Includes bibliographical references and index.

I. Age of Official Capital Flows and Developing Countries. 1.Tied Loans and Liquidity Constraints -- 2. Dimensions of External Economic Transactions -- II. Global Capital Flows : Paradoxes, Constraints, and Asymmetries. 3. Swings and Paradoxes in International Capital Markets : A Theoretical Note -- 4. International Capital Flows and Global Demand -- 5. Financial Oligarchy in Contemporary Capitalism -- III. Deregulated Global Finance. 6. Global Finance: On the Move to Stock Market Capitalism -- 7. The Meltdown of the Global Economy: A Keynes-Minsky Episode? -- 8. The Global Crisis and Remedial Actions: A Non-mainstream Perspective -- 9. Uncertainty and Speculation in the Keynesian Tradition: Relevance in Commodity Futures -- 10. Does the Current Crisis Remind Us of the Great Depression? -- IV. Deregulated Finance in Developing Economies. 11. Economic Turmoil in Asia: A Reinterpretation -- 12. China in the Bull Shop: Dealing with Finance after the WTO -- 13. China in the Global Economy: Encountering Systemic Risks -- 14. Global Financial Flows and National Autonomy: China and India -- 15. Currency Concerns under Uncertainty: The Case of China -- 16. Managing Finance in Emerging Economies: The Case of India -- 17. Deregulated Finance: Some Concerns for India's Industry and Labour.

With global finance continuing to play an overpowering role in advanced and developing countries alike, its fragility and instability are today more evident than ever before, especially in light of the recent global crisis followed by a 'Great Recession'. Demolishing the 'efficient growth' doctrine of mainstream economics, this collection of essays maps out an alternative pattern of global finance which can generate real growth with well-being. Covering both advanced as well as 'emerging' economies like China and India, the book provides an incisive analysis of contemporary issues. These include the systemic crisis that is inherent in deregulated global finance, the lack of growth as well as its distributional effects, the emerging pattern of the new global economy with incipient rivalries among nations, and, finally, the hegemonic order of the international financial institutions in the world economy. The volume traces the evolution of global finance over the last half century, and contextualizes the heightened uncertainty on account of speculation in deregulated markets along with crisis and recession in the real economy.