The recent economic rise of China and India has attracted a
great deal of attention--and justifiably so. Together, the two
countries account for one-fifth of the global economy and are
projected to represent a full third of the world's income by 2025.
Yet, many of the views regarding China and India's market reforms
and high growth have been tendentious, exaggerated, or
oversimplified. "Awakening Giants, Feet of Clay" scrutinizes the
phenomenal rise of both nations, and demolishes the myths that have
accumulated around the economic achievements of these two giants in
the last quarter century. Exploring the challenges that both
countries must overcome to become true leaders in the international
economy, Pranab Bardhan looks beyond short-run macroeconomic issues
to examine and compare China and India's major policy changes,
political and economic structures, and current general
performance.
Bardhan investigates the two countries' economic reforms, each
nation's pattern and composition of growth, and the problems
afflicting their agricultural, industrial, infrastructural, and
financial sectors. He considers how these factors affect China and
India's poverty, inequality, and environment, how political factors
shape each country's pattern of burgeoning capitalism, and how
significant poverty reduction in both countries is mainly due to
domestic factors--not global integration, as most would believe. He
shows how authoritarianism has distorted Chinese development while
democratic governance in India has been marred by severe
accountability failures.
Full of valuable insights, "Awakening Giants, Feet of Clay"
provides a nuanced picture of China and India's complex political
economy at a time of startling global reconfiguration and
change.
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