Academic journal article Journal of Financial Management & Analysis


Academic journal article Journal of Financial Management & Analysis


Article excerpt

Contrary to U.S. President Harry Truman's memorable statement -

We must embark on a bold new programme for making the benefits of our scientific advances and industrial progress available for the improvement of underdeveloped areas.The old imperialism-exploitation for foreign benefit-has no place in our plans. What we envisage is a programme of development based on the concepts of democratic fair dealing.

Harry, S., Truman, Inaugural Address : January 20, 1949, see Documents on American Relations (Connecticut : Princeton University Press, 1967).

- - is a sad commentary, although very true, that there has been undue, unwanted-cum-growing interference - - employing uncivilised, unacceptable, barbaric and illegal gimmicks as unwarranted military attacks by industrialized (advanced/developed) countries - - in the territorial techno-economic-cum-political leadership and intellectual (academic) sovereignty of developing countries which may be christened Barbaric Imperialism causing billions of dollar worth of man : machine: and material-losses coupled with political turmoil which no peace loving countries would support and such, cruel and heinous acts lead to structural techno-economic and financial maladjustments overtime. Financial economists based in developed countries (North) - - without possessing an indepth knowledge of developing countries (South) - - prescribe most-unsuitable, highly theoretical and inappropriate structural adjustment programmes (SAPs) as solutions to ease development tension in developing countries which would, in turn and overtime, lead to structural maladjustment problems and secular stagnation and derail the engine of Organic' economic' development' in the Schumpeterian sense.

From a developing country's perspective let us view the following statement :

The leader of these western countries - - the U.S.A. - - seems to be quite willing and capable of diverting thousands of millions of dollars to the developing countries in the form of armaments and war materials. But when it comes to providing assistance for development of the poor countries it suddenly discovers that it is unable to bear the burden of providing such assistance. As the then Indian Prime Minister, Mrs. Indira Gandhi mentioned, one inter-continental ballistic missile (ICBM) consumed resources that could feed fifty million children. Yet there is such a great reluctance on the part of the rich countries to cut down on ICBM, which serves no purpose, and to increase aid for economic development.

S. C., Sarker, Why Not a Third World Bank ? Commerce (Bombay : October 10, 1981)

Though, crucially important in the present day world of business, the subjects of bank fraud and staff-colluded and orchestrated day-light bank robberies, insolvency, bankruptcy, unethical-cum-manipulative business transactions, liquidation, etc., have received scanty analytical treatment.There is a human tendency to cover up and to assume that the future will be better and everything will come right. The human mind has a great ability to deceive itself and direct itself along predetermined channels. According to a brilliant-cum-incisive study by a renowned scholar, Mohanty there are five key features of manipulation -

* the manipulator never makes his real motives known by anyone, even to his close associates with whom he enjoys the benefits;

* he develops a relationship with some people and then uses them to satisfy his inner motives;

* he exploits his dependency relationship not only with his subordinates but also with peers and superiors;

* he is emotionally astute and knows human weakness that he can exploit;

* his manipulative actions are never abrupt but gradual in order not to arouse suspicion in others' eyes - - he often makes others his tools.

Often, managers fail as rational beings and hence manipulations take place and irrationality sets in.

R. P. Mohanty, Managing without Manipulating, The Times of India (Bombay: September 14, 1992)

Corruption is rampant throughout the world. …

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