2 SOCIAL SCIENTIST case-studies which deal respectively with the ostensible rationale for, and the economic implications of such structural adjustments. Chandrashekhar subjects to close scrutiny a recent World Bank document on Industrial Policy in India. The Bank has been arguing for a long time that it is India's regime of domestic and trade controls which have stood in the way of her rapid economic advance. While holding no brief for the specific set of controls existing in the economy, Chandrashekhar exposes the flim-siness of this argument, as reiterated in this particular Bank document. Lakshman's is a very careful analysis of what has happened to the Sri Lankan economy after it adopted the programme of "economic liberalisation". Sri Lanka's he argues, is not a case of orthodox "liberalisation". "Liberalisation" there has been accompanied, by an increase in Government expenditure which is not only not a part of the package, but is usually frowned upon ; this to an extent camouflages the consequences of the "liberalisation" package. Even so, the basic proposition that "liberalisation" worsens the payments situation and increases the burden of external indebtedness stands vindicated by the Sri Lankan experience. The problems facing Third World commodity producers are brought out in the papers by Sanjay Baru and Tharian George, which deal with sugar and natural rubber respectively. Structural changes in the world sugar and natural rubber economies, which in many respects are parallel, have brought Third World producers to a position where they cannot even hope for protection from commodity agreements. The International Sugar Agreement has collapsed, and the Natural Rubber Agreement is unlikely to survive long ; Third World producers are thus caught in a real squeeze. And finally, the paper by Morteza Gharebaghian, while dealing with the Iranian economy, draws attention to the extremely significant fact of international arms trade, without which no discussion of contemporary international economy can possibly be complete.