India’s economic growth over the past 25 years has come at a
cost. Cuts in expenditure on public services and unsustainable use of natural
resources has left the majority of the population poor and surrounded by
environmental degradation, says Frontline magazine.
The reliance of Asian countries on debt-financed
middle-class spending in the US has left many vulnerable to the financial
crisis. Now, Asia's slide into recession may signal the 'end of the export era'
and herald unprecedented social revolution, argues Walden Bello.
The North dominated world trade and power for two centuries, disrupting the pre-1800 international distribution of wealth and power. Now, the global balance is shifting to the East, and to primary producers of commodities worldwide. By Philip S Golub.
It is time for India and China to move beyond a history of conflicts
and start cooperating politically, economically and technologically for
mutual benefits, writes Dr Aqueil Ahmad.
These are the words of India's Finance Minister, Palaniappan Chidambaram, as he unveiled this year's budget. In his previous budget, Mr Chidambaram pledged billions of dollars for the poor and to assist farmers. This year his budget continues to take an 'anti-poverty' approach as he provides a further boost to spending on primary education and heath care services.