ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Steel : Time to Look Inward

Indian steel has been virtually shut out of the US following the notification by the latter of final anti-dumping duties on imports from India, along with eight other countries. The levies, to apply for five years on US imports of hot-rolled coils, range from 29.35 per cent on Essar Steel to 43.04 per cent on Ispat. Tata Steel, Steel Authority of India and Jindal Vijayanagar Steel have been slapped with a weighted average duty of 33.17 per cent. The levies also include countervailing duties, ostensibly to counter the subsidies received by Indian steel exporters from the government. Hot-rolled steel exports to the US, India’s largest export market, earned Rs 900 crore in 2000. The Indian industry has called the US commerce department’s move protectionist. Huge imports from more efficient producing countries in recent years have pushed several US steel mills into bankruptcy and layoffs. The patriotic fervour to protect the US industry appears to have gained ground after the September 11 terrorist attacks. The US administration appears to have moved rather quickly to defend the interests of its high-cost steel producers.

Future of a Fatal Symbiosis

Caught between a forgetful people encouraging their rulers to go berserk in their homicidal revengefulness, and a starving people imprisoned in a cage of religious memories created by fanatical zealots who are bent on an equally vengeful suicidal retaliation, the world in the new millennium seems to be readying itself for another catastrophe.

'Terrible Tuesday': Worm's and Bird's Eye Views

There are two views, the worm's and the bird's on every event, including 'Terrible Tuesday'. The worm's (or the FBI's) view might tell us how the tragedy was planned and who were involved in the act. In contrast, the bird's (or the scholar's) view tells us why the tragedy occurred and how long it has been in the making. To make sense of the disaster we need to look at it from both angles.

Private Capital Inflows to the Caribbean

This paper analyses trends and determinants of private foreign direct investment in the Caribbean region. The data show that net capital inflows have been significant in most countries since 1988. The sectors attracting most foreign investment are the natural resource industries, tourism, manufacturing and services. The source of most capital inflows is the US. Primarily because of their high degree of openness, Caribbean countries will continue to depend on capital inflows to generate capital formation.

Developing the Anti-Nuclear Movement

We now have a national network of anti-nuclear groups who have come together to work on common objectives. But if the antinuclear movement is to progress then the different groups have to find ways of working together which do not simply respect their differences but also institutionalise discussion of differences so as to move towards overcoming them wherever possible. Where this is not possible, it is necessary to think of ways which can creatively advance the groups' common positions. Some proposals.

Stock Market, Financial Euphoria and Collective Madness

Irrational Exuberance by Robert J Shiller; Princeton University Press, Princeton, New Jersey, 2000; £ 17.50 (hardback), pp xxi + 296.

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