Rev Austrian Econ (2015) 28:217–219 DOI 10.1007/s11138-013-0248-2 Jagdish Bhagwati and Arvind Panagariya, Why growth matters: How economic growth in India reduced poverty and the lessons for other developing countries Philadelphia, PA: PublicAffairs, 2013. xxii + 280 pages. USD 28.99 (hardback) G. P. Manish Published online: 14 November 2013 Springer Science+Business Media New York 2013 After gaining independence in 1947, India’s economic policy was marked by the adoption of central economic planning at home and near autarky in its economic relations with the rest of the world. The overarching goal of the Indian planners in adopting this policy mix, termed “economic nationalism” by the economist Michael Heilperin, could be summed up in the phrase—“economic growth through economic self-sufficiency”;the idea wasto rapidly industrialize and achieve high rates of economic growth by producing everything domestically. Whole swathes of the economy, especially its commanding heights, were either nationalized or reserved for the public sector, while the private sector was shackled within a maze of controls. The first cracks in this system of controls began to appear in the 1980s, with a few minor steps of liberalization taken in the second half of the decade. It was, however, in 1991 that this slow trickle
The Review of Austrian Economics – Springer Journals
Published: Nov 14, 2013
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