Jagdish Bhagwati and Arvind Panagariya, Why growth matters: How economic growth in India reduced poverty and the lessons for other developing countries

Jagdish Bhagwati and Arvind Panagariya, Why growth matters: How economic growth in India reduced... 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 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Jagdish Bhagwati and Arvind Panagariya, Why growth matters: How economic growth in India reduced poverty and the lessons for other developing countries

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Publisher
Springer US
Copyright
Copyright © 2013 by Springer Science+Business Media New York
Subject
Economics / Management Science; Public Finance & Economics; Political Science, general; Methodology and the History of Economic Thought
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-013-0248-2
Publisher site
See Article on Publisher Site

Abstract

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

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Nov 14, 2013

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