The recent financial crisis and the consequent crisis management specifically by US has become hot topic for discussion. To add to the confusion the world has become so dynamic that the debate/discussion before people(not the immediate) can read, the perspective changes broadly.
One of the recent article "The Argentine Way" by Jayati Ghosh in Frontline issue October 24, 2008 is good example of what is happening and in fact "How fast it is happening"? The said article praised the way Argentine Economy fought the financial crisis in Year 2001 wherein the country was hit with declining employment & output, increasing poverty rates and political instability. The article does also touches upon rather in sarcastic way the role of IMF in speeding up the fall of Argentines economy. Then the article praises the rise of government of Nestor Kirchner and consequent remarkable recovery to become one of the fastest growing economy.
Changed times: Now comes the twist in story by the time people reads the article the news are doing the round that Argentina has failed to make a debt repayment to the World Bank that fell due on 14 November. Well such is the fast pace of world and rather financial world or to say the kind of integration that a article/discussion/debate losses its importance/meaning by the time it get consummated.
Frankly i am not sure whether the neoliberal supporting/promoting liberalization, deregulation, privatisation of public assets and giving more thrust on role of "foreign capital' for any country to develop or the the said way in which Argentina brought back (at least till 2008) the economy by keeping the exchange rate constant encouraging exports, discouraging exports and helping the domestic consumption to feed the economy rather than relying on "external capital" or in fact defying the neoliberal vision that external capital can help improving the economy but virtually insulating the imports and "foreign investments".
But one conclusion can be definitely made and is that no strategy can remain correct always and strategy needs constant revision based on the underlying scenario and developments.
One of the recent article "The Argentine Way" by Jayati Ghosh in Frontline issue October 24, 2008 is good example of what is happening and in fact "How fast it is happening"? The said article praised the way Argentine Economy fought the financial crisis in Year 2001 wherein the country was hit with declining employment & output, increasing poverty rates and political instability. The article does also touches upon rather in sarcastic way the role of IMF in speeding up the fall of Argentines economy. Then the article praises the rise of government of Nestor Kirchner and consequent remarkable recovery to become one of the fastest growing economy.
Changed times: Now comes the twist in story by the time people reads the article the news are doing the round that Argentina has failed to make a debt repayment to the World Bank that fell due on 14 November. Well such is the fast pace of world and rather financial world or to say the kind of integration that a article/discussion/debate losses its importance/meaning by the time it get consummated.
Frankly i am not sure whether the neoliberal supporting/promoting liberalization, deregulation, privatisation of public assets and giving more thrust on role of "foreign capital' for any country to develop or the the said way in which Argentina brought back (at least till 2008) the economy by keeping the exchange rate constant encouraging exports, discouraging exports and helping the domestic consumption to feed the economy rather than relying on "external capital" or in fact defying the neoliberal vision that external capital can help improving the economy but virtually insulating the imports and "foreign investments".
But one conclusion can be definitely made and is that no strategy can remain correct always and strategy needs constant revision based on the underlying scenario and developments.
Source & referrence: Frontline Magazine, October 24, 2008
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