. The international community has to veer round to some controlled and deliberate move to 'disintegrate' the international economy and curb the fluidity and volatility of international money flows causing extreme fluctuations in exchange rates and detracting from the benefits of international trade in goods and services. Cooperative crisis management would be the toughest challenge for the international financial community in the coming decade.

George Soros Phenomenon

The phenomenon of George Soros has to be evaluated in the historical context. The global economy without the discipline of a world government has become the breeding ground for adventures. It is throwing up men who know how to leverage their imaginations to satisfy their appetites for money and power.

Budget Proposals on Public Sector Banks

Government, it appears, does not wish to disturb the ownership pattern of the public sector banks. In that event it has to show the political will to build upon the foundations of the existing public sector banks and purge them of their institutional debilities. The finance minister should have made it clear that the interests of the employees and of the incumbent managements can be safeguarded only within the boundary limits of what the bank and the system can absorb, that is, without eroding the rights of the other stakeholders.

Living Dangerously

As financial markets are getting more integrated, the moods and sentiments of Wall Street investment bankers and brokers have a huge impact on market behaviour in non-US stock markets. If concerted international action is taken now to discipline financial markets in the advanced countries, Wall Street particularly, the touchdown will be softer and the emerging markets will stand to benefit.

Weak Banks: A Strategy for Self-Renewal

The two approaches to 'weak' public sector banks, represented by the reports of the Verma Committee and the Task Force of the CII, have provoked high-pitched reactions. What is important, however, is that the different stakeholders - the government and the Reserve Bank, the managements of the banks and the unionised employees - agree on a framework within which the banks could be attempted to be rehabilitated. Three ground rules are suggested here for the purpose.


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