The Market that Failed

Neoliberal Economic Reforms in India

Jayati Ghosh, C.P. Chandrasekhar


LeftWord Books, 2002

210 pages

Price INR 395.00
Book Club Price INR 276.00
INR 395.00
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The explicit adoption of a neoliberal reform programme in mid-1991 by the Indian government was the start of a period of intensive economic liberalization and changed attitudes towards government intervention in the economy. This book surveys the actual experience of the last decade to argue that this strategy has not just failed to deliver sustained growth, but has had damaging consequences from the point of view of employment, poverty alleviation and equity. It covers a wide range of areas, including fiscal and monetary policy, privatization and the experience with foreign direct investment, and analyses the political economy of the reform process.

C.P. Chandrasekhar

C.P. Chandrasekhar is a professor at the Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi. He has published widely in academic journals, and is the co-author of several books, including The Market that Failed: Neo-Liberal Economic Reforms in India and Demonetisation Decoded: A Critique of India’s Currency Experiment. He is a regular columnist for Frontline and Business Line.

Jayati Ghosh

Jayati Ghosh is Professor of Economics at Jawaharlal Nehru University, New Delhi. She has authored and co-edited several books and more than 120 scholarly articles. She is Executive Secretary of International Development Economics Associates (IDEAS - and Trustee of Economic Research Foundation (


This is a must read book for both specialists and laypersons who are interested in understanding India's economic problem.


A painstaking work of immense importance. . . . An excellent survey. . . . In the debates and deliberations on economic reforms in India, The Market That Failed should have an important place.

The Hindu

The forceful critique [in the book] is persuasive . . . [I]t is a welcome book, worth careful reading.

The Book Review