The global economic crisis of 2008-09 has triggered much soul searching in the economics profession. How come only a few economists saw it coming? Was it because the profession was blind to the very possibility of catastrophic failures in a market economy, as Nobel laureate Paul Krugman put it?
The current account deficit - the gap between the import and export of goods and services - widened to 3.7 per cent of GDP during the first half of 2010-11 and was as high as 4 per cent of GDP during the second quarter.
To cope with the backlash against globalisation, more and more transnational corporations are adopting strategies that go beyond short-term profit maximisation.
Grain stocks in the current procurement season will be enough to feed all those who go hungry, and the FCI only needs to invest in proper storage facilities.
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