The Globalization of Finance:
A Citizen’s Guide
BY KAVALJIT SINGH
Madhyam Books (Delhi)
Zed Books (London & New York)
CSR (Colombo)
IBON Books (Manila)
IPSR Books (Cape Town)
Arabic Language Edition: ANEP (Algiers)
Bhasa Indonesia Language Edition: Yakoma PGI (Jakarta)
Chinese Language Edition: DAGA Press (Hong Kong)
Hindi Language Edition: Ritika Prakashan (New Delhi)
Korean Language Edition: KCAO (Seoul)
Tagalo Language Edition: NCCP & DAGA (Manila)
Tamil Language Edition: Poovulagin Nanbargal (Chennai)
Thai Language Edition: Forum Asia (Bangkok)
Year of Publication: 1998
The globalisation of finance has surpassed the globalisation of production and has gained a life of its own. This guide provides a key to understanding the intricacies of this process. The main argument running through this Guide is that global financial flows are no longer associated with the flows of real resources and long-term productive investments.
Attracted by short-term speculative gains, these flows are highly liquid, and can leave the country as quickly as they come. With the rapid decline in the degree of control and manoeuvrability, national governments find it difficult to pursue independent economic policies which are inconsistent with the interests of global finance capital. The adverse impact of these global financial flows on the national economies is taken up for analysis, concentrating on the currency crisis that erupted in Mexico, and the ongoing currency turmoil in various Southeast and East Asian countries.
In this background the dangers of India’s recent moves towards opening its doors to global finance capital are emphasised. The book argues for putting into place effective regulatory mechanisms and pleads for mass citizen action to implement these and exercise social control over global finance capital. The Guide also includes Thailand’s Letter of Intent to IMF and Korea’s Stand-by Agreement with the IMF.
gamut of finance, especially its global reach.”
HIMAL
“This book is exactly what was needed… A real citizen’s guide.”
Samir Amin
“An essential corrective.”
Indian Express
“Don’t be passively globalised: this book explains where you fit in the globalisers’ plans and points towards new forms of resistance.”
Susan George
“Kavaljit’s book is a very useful critical introduction to the workings, threats, and possibilities of control
of the global financial system. Highly recommended.”
Edward S. Herman
“The book justifies the author claim that it can be a tool to understand the complex issues and his hope that it will help in
wider citizen participation in popular campaigns to reform and regulate the global finance capital.”
Mainstream
“At a time when India’s economy is in the throes of recession, Kavaljit Singh’s book is bound to be of interest.”
Indian Review of Books
“Kavaljit Singh has rendered a useful public service by his attempt to simplify the mystique surrounding ‘globalization’ of financial services and of capital movements. It would be useful for all social workers not familiar with economic jargon to read this book carefully.”
Arun Ghosh, Economic and Political Weekly
“The book indeed falls in the ‘must red’ category for a whole range of people.”
Frontier
“Singh achieves his objective: producing a useful layman’s guide to the complex world of global finance.”
Intelligent Investor
“Instead of seeking to find long-winded explanations to fairly straightforward issues, it gives simple answers to
complex issues. That is its chief merit.”
The Book Review
“It must be read by every one who has something to do with the government policy of liberalisaton and globalisation
of financial sector policies and activities.”
The Hindu
“This accessible survey of a widely debated topic is recommended for general readers; students, lower division
undergraduate and up; and research/professional audiences.”
Choice
“I’ve long been looking for a genuinely accessible explanation of how the global financial system works.
Singh’s book makes a good attempt, and is certainly one of the best guides available.”
Gerg Muttitt, Corpwatch.org