This book, "Crafting Heritage: A Journey through India's Artistic Traditions," captures the spirit of the traditional crafts of the nation and acts as a bright mosaic in the kaleidoscope of India's cultural legacy. We find ourselves entwined in the elaborate stories of Madhubani Paintings, the ageless appeal of Pashmina Shawls, the delicate craftsmanship of Nirmal Toys, and the rustic beauty of Bamboo Handicrafts as we set out on this adventure. Every chapter serves as a window into the generations-old workmanship, demonstrating the tenacity and inventiveness of Indian craftspeople. We extend an invitation to readers to journey through the historical passages described in the introduction of this book, where Bidriware gleams as a brilliant Deccan heritage and Blue Pottery reflects the cultural interchange along old trade routes. Through delving into the chapters on Cane and Bamboo Weaving, Marble Stone Craft, Saris and Silk, Bandhani, Warli Painting, and other related topics, we uncover the connections that link customs with creativity, legacy with modern significance. Crafting Heritage is a celebration of the hands that define India's creative character, not just a compilation of chapters. It pays homage to the artists who work so hard to create the intricate fabric that is India's cultural heritage with every brushstroke, thread knot, and hand mould. With the aim of fostering a more profound comprehension of the narratives, methods, obstacles, and achievements that characterise India's Crafting Heritage, this book aims to preserve and appreciate these ageless crafts.
The book discusses Indian post-independence monetary history in the context of the country’s development and the global changes of the period. The conceptual framework used is the SIIO (Structure, Ideas, Institutions and Outcomes) paradigm. That is, structure and ideas become embedded in institutions and affect outcomes. Narrative history, data analysis and research reports demonstrate the dialectic between ideas and structure with respect to monetary history, aspects of India’s development, and the global institutions and events that impacted monetary choices. The history of the economy and of the global changes that affected it covers a time when major changes took place both in India and internationally. India’s greater openness is important both for it and for the world, but it occurred at a time of major global crises. How did these impact monetary choices and how did the latter help India navigate the crises while maintaining its trajectory towards greater liberalization? The book explores these and other relevant but under-analyzed questions. The initial combination of ideas and structure created fiscal dominance and made monetary policy procyclical. An aggregate supply-and-demand framework derived from forward-looking optimization subject to Indian structural constraints is able to explain growth and inflation outcomes in the light of policy actions. Using exogenous supply shocks to identify policy shocks and to isolate their effects, demonstrate that policy was sometimes exceedingly strict despite the common perception of a large monetary overhang. Surges and sudden stops in capital flow also constrained policy. But the three factors that cause a loss of monetary autonomy—governments, markets and openness—moderate each other. Markets moderate fiscal profligacy and global crises moderate market freedoms and ensure openness remains a sequenced and gradual process. The book argues greater current congruence between ideas and structure is improving institutions and contributing to India’s potential.
The book presents and further develops basic principles and concepts in international finance and open economy macroeconomics to make them more relevant for emerging and developing economies (EDEs). The volume emphasises the necessity of greater knowledge of context as populous Asian economies integrate with world markets, as well as the rapidly changing nature of the area due to rethinking after the global financial crisis. It addresses a host of themes, including key issues such as exchange rate economics, macroeconomic policy in an open economy, analytical frameworks for and experience of EDEs after liberalisation, the international financial system, currency and financial crises, continuing risks and regulatory response. This book will be useful to scholars and researchers of economics, especially in macroeconomics, business and finance and development studies.
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