GUJRAT: N K Singh, the Chairman of the 15th Finance Commission, delivers speech on 'MULTILATERALISM – ITS DECLINE & RECOVERY' - addressing the Indian Economic Association, Surat he said that 'the inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, in such quantity as he might see fit, and reasonably expect their early delivery upon his doorstep; he could at the same moment and by the same means adventure his wealth in the natural resources and new enterprises of any quarter of the world, and share, without exertion or even trouble, in their prospective fruits and advantages; or he could decide to couple the security of his fortunes with the good faith of the townspeople of any substantial municipality in any continent that fancy or information might recommend.
He could secure forthwith, if he wished it, cheap and comfortable means of transit to any country or climate without passport or other formality could despatch his servant to the neighbouring office of a bank for such supply of the precious metals as might seem convenient, and could then proceed abroad to foreign quarters, without knowledge of their religion, language, or customs, bearing coined wealth upon his person, and would consider himself greatly aggrieved and much surprised at the least interference.
Contrast to this with what Joseph Stiglitz had to say “The credibility of neoliberalism's faith in unfettered markets as the surest road to shared prosperity is on life-support these days.” And keep it in focus of what Secretary-General of United Nations Antonio Guterres recently said 'there is no other way to deal with global challenges than with global responses, and organised in a multilateral way.
“This is indeed a privilege and honour for me to deliver the inaugural address to the 102nd Annual Conference of the Indian Economic Association hosted by the AURO University, Surat. This prestigious association was founded in 1917 just after the First World War. Undivided India under the British rule was in economic turmoil and systematic decline. At a time when professionalism in economics had no discernible roots in India, Prof C.J. Hamilton in December 1917 convened a conclave of academic economists in Calcutta which lead to the creation of the Indian Economic Association (IEA).
Thereafter, from 1918 the annual conferences held by the Indian Economic Association has fostered research and analysis relating to the socio-economic conditions in India. Eminent economists have over the years participated in this prestigious event. The Association itself has many notable achievements to its credit including purposeful seminars, workshops, international round-tables and regional conferences. Its publications and research have received national and international recognition.
Nations would protect their turf and so will be these institutions. However, that will be a zero-sum game. Notwithstanding these, we cannot postpone serious action for a better tomorrow. Without these changes, there will not be a better tomorrow. Or, shall we create new institutions which can prioritise these concerns based on our experience of the past coupled with the contemporary realities. Either way, the choice is ours.
Since I began with the quote from John Maynard Keynes let me end with one from the same person, once confronted Keynes responded by saying “when circumstances change, I change my mind. What do you do?” The circumstances of the 21st Century have changed. We need to change our mind. Both globalisation & multilateralism needs reinvention.”
