About the Book ‘World Economic Crisis and India’ authored by Dr. D. Bhalla, IAS

By Sarkaritel April 3, 2017 15:30

About the Book ‘World Economic Crisis and India’  authored by Dr. D. Bhalla, IAS


Over the years, the world economy has changed dramatically. Going by our past experiences, we find that economic crises of some kind or the other have occurred from time to time in various locations and countries around the world. Such crises have had cascading effects on the economies across the nations. Economic crises in different forms and magnitudes have occurred in countries ranging from Sweden to Argentina, form Russia to Korea, from the United Kingdom to Indonesia and from Japan to the United States; and each crisis has been unique in terms of impact and consequences. In today’s increasingly interdependent world, no country is immune from any kind of  economic crisis irrespective of its place of origin.

The book titled ‘World Economic Crises and India’ authorized by me deals with the various types of economic crisis that have erupted at different points of time in different parts of the world affecting not only the country of their origin but also the other economies having a great bearing on the overall functioning of the world economy.

This book attempts to establish a relationship between production, finance and economic fluctuations and explains how finance, if not managed effectively and prudently, can destabilize economic activities leading to recessionary conditions in the economies. It throws light on different form of financial crisis and the factors behind them. Recessions that have so far occurred in different parts of the world have been interpreted from different angles keeping in view their severity, expansion, causes and effects. The book also presents briefly the history of financial crises that have erupted over a long period since 1875 till date. The major global financial crises and recessions starting from the Great Depression of 1929 have been closely examined from the viewpoint of the factors responsible for them and their economic consequences.

The financial crisis of 2008 has been a major global event in the history of the world economy affecting, in one way or the other, almost all the major economies of the world.  In this backdrop, the causes and consequences, particularly economic fallout of this crisis of global dimension have been dwelt at length in the book.

Since the 2008 financial crisis has had extensive fallout generating a global turmoil adversely affecting the health of the major economies of the world, namely the USA, the UK, the EU, Brazil, China, South Africa and India which all have a dominant role to play in the global economy, the post-2008 economic scenario in respect of each of these countries has been presented with specific focus on GDP growth, inflation, agriculture, industry, services sector, import and exports, capital formation, merchandise trade and unemployment.  It presents a clearer picture of how these major economies of the world have been performing and how effective have been their shock-absorbing capacities in the present day competitive world. Supported by the facts and figures, the book also presents the future world economic outlook and gives an account of the various factors that will determine the future outlook of the world economy.

Indian economy has today emerged as one of the fastest growing economies of the world.  How India survived the storm created by the 2008 financial crisis and did relatively well post-2008 crisis has also been extensively dwelt in the book.  Numerous steps have been taken by our Government in the recent past to bolster our economy.  All such initiatives have been explained in the book to present how resolutely we are progressing towards emerging as an economic giant to play a major role in the world economy.

I hope, the book will be found useful by the academic world and those interested in the study of the global economy.

By Sarkaritel April 3, 2017 15:30