Liberalization and Development

This book and its companion volume, Trade and Globalization, bring together thirty essays by eminent economist Deepak Nayyar. The selection provides a mix of theory and policy, of applied research and empirical work, and of the world economy and India. The themes explored in this volume range from macroeconomics through industrialization to development in the changed context shaped by liberalization. The essays are grouped in four thematic clusters. The first part is on economic theory contextualised in developing countries. It relates macroeconomic theory and policy to the institutional setting and explores alternative perspectives for developing countries. The second part is on development, in a world that has been transformed by markets and globalization. It analyses the implications of this transformation for development in retrospect and prospect. The third part is on industrialization. It begins with the international context to consider the debate on industrialization in India which is relevant for other late-industrializers. The fourth part is on liberalization with a focus on India. It evaluates the Indian experience with stabilization, adjustment and reform, which is then situated in its wider political and historical context. This book provides a rich blend of theory and policy from a heterodox perspective. It will be valuable for students, researchers and teachers in economics. It should also be of interest to students in management and to practitioners including policymakers, advocacy groups and business analysts.