From central planning to market reforms : India's political economy in comparative perspective

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Journal article

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Humboldt Journal of Social Relations

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The socioeconomic & political implications of India's economic reform & the characteristics of India's liberalization program are examined. The respective roles of the state, the private sector, & foreign enterprise in India's central planning during the late 1940s & early 1950s are discussed. Rather than perceive India's planned industrialization as a socialist venture, it is contended that the program established the basis for capitalism-oriented industrialization. Several explanations for the failure of India's central planning to produce economic growth are identified including the absence of collaboration between the state & emergent bourgeois classes. The P. V. Narashima Rao administration's recognition of central planning's failure & implementation of a macroeconomic liberalization program characterized by reduced state intervention, market orientation, & widespread financial reform are discussed. The need for India to infiltrate global markets, increase employment opportunities, & augment expenditures for public service programs that assist the indigent is articulated. J. W. Parker.

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Copyright © 1997 Department of Sociology, Humboldt State University

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Sharma, S. D. (1997). From central planning to market reforms: India's political economy in comparative perspective. Humboldt Journal of Social Relations, 23(1/2), 175-195.