Money

The emergence and spread of blockchain technology will have a profound effect on the working of the economy and society. The focus of this article is on how the spread of the blockchain technology has rendered redundant the various provisions of the Personal Data Protection Bill, 2019.

Money by Geoffrey Ingham, Cambridge: UK, Polity, 2020; pp 154, £45 (hardback), £14.99 (paperback).

Monetary policy has emerged as an important tool of economic policy both in developed and developing economies. The monetary and financial system is far more complex today than it has been in the past. Financial intermediation has reached a high level of sophistication, which has itself become a source of concern. The impact of monetary policy action can be transmitted through a variety of channels, some of which though recognised in the past, have become more important. While the traditional issues such as the objectives of monetary policy and the possible trade-off among them remain relevant, they need to be related to the far-reaching changes in the institutional environment at home and abroad. The changing objectives of monetary policy, newly evolving instruments of monetary control and the transmission mechanism and issues related to autonomy in the pursuit of monetary policy are examined.

With rising non-financial corporate debt and evidence of elevated borrowing levels among non-bank financial companies, the fragility resulting from excess leverage has returned to haunt developed country financial markets.

The 2015 gram pradhan elections in Uttar Pradesh present a distinct picture of local elections as compared to state-level and national elections. Three factors— money, power, and violence with localised overtones— have driven the course of elections lately. Large-scale monetary benefits accruing from the position of pradhani motivate the contestants to make substantial investment in elections. The second important element is power that is primarily based on caste status. Although caste positions have changed, the power of caste remains intact. Middle castes have gained salience but relative empowerment of certain communities within the Scheduled Castes is a notable feature in rural societies. The most visible expression of power assertion is violence which is colloquially referred to as dabangai.