Sri Lanka defaulted on its external debt for the first time in its postcolonial history…
Fragile Foundations: Foreign capital and growth after liberalisation C.P. Chandrasekhar
The shift from debt-financed public expenditure to debt-financed private expenditure-led growth in India has resulted in increased dependence on foreign capital and vulnerability.
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(This article was originally published in the Social-Scientist dated Jan-Feb 2013.)