POL101Y1 Lecture Notes - Lecture 2: 1991 Indian Economic Crisis, Licence Raj, Economic Liberalization
22 Apr 2013
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Document Summary
The period of the 1980s a transition phase but not a major period of economic liberalization. 1991 the period of economic liberalization begins. Changed india"s engagement with the external economy opened up trade and external investment. How india differs from other examples of rapid growth in the developing world after wwii. The academic expectation is this leads to ethnic fragmentation and tends to lead to negative economic outcomes (but that hasn"t happened in india necessarily) Process in india is largely a domestic-driven process driven by domestic investors. The policy leverage domestic investors have on the state. Distinct than what we might see in other countries. Not focused on labour-intensive manufacturing (which is interesting given the country"s pop"n and therefore the ability of labour) India an exception its economic liberalization has been much more gradual. For most economies in transition in the 80s washington consensus reigned supreme and shock. Post 1990s (significant difference changes are extensive)
