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He is unarguably one of the most brilliant economists of our time. And, most likely, the next Indian to be awarded the Nobel Prize.
Professor Jagdish N Bhagwati in an interaction with Rediff readers answers to queries ranging from the US recession to the possibility of India becoming a superpower.
Jagdish Bhagwati says, This is not the end of globalization. In 1972 when there was a similar food crisis, many countries used export controls. Gobalization continued thereafter. Under WTO rules, export taxes are freely permitted and even export controls can be imposed after using certain procedures jusitfying such controls. The world food crisis would begin to ease once evnironmentalists and governments accept the need to have genticially modified(GM)seeds and we will have to get away from bio-fuels and resort instead to nuclear power.
sunil asked, In view of Oil crisis looming large why not halt the plans of brining formula one racing in India which is nothing more than shameless and criminal wastage of fuel?
Jagdish Bhagwati answers, at 2008-05-09 15:00:02Small gestures are good to have but are no substitutes for substantial policy change. If you are going to bring down carbon emission from coal based fuel we need large scale measures like carbon tax or quantative caps.
irpb asked, Sir with US enonomy down all the currencies are appreciating against it. Will it reverse the current cycle? I mean whether chinese exports become costlier and india will loose its competitive edge over service exports?
Jagdish Bhagwati answers, The US current account deficit was becoming increasingly difficult to support, a decline in the dollor is a normal process by which deficit would come down. It's flip side is that the Chinese surpluses would diminish, as would the surpluses of other countries which have been accumlating reserves in the last few years.
sid asked, Can Mumbai become one of the financial centres of the globe?
Jagdish Bhagwati answers, Yes, we can but as long as we do not have full capital account convertibility we cannot do that. There are problems with full capital account converitibilty which I Professor Krugman and many others have noted. I do not believe that we can still go safely to full convertibility.
riteshn asked, Good Afternoon Sir...Do you think the change in the leadership in the US will bring about a bring diffrence in the world economy
Jagdish Bhagwati answers, The answer depends on who wins the democratic nomination and who wins the presidential election. John McCaim is likely to be continuing the wrong tax and war policies of President Bush. Senator Obama offers a fresh prospect and a real alternative. As for the Clintons nobody(including themselves)what they may do. We can count them to do is to continuing enjoying chat and Chattwal.
subhajit asked, sir, what do believe that the recent recession in US will effect Indian economy in long run?
Jagdish Bhagwati answers, If the US economy gets into recession, likely effect would be to reduce world demand of oil. If so, that could be helpful to us as we have been hardpressed by rise in commodity and oil prices.
rajeshwaran-iimc asked, who among Hillary , Obama and McCain if becomes the US President would work out best for India
Jagdish Bhagwati answers, McCain has been talking about increasing cooperation and security policy coordination among democracies. That clearly would be in the Indian interest since we are a long standing democracy. On the other hand Obama is likely to pay very pro Indian because he is tune with America's best values which we Indian share. As for the Clintons they have an emotional bond with India. The only worry with them is that Hillary Clinton has never criticised the American protectionists who have been condemning out sourcing.
MICKY asked, HELLO PROFESSOR REALLY INDIA IS HEADING TO BECOME SUPERPOWER?WHAT DO YOU THINK?
Jagdish Bhagwati answers, You cannot become a super power if you have a lot of poverty. We have very high growth rate and India has arrived on the international scene in a big way. The reforms since 1991 have increased growth and reduced poverty. But we still have a lot of poor and we have a long way to go. As long as have dualism of riches and poverty, any pretension would hollow.We need to intensify the reforms and make additional meanful attacks on poverty.
ED asked, Good Evening Prof. Bhagwat, other than the Nano, India hasn't been very active in Innovations, what do you think are the reasons?
Jagdish Bhagwati answers, YOu have to distinguish between India and Indians. Many Indians Silicon have made break through. I teach in New York for last 25 years and not a day goes past without the NY Times reporting on a break-through where an Indian is involved. This would certainly spread to India as more opportunities are opened up for scientists and scholars to work without hassles in India.
Jagdish Bhagwati says, Thank you all for asking questions.
Jagdish Bhagwati has written an article on food crisis in International Herald Tribune this week. Those looking for more details can log on to Interntional Herald Tribune. On global warming you can read his recent paper on www.columbia.edu/
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