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In a second edition of their successful Concise History of Modern India, Barbara Metcalf and Thomas Metcalf explore India's modern history afresh and update the events of the last decade. These include the takeover of Congress from the seemingly entrenched Hindu nationalist party in 2004, India's huge advances in technology and the country's new role as a major player in world affairs. From the days of the Mughals, through the British Empire, and into Independence, the country has been transformed by its institutional structures. It is these institutions which have helped bring about the social, cultural and economic changes that have taken place over the last half century and paved the way for the modern success story. Despite these advances, poverty, social inequality and religious division still fester. In response to these dilemmas, the book grapples with questions of caste and religious identity, and the nature of the Indian nation.
The subject of India's rapid growth in the past two decades has become a prominent focus in the public eye. A book that documents this unique and unprecedented surge, and addresses the issues raised by it, is sorely needed. Arvind Panagariya fills that gap with this sweeping, ambitious survey. India: The Emerging Giant comprehensively describes and analyzes India's economic development since its independence, as well as its prospects for the future. The author argues that India's growth experience since its independence is unique among developing countries and can be divided into four periods, each of which is marked by distinctive characteristics: the post-independence period, marked by liberal policies with regard to foreign trade and investment, the socialist period during which Indira Ghandi and her son blocked liberalization and industrial development, a period of stealthy liberalization, and the most recent, openly liberal period. Against this historical background, Panagariya addresses today's poverty and inequality, macroeconomic policies, microeconomic policies, and issues that bear upon India's previous growth experience and future growth prospects. These provide important insights and suggestions for reform that should change much of the current thinking on the current state of the Indian economy. India: The Emerging Giant will attract a wide variety of readers, including academic economists, policy makers, and research staff in national governments and international institutions. It should also serve as a core text in undergraduate and graduate courses that deal with Indias economic development and policies.
The course of south Indian history from pre-historic times to the contemporary era is a complex narrative with many interpretations. Reflecting recent advances in the study of the region, this volume provides an assessment of the events and socio-cultural development of south India through a comprehensive analysis of its historical trajectory. Investigating the region's states and configurations, this book covers a wide range of topics that include the origins of the early inhabitants, formation of the ancient kingdoms, advancement of agriculture, new religious movements based on bhakti, and consolidation of centralized states in the medieval period. It further explores the growth of industries in relation to the development of East-West maritime trade in the Indian Ocean as well as the wave of Islamicization and the course of commercial relations with various European countries. The book then goes on to discuss the advent of early-modern state rule, impact of the raiyatwari system introduced by the British, debates about whether the region's economy developed or deteriorated during the eighteenth century, decline of matriliny in Kerala, emergence of the Dravidian Movement, and the intertwining of politics with contemporary popular culture. Well illustrated with maps and images, and incorporating new archaeological evidence and historiography, this volume presents new perspectives on a gamut of issues relating to communities, languages, and cultures of a macro-region that continues to fascinate scholars and readers alike.
This book presents a concise economic history of India from 1600 to the mobile economy of the twenty-first century. It examines political events, social history, and economic developments across the world through the years to showcase how India has navigated its economic past, present, and future, and shaped events that for years controlled the Indian economy. This volume covers a range of important themes, which include: • Medieval fiscal systems, and the European surge in India; • The impact of the British Industrial Revolution on India; English interventionism and policies; the imperialistic economy and its impact; • Indian economy and nationalist movement in the nineteenth and early-twentieth century; the Great Depression and its global consequences; • Gandhiism and ‘mass nationalism’; Independence and Partition; the impact of the World Wars; the inter-war economy; the rise of the dollar, and other key global trends; • The Cold War and India; • Constitutional remedies, nation-building and industrial policies; food security, the Green Revolution, and the power politics of 1970s; • Liberalization, privatization, and globalization in the 1990s; and • The economy of war and peace, India–China relations, and current trends in political economy. The book offers a lucid and insightful narrative of how the economy unfolded in India., It will interest readers of Indian history, economic history, and South Asian history and other general readers.
Indian leaders at the time of Independence had their tasks cut out. The nation that was marred by an ugly Partition, had to be prevented from coming apart at the seams. A Constitution had to be framed for a complex society. An election system had to be designed for an electorate that was mostly illiterate. An economic policy had to be shaped for a widely impoverished population. Among these aspects, the success of India's economic policy has been debatable. The economic path that India chose at that time is often questioned and criticised. It led to lacklustre growth outcomes which eventually ended in a full-blown crisis in 1991. Since then India has shifted gears. The economy has become more welcoming of the outside world and grown at a pace that has never been witnessed in its history. But why did India make these choices? What was the role of our political leaders? Where did they falter and where did they succeed? The Age of Awakening tells India's economic story since the country gained independence. It unfolds a tale of titanic figures, colossal failures, triumphant breakthroughs and great moral shortcomings. Weaving together vivid history and economic analysis, this book makes for a gripping narrative.
The history of Indian economic thought provides rich insights into both economic issues and the workings of the Indian mind. A History of Indian Economic Thought provides the first overview of economic thought in the sub-continent. Arguing that it would be inappropriate to rely on formal economic analyses it draws on a wide range of sources; epics, religious and moral texts for the early period and public speeches, addresses, and newspaper articles for controversies from the nineteenth century onwards. What emerges is a rich mosaic reflecting India's different cultures and civilizations. Hinduism, Buddhism and Islam all address economic issues and British colonial rule had a deep impact, both in propagating Western economic ideas and in provoking Indian theories of colonialism and underdevelopment. The author concludes with chapters on Ghandian economics and on Indian economic thought since Independence.
Widely used since the mid-twentieth century, GDP (gross domestic product) has become the world's most powerful statistical indicator of national development and progress. Practically all governments adhere to the idea that GDP growth is a primary economic target, and while criticism of this measure has grown, neither its champions nor its detractors deny its central importance in our political culture. In The Power of a Single Number, Philipp Lepenies recounts the lively history of GDP's political acceptance—and eventual dominance. Locating the origins of GDP measurements in Renaissance England, Lepenies explores the social and political factors that originally hindered its use. It was not until the early 1900s that an ingenuous lone-wolf economist revived and honed GDP's statistical approach. These ideas were then extended by John Maynard Keynes, and a more focused study of national income was born. American economists furthered this work by emphasizing GDP's ties to social well-being, setting the stage for its ascent. GDP finally achieved its singular status during World War II, assuming the importance it retains today. Lepenies's absorbing account helps us understand the personalities and popular events that propelled GDP to supremacy and clarifies current debates over the wisdom of the number's rule.
In its history since Independence, India has seen widely different economic experiments: from Jawharlal Nehru's pragmatism to the rigid state socialism of Indira Gandhi to the brisk liberalization of the 1990s. So which strategy best addresses India's, and by extension the world's, greatest moral challenge: lifting a great number of extremely poor people out of poverty? Bhagwati and Panagariya argue forcefully that only one strategy will help the poor to any significant effect: economic growth, led by markets overseen and encouraged by liberal state policies. Their radical message has huge consequences for economists, development NGOs and anti-poverty campaigners worldwide. There are vital lessons here not only for Southeast Asia, but for Africa, Eastern Europe, and anyone who cares that the effort to eradicate poverty is more than just good intentions. If you want it to work, you need growth. With all that implies.
In Restart, Mihir S. Sharma shows what can and must change in India's policies, its administration and even its attitudes. The answers he provides are not obvious. Nor are they all comforting or conventional. Yet they could, in less time than you can imagine, unleash the creativity of a billion hopeful Indians.