Issue: February 2015
 
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Cover Story 
Let us end with a story. Around 5th century BC, the republican states of Lichchavi and Sakya had an institutional system called Santhagara which was use...
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Lead Article

The lead article by M.A. Oommen brings out the role and importance of granting fiscal empowerment to local government in a democratic set up. The author puts in an argument for cooperative federalism with fiscal decentralization as its core. He says that the Indian federation has a built in bias i...

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Articles
  Fiscal Federalism, Local Governments
M A Oommen
  The lead article by M.A. Oommen brings out the role and importance of granting fiscal empowerment to local government in a democratic set up. The aut...
  Why Federalism? A Perspective
Vinayak Narain Srivastava
  The second lead article by Vinayak Narain Srivastava stresses on the necessity of appropriate federalism to take the process of democracy and seculari...
  Emerging Markets and International Financial Institutions
Alok Sheel
  The special article by Alok Sheel presents the role of the Bretten Woods twins in tackling the problems of world economy in the past and discusses the...
  Digital India Programme: A Public Administration Reformation
Yogesh K. Dwivedi, Nripendra P. Rana, Antonis C. Simintiras and Banita Lal
  The focus article of the issue is on the flagship scheme of the government of India - the Digital India Programme. The article details the outlining ...
  NITI Aayog and Indian Fiscal Federalism
Nirvikar Singh
  Representation of the States in the successor organization, NITI Aayog, is stronger than in its predecessor, but the source of real change will be cha...
Economic Paradigms and Democracy in the Age of Financial Globalization
Srinivas Raghavendra

Whether or not there exists a standard definition of the term Globalization, there is a broad agreement with the fact that the process of Globalization has had and continues to have profound impact on various aspects of human life. Globalization is not a new phenomenon for it has been a long-term gradual process of change, which affects every aspect of human life and being affected by the human enterprise, since the days of Columbus, and yet at the same time it is irregularly punctuated by episodes of dramatic change. Ever since the Columbian voyage initiated the process of intermingling of the continents of Europe and the Americas, Globalization has been influencing and reshaping every part of the world in all aspects of human life social, cultural, economic, political, biological and ecological aspects. In the recent past, there were two intense periods where the process of globalization induced dramatic changes across the world. The first wave happened in the late nineteenth century up to the First World War, which was characterized by extensive trade networks across various continents under European Colonialism. The second wave happened in the twentieth century, starting from the 1980s to the present day, characterized as free market Capitalism led by the phenomenal development of the financial markets, and called as the financialization phase of Globalization or simply Financial Globalization.

 
 
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Do you know? : What is Forensic Auditing
Forensic auditing refers to the auditing with the main aim to employ accounting techniques and methods to gather evidence to investigate the crimes on financial front such as theft, fraud etc.
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