By Waltrau Schelke

Ever given that Shaw and McKinnon released their path-breaking works on monetary improvement in 1973, there was large examine at the results of economic and monetary regulations on monetary progress of constructing nations. This publication places ahead a brand new paradigm of financial improvement conception alongside Keynesian strains. The process is substantiated by way of offering a clean viewpoint on India's monetary improvement after Independence.

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Additional info for Constitution and Erosion of a Monetary Economy: Problems of India's Development since Independence (Gdi Book, No 3)

Sample text

The critique need not in that case be directed solely against policy, it can also direct its attention to these constraints. CHAPTER 2 51 If the weakness of a currency can be defined as meaning a situation in which there is domestic demand for foreign currency but no long-term foreign demand for domestic currency (LükenKlassen/Betz 1989, p. 244), then this evidently constituted a primary condition of emerging monetary economies. There were enough established and sound currencies in which nominal assets could be held and real transactions could be conducted.

For its competitors, development thereafter assumed the aspect of a Second World seeking to catch up with a hegemonic industrial and financial power. In the second half of the 19th century, these countries laid the foundations for a modern financial system, consisting in the institutionalization of a statecontrolled central bank, a two-tier system of money supply commensurate with it, and support for long-term industrial finance (Gerschenkron 1962, pp. ). With the exception of a number of Latin American countries, today’s Third World was still in a state of colonial dependence, and hence more an instrument of than an actor in these ventures in late development.

This process, as has already been implied, was very closely associated with the emergence of the modern constitutional and nation state. 1 The Problem of Constitution At the beginning of the last chapter reference was made to the link between the formation of nation states and the emergence of a monetary economy in the sense used here. This link must be qualified historically, since the context of national and monetary integration for today’s industrialized countries differed entirely from that of today’s developing countries.

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