Journal of Economic Literature - Book Review

India: The Emerging Giant by Arvind Panagariya

Published By: Oxford and New York: Oxford University Press
ISBN: 978-0-19-531503-5
Date of Publication: 2008

Rakesh Mohan of Yale University reviews "India: The Emerging Giant" by Arvind Panaga-riya. The EconLit Abstract of the reviewed work begins "Presents a comprehensive account of policy making in India and the role these policies played in determining the course of the economy over the past sixty years. Discusses distinguishing four phases of growth in India: phase one, 1951-65--takeoff under a liberal regime; phase two, 1965-81--socialis...." Presents a comprehensive account of policy making in India and the role these policies played in determining the course of the economy over the past sixty years. Discusses distinguishing four phases of growth in India: phase one, 1951-65--takeoff under a liberal regime; phase two, 1965-81--socialism striking with a vengeance; phase three, 1981-88--liberalization by stealth; phase four, 1988-2006--the triumph of liberalization; a tale of two countries--India and the Republic of Korea; declining poverty--the human face of reforms; inequality--a lesser problem; deficits and debt--whether a crisis is around the corner; the external sector--on the road to capital account convertibility; the financial sector--why not privatize the banks; international trade--carrying liberalization forward; industry and services--walking on two legs; modernizing agriculture; tax reform--toward a uniform goods and services tax; tackling subsidies and reforming the civil service; telecommunications and electricity--contrasting experiences; transportation--a solvable problem; health and water supply and sanitation--whether the government can deliver; and education--expenditures or transfers. Panagariya is Jagdish Bhagwati Professor of Indian Political Economy and Professor of Economics in the School of International and Public Affairs at Columbia University. Index.

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Rakesh Mohan of Yale University

O10: Economic Development: General
O20: Development Planning and Policy: General
O53: Economywide Country Studies: Asia including Middle East