NOT only India but countries all over the world have been witness to the financial slowdown for more than two years now since the collapse of the Lehman Brothers, a 158-year-old institution with a hitherto unassailable reputation. Shares crashed, dollars lost, business houses closed, production slashed and projects delayed, kept on hold or completely abandoned. Aviation, automobiles, hotels and real estate sectors were badly hit. Governments were forced to release large sums of money to stimulate the sinking economy. In an effort to revive companies, bailout packages were given. Consolidated action was taken in cooperation with others to boost the economy.
At last some early signs of recovery are raising hopes of the economy pushing up. There are varied signals though. Markets are not yet fully stabilised. Unemployment has retuned to the previous rate. The book tries to put in perspective the enormity of the situation, the efforts on to stay afloat, the strategies adopted and the signs of revival.
This book lists some lessons for the future in order to regulate the global financial system. It suggests strategies to be adopted by the corporate world for containing or beating recession. Cost control,diversification, wider range of products, low debt structure, wait-and-watch policy for expansion/investment are some of them. The best, according to the author, is an effective regulation of financial systems and a synchronised cooperation by world economies.
(Mark-Age Services Pvt Ltd, ME-5 Nira Park III, Brahmapur,Kolkata-700 096; markage.india@sify.com)
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