COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

New book examines Asian currency turmoil

Former president Dr Shanker Dayal Sharma has urged the people to understand the complex economic issues which have a vital bearing on their lives.

Releasing a book titled Asian Currency Turmoil on Friday in New Delhi, Dr Sharma said the Asian economic crisis had shaken the people and ''they should know what is needed to avoid these disasters''.

President of the Indian Council of World Affairs Harcharan Singh Joshi said the book was the result of a detailed study of the economic and political aspects of the turmoil which was threatening to spread across the world.

In the book, Arun Ghosh has examined this in the context of globalisation and the World Trade Organisation. Politics of liberalisation has been dealth with by S C Parashar.

Parashar spoke of the economic havoc created in east Asian countries and its domino effect on economies all over the world.

''These are the direct results of uncritical acceptance of globalisation and liberalisation being forced on the Third World countries by the International Monetary Fund, World Bank and the Wall Street,'' he said.

''The basic cause of the currency crisis is that short-term loans were used for long-term investments,'' Ghosh added.

UNI