South Asia's developing nations have been enjoying moderate to
high growth over the past decade before the global recession began.
This new edition provides an up-to-date guide to the growing
markets in South Asia. It offers an analysis of the changes and
consequences of high sustainable growth, investigating what has
been achieved in the region during the last ten years from a
macroeconomic viewpoint, identifying new challenges and clearly
defining what has driven the boom.
The first part of the textbook presents an analysis of how South
Asia is rated against Southeast and East Asia in recent decades in
economic and social terms. The second part of the text focuses on
South Asia's economic development over 1990s and mid-2000s, and the
third and final part identifies those major governance issues,
which were responsible for South Asia's underperformance both
socially and economically.
It is widely recognised that globalisation enhanced global
trade, and that trade further increased the region's prosperity.
Embracing the view that economists can no longer regard themselves
as technocratic guardians of neutral policy advice, the book
advocates for a shift in focus from policy reform per se to the
more challenging task of implementing institutional reform that
will invigorate the capability of the political leadership to bring
about rapid, sustained and poverty-reducing growth in South Asia.
The central task would be to re-direct the focus of governments in
South Asia in order to ensure that the core functions of the state
stable, non-distortionary policy climate, a secure foundation of
law, investment in basic education, health and infrastructure,
protection of the vulnerable and adapting with the climate change
are efficiently provided. At the same time, the reform agenda must
be sensitive to the goal of ensuring that durable democratic
institutions, traditions and values are preserved. This is a
fundamental challenge, but one that must be met in order to secure
the emergence of a prosperous South Asia in the early part of the
twenty-first century.
This textbook will be useful for students and researchers in
Development Economics, Business Economics, Development Studies and
Asian Studies.
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