A guide to world economy
C. R. L. NARASIMHAN
ENCYCLOPEDIA OF THE GLOBAL ECONOMY — A Guide for Students and Researchers in Two Volumes: David E.O'Connor; Academic Foundation, 4773/23, 23 Bharat Ram Road, Daryaganj, New Delhi-110002. Rs. 2995 (for the set).
Compiling an encyclopaedia on the world economy is complex and, as some would say, ambitious as well. It has to capture at once the glossary, the concepts, the people, and the organisation that represent the global economy. The inexorable march of globalisation has promoted economic integration on an unprecedented scale. That in turn has necessitated the dissemination of information on the global economic system and its key participants.
The drive to spread such economic information in every country — certainly in those having a participatory, democratic form of government like India — is matched only by the desire and necessity of their citizens to learn and understand the global economic system better. The opening up of the economy in India has increased the number of people participating in the economic processes. In a real sense the common man, and not just the research scholars, traders, bankers and others having a direct stake, is getting involved.
Consequently, acronyms such as the WTO, and terms like `the Doha development round' have entered the vocabulary of ordinary citizens. Exchange rate and monetary policies of other countries, especially those of the U.S. have ceased to be arcane areas. The sky high global oil prices have made a very real impact on the day-to-day living and it is no longer possible to remain isolated from global geopolitics pertaining to the oil industry or ignore the pernicious consequences of cartels. Anyone attempting an encyclopaedia that would satisfy the growing thirst for information on global economic and political topics has his tasks cut out.
Statistical data
David O' Connor has, in a substantial sense, lived up to the expectations raised by the title of the book. In two volumes, this publication gives an overview of key people, institutions, current issues, and historical events that are shaping the global economy. Volume one has an alphabetically arranged section on relevant topics. It is also embellished with photos and graphs. Volume two focusses on documents and key statistical data all gleamed from authoritative sources such as the World Bank.
A Timeline of Key Events in the Global Economy, 1776-2009 is an extremely interesting and useful chapter tracing as it does key economic, political, scientific, and cultural developments that have shaped the world. Adam Smith's The Wealth of Nations is of course the starting point.
The more recent events recorded include the onset of the euro in 2002. A comprehensive glossary of selected terms as also additional information at the back of each volume would facilitate further reading and research on areas of interest. A table of some key economic websites is a bonus.
The volumes will be of interest to a much wider audience than just students and research scholars. Its limitations are inherent in the very concept and scope of the venture. No book of this genre can be comprehensive enough to satisfy all. Second, the subjects that dominate the book can become dated soon, necessitating a constant updating. And finally, the price is affordable only by libraries and institutions.
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