The closing decades of the last century witnessed a fundamental shift in the geopolitical power balance in the world with USA emerging as the only superpower and capitalism as the dynamic engine of growth. This volume appraises the impact of globalization on the state–market relationship, and discusses the experience of China and India. Divided into four sections, the essays in this volume discuss these issues in a historical and comparative perspective. The first section focuses mainly on how China and India, with completely different political structures and institutions, are grappling with the problems of growth in a globalising economy. The second section is a telling account of the culture that permeates the epicenter of the financial world, with little concern for financial stability in the transition economies. The essays in the third section deal with certain key regulatory and governance issues in the Indian financial system. The final section–set in the context of the Enron episode that was followed by successive bankruptcies of some of the largest global corporations–highlights how corporate giants need to improve governance for better investor confidence and market transparency. The book will be of interest to the academic community, policymakers in government as well as business, management institutes, banks, financial institutions, and analysts and commentators of economic and financial affairs.
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