The Market that Failed
Neoliberal Economic Reforms in India
Jayati Ghosh, C.P. Chandrasekhar
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.
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 forceful critique [in the book] is persuasive . . . [I]t is a welcome book, worth careful reading.
The Book Review