Dr. Satyendra S Nayak published two books in 2007 and 2009 about the impact of globalization on economies. His 2007 book explained how globalization since the 1980s changed the global economy and India's experience with it. It proposed a "Roadmap for Convertible Rupee" and an "Alarm System" to monitor and stabilize the rupee exchange rate. However, India did not follow this protocol and the rupee moved in the reverse direction. His 2009 book examined the causes and policy responses to the global financial crisis, comparing it to the Great Depression. It analyzed changes in the global economy due to globalization and the emergence of China. The book argued China's reforms are blocking stability and drew an agenda

1. Changing Nation's Destiny
Dr Satyendra S Nayak
In 2007 Routledge published my second book 'Globalization and the Indian Economy'
explaining how the new philosophy of globalization that began in 1980s was changing

2. the structure and dynamics of the global economy. It highlighted the role of the US
economy in financing the process and its impact on the US dollar. Dealing with India the
study reviewed India's experience in globalization and laid out a Roadmap for
Convertible Rupee. One may laugh at this, with the things they are now. But scenario was
bright and rosy then. What is more important is that it laid out an Alarm System to
monitor and stabilize Rupee. This alarm system was also a part of my ‘Convertibility
Report’ which was submitted to the Reserve Bank committee on Fuller Convertibility.
The Alarm System was to be an ongoing mechanism of monitoring the economy with
signals and indicators that influence the exchange rate of rupee. I would now call it The
Protocol for Stabilizing Currency, which could be used by all the countries. (We had
Geithner's Stress Test for banks and Bernanke's QE Tapering. Now it is Protocol for
Stable Currency) But then the destiny of this nation had some other plans. Instead of
following the Protocol and the way towards stability, Indian economy and the Rupee
went in the reverse gear. The penalty for ignorance, lethargy and indiscretion. Two NRI
Advisers at helm, one from Cornell and the other one from MIT/Chicago, the incumbent
Governador of RBI, have had stints in Delhi for the last four years only to worsen the
conditions. Why was the protocol not followed and corrective action taken at the right
time to stabilize Rupee, promote growth and control crazy inflation in the global
economy of near stable prices.
As a sequel to my book on Globalization I was planning my third book in 2008 that was
to deal with the challenge of the mighty US dollar in the global economy. The year
witnessed the worst financial crisis in the US since the Great Depression of 1930s. The
crisis enveloped the global economy and was followed by the Euro crisis. The focus my
third book changed. Titled 'Global Financial Crisis: Genesis, Policy Response and Road
Ahead', published by Springer the book took a view of structural changes in the global
economy, trade and financial systems under the influence of the new philosophy of
globalization. It examined the metamorphosis of American capitalism, its functional
tendency towards disequilibrium and crisis, and compared the present crisis with the
Great Depression of 1930s. Analyzing the collapse of communism in USSR and Eastern
Europe and ideological U turn in China, the book dwelt on the economic philosophical
homogenization of the global economy contrasting the polarization witnessed in the post-
war period of Cold War. Emergence of China as a new force under globalization has
made structural changes in the global trade and payment flows. The book highlights how
half baked reforms in China is blocking the smooth functioning and the stability of the
global economy, and draws agenda for the reform of the global economy and financial
system for crisis free sustainable growth phase.
History repeats when past lessons are ignored and forgotten are not learnt. India repeated
the crisis ignoring the Protocol for Currency Stability instituted by me in 2008. Now, if
the global reform is not effected in time, the dollar would be the next target of crisis.