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The Political Economy of India's Growth Episodes (Paperback, Softcover reprint of the original 1st ed. 2016)
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The Political Economy of India's Growth Episodes (Paperback, Softcover reprint of the original 1st ed. 2016)
Series: Building a Sustainable Political Economy: SPERI Research & Policy
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'This book is different from most other attempts to understand the
politics of Indian economic development. Breaking down the last 65+
years of Indian development into several episodes of growth, it
provides a rich set of insights into the political economy of the
Indian development process and is a valuable addition to the
literature.' -Pranab Bardham, University of California, Berkeley,
USA 'Sustained economic growth in the world's largest democracy is
critically important to human well-being, but the ups and downs of
growth in India are not well-understood. This book provides a fresh
and insightful approach to understanding what drives the starts of
booms and the onset of slowdowns.' -Lant Pritchett, Harvard
University, USA 'This is a little book with big arguments. The
authors' explanation of the changing character of the deals done
between political and business elites makes for the most original
contribution to studies of the political economy of Indian
development since Pranab Bardhan's seminal work of the early 1980s'
-John Harriss, Simon Fraser University, Vancouver, Canada This book
moves beyond the usual economic analysis of the Indian growth story
and provides a fresh perspective on the determinants of growth
episodes in post-independence India, based on its political
economy. Using a robust and novel technique, the authors identify
four such episodes during this period. The first, running from the
1950s to 1992, was mostly characterized by economic stagnation,
with a nascent recovery in the eighties. The second, covering the
period 1993 to 2001, witnessed the first growth acceleration in the
economy. A second acceleration ran from 2002 to 2010. The fourth
and final episode started with the slowdown in 2010 and continues
to this day. The book provides a theoretical framework that focuses
on rent-structures, institutions and the polity, and demonstrates
how changes in these can explain the four growth episodes. Kar and
Sen argue that the transitions from one growth episode to another
can be explained by the bi-directional relationship between growth
outcomes and institutional arrangements, and by the manner in which
institutional arrangements and their transitions are determined by
the political bargains struck between the elite groups in Indian
society.
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