Forwarded Messsage: >Below is a background info about my book. I will very much appreciate >if you pass it on to concerned groups and activists. I am really >depending on you for publicity. Zed Books, London and Fernwood >Books, Canada have asked me for the people to whom they should >contact regarding the publicity of the book, I have mentioned your >name. > >Together we all can make a significant contribution towards social >and poltiical change! > >Thanks and lots of regards > >Kavaljit Singh > >----------------------------------- > >PUBLICATION ANNOUNCEMENT > >Title: A Citizen's Guide to the Globalisation of Finance > >The international edition of the book will be soon published by >Zed Books, London. In Canada, the book will be available through >Fernwood Books Ltd, P O Box 9409, Station 'A', Halifax, NS, B3K >5S3, Canada.Phone: 902 422 3302, Fax: 4223179. > > >Backgrounder > >"I understand the globalisation of capital in production, but I don't >understand the globalisation of capital as finance... I also find it >extremely difficult to follow the financial terms and even financial >pages of a newspaper...," a leading social activist involved in anti- >TNCs campaigns in India told me last year, while discussing the >Southeast Asian currency crisis. Her impressions are echoed by a >number of other social activists and groups in India and elsewhere >with whom I have had the opportunities to interact. >Very few will >disagree with the fact that in recent years there has been a >significant trend of globalisation of capital in the form of finance >rather than in production. 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 the 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. > >Given the fact that there is hardly any book or other publication >available which is written for non-specialist readers, I have taken >the initiative to bring out a popular guide on this important theme. >In fact, this guide is in continuation with an earlier publication Bphap$ >deals with FDI-related financial flows, especially in the Indian >context, TNCs and India: An Activists' Guide to Research and Campaign >on Transnational Corporations (with Jed Greer, PIRG, 1995). > >This book aims at providing a simple guide to understand the language >and world of finance. Part I introduces the concepts and aspects of >global finance, while Part II deals with the recent experiences of >developing countries with global finance capital. India's experience >with such financial flows is also discussed here. The concluding >section looks into the economic and political implications as well as >the need for regulation and control of such flows. Finally, some >campaign tools and strategies as well as information sources for >further research and action are also provided for the interested >readers. I hope that it will serve as a catalysing factor for wider >citizen participation in campaigns launched by many NGOs, labour >unions and political groups. > >About the Author > >Kavaljit Singh is co-ordinator of Public Interest Research Group. He >has published extensively on foreign investments and TNCs in many >PIRG publications as well as journals and newspapers. He is author of >TNCs and India (with Jed Greer, PIRG, 1995) and The Reality of >Foreign Investments (Madhyam Books, 1997). > >Total Pages: 200 > >Contents > >Part I: Global Finance: An Introduction >1. Globalisation: A New Phenomenon? >2. Trends in Global Financial Flows >3. The Key Players >4. Financial Instruments > >Part II: Recent Financial Crises in Developing Countries: >Experiences and Lessons >5. Collapse of a 'Model': The Mexican Financial Crisis >6. The Southeast Asian Currency Turmoil: The case of Thailand >7. Contagion Effect on South Korea, Indonesia, > Malaysia and Philippines >8. Private Profits, Public Losses: > The Great Asian Bailout Programme >9. Will India go the Southeast Asian way? > >Part III: Policy Implications and Interventions >10. Emerging Economic and Political Issues >11. Cooling Hot Money: The Need for Capital Controls >12. Resources for Action > > >List of Boxes > >1.1 Globalisation: Old and New >1.2 The Money Business >1.3 Dollar, Dollar, Everywhere... >1.4 The World of Currency >2.1 FDI and PI: A Comparison >2.2 Stock Trading round the Clock >2.3 Capital Flight >4.1 Bond Ratings >4.2 World Bank and ADB: Lenders or Borrowers? >4.3 What is Sensex? >5.1 The Mexican Debt Crisis >5.2 Chronology of Mexican Crisis >5.3 "Lack of Economic and Political Democracy Behind > Rebellion in Chiapas" >5.4 "The Mexican Model was Never Free Market" >5.5 Some Facts on the Failed Mexican Model >6.1 The Thai and Mexican Crises: A Comparison >6.2 Winners and Losers >6.3 "Don't Interfere with our Economy and Politics" >7.1 The IMF Dictionary >7.2 Chronology of South Korean Crisis >7.3 Chronology of Indonesian Crisis >7.4 Chronology of Malaysian Crisis >8.1 "The IMF is a UFO" >8.2 Growing Suicide Fever in South Korea >9.1 Forex Reserves: Adequate Enough? >9.2 UBS largest FII in Indian Debt Market >9.3 When 'Blue-eyed Boys' went Jobless >9.4 FIIs and GDRs: Nothing 'Unethical' about it! >9.5 The Securities and Exchange Board of India >9.6 The Deregulation of Capital Flows in 1997 >9.7 What is Capital Account Convertibility? >11.1 Capital Controls in Developing Countries >11.2 Main Policy Responses to Capital Inflows 1988-95 >11.3 The Central Banking System >11.4 Exchange Rate Systems >11.5 BIS and IOSCO >12.1 Campaign Against Narmada Bonds > > >List of Tables > >1.1 Foreign Exchange Trading >2.1 Financial Flows to Developing Countries >2.2 Net Private Capital Flows to Developing Countries >3.1 World's Top Fund Managers >3.2 Top Mutual Fund Managers in U.S. >3.3 Major International Fund Management/Bank Mergers >4.1 International Bond Issues in 1997 >6.1 International Bank Lending to Thailand >7.1 Depreciation of Major Southeast Asian Currencies >7.2 International Bank Lending to Asia >7.3 International Bank Lending to East Asia >7.4 International Bank Lending to Indonesia >7.5 Price Shock >8.1 The Costs of Bailouts >9.1 FDI and PI in India >9.2 The Top Ten Euroentrants >9.3 Top FIIs in India >---------------------------------------------------------------- > >Praise for the Book > >"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 Singh's...is a very useful critical intorduction to the >workings, threats and possibilities of control of the global >financial system... Highly recommended." >Edward S. Herman, professor of Finance, Wharton School, U.S. > >"The book indeed falls in the 'must read' 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 > >"Kavaljit Singh has rendered a useful public service by his attempt >to simplify the mystique surrounding 'globalisation' 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." Economic and Political Weekly. > >***************************************** >KAVALJIT SINGH >PUBLIC INTEREST RESEARCH GROUP/MADHYAM BOOKS >142,MAITRI APARTMENTS, >PLOT#28, PATPARGANJ, >DELHI-110092 >PHONE:91-11-2432054,2221081 >FAX:91-11-2224233 >EMAIL:[EMAIL PROTECTED] >*******************************************
