China's Lessons for India: Volume I The Political Economy of Develop
This book and its companion volume offer a better understanding of the lessons that Indian policymakers can learn from China’s economic experience over the last 40 years. The aim of the two books together is to evaluate China’s incremental reforms an
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The Political Economy of Development
Sangaralingam Ramesh
China’s Lessons for India: Volume I
Sangaralingam Ramesh
China’s Lessons for India: Volume I The Political Economy of Development
Sangaralingam Ramesh University of Oxford Oxford, UK
ISBN 978-3-319-58111-8 ISBN 978-3-319-58112-5 (eBook) DOI 10.1007/978-3-319-58112-5 Library of Congress Control Number: 2017940624 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover credit: Harvepino/iStock/Getty Images Plus Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
For my father and my mother, Nallathamby Sangaralingam and Pathmarani Sangaralingam, Inuvil and Karinagar, Ceylon.
Preface
India has the oldest living religion in the world, and China has given the world the oldest living civilisation. Prior to the ascendancy of Great Britain both countries dominated the known world through trade. Centuries later, both the countries experienced the transition of a command economic system to a mixed economic system. China’s economy started the transition in the late 1970s with the start of gradual free market reforms in 1978. However, India started its economic reforms in earnest after suffering a balance of payments crisis in 1991. China’s economy started to take off after it joined the WTO in 2001. However, in the last few years India’s economic growth rate has begun to overtake that of China. Nevertheless, on the basis of its underlying reforms, the Karakoram Highway Project and an emphasis on establishing an innovative economy, China’s economy seems to be better off in the long term than the Indian economy which faces many problems, some inherited
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