22.12        ndian     onom
                                                            and thus have an indefinite life are tradable on the
        commoDities trAnsAction tAx                         floors of the stock exchanges.
     [See Chapter 17, Tax Structure in India]
                                                               consortium
        commoDity money
                                                            An ad hoc grouping of firms, governments, etc.
     Products being used as the means of payment as in      brought together to undertake a particular project
     the traditional barter system. Such practices take     by pooling their resources and skills for major
     place generally when the confidence in money has       construction projects, loans, etc.
     fallen down (as for example in the situations of
     high inflation and high depreciation).                    consumer DurAbles
        communitisAtion                                     Consumer goods that are consumed over relatively
                                                            long periods of time rather than immediately
     A method of privatising public service delivery        (opposite to the consumer non-durables) such as
     without going for the tendering process. It is done
                                                            cars, houses, refrigerators, etc.
     by transfering powers including financial powers
     to the user community who will take up the job
     of revenue collection along with an effective and         consumer non-DurAbles
     more practical governance of the service delivery.     Consumer goods which yield up all their
     This model is bereft of profit motive and so, more
                                                            satisfaction/utility at the time of consumption
     transparent.
                                                            (opposite to the consumer durables), examples are
           Service delivery in communitised elementary
                                                            cheese, pickles, jam, etc.
     schools and health service institutions has
     improved considerably and power tariff collection
     has risen by 100 per cent since the reform began          conspicuous consumption
     in 2002 in Nagaland—Secretary, Union Ministry          Consumption for the purpose of showing off
     of Steel, Raghaw Sharan Pandey who did it in
                                                            ostentatiousness but not for the utility aspect –
     Nagaland as its Chief Secretary.
                                                            for example, the use of diamond-studded sandals,
                                                            watches, pens, etc.
        compArAtive ADvAntAge
     It is about identifying activities that an individual,    contAgion
     a firm or a country can do most efficiently, being
     together.                                              A situation or an effect of economic problems in
           The idea, usually credited to David Ricardo,     one economy spreading to another also known as
     underpins the case of free trade. It suggests that     the domino effect.
     countries can gain from trading with each other
     even if one among them is more efficient (i.e.,           contrAriAn
     it has an absolute advantage) in every kind of
     economic activity.                                     A person following an investment strategy
                                                            (specially in share market) just opposite to the
                                                            general investors in a given period. For example,
        consols
                                                            when a share is generally being sold by the
     This is the abbreviated form of consolidated stock.    investors, a contrarion keeps on buying them—
     The government bonds which have no maturity            the logic is that due to selling pressure the price