Abstract
In the context of the broader theme envisaged for this paper, it is necessary to note at the outset that the economic reform measures being undertaken in India now for nearly 30 years can be traced to the doctrine of Washington Consensus formulated by Williamson (Latin American adjustment: How much has happened? Institute for International Economics, Washington, 1990) which contained ten key reforms including fiscal discipline comprising reordering of public expenditure priorities, tax reforms and privatisation, deregulation, liberal inward foreign investment, a competitive exchange rate and others, generally trying to promote a market economy and free trade.
A paper based on a Special Lecture delivered on October 10, 2018 at the International Seminar on “Inclusive Development: Issues and Challenges” organised by the Centre for Economic and Social Sciences (CESS), Hyderabad, in honour of Prof. R. Radhakrishna.
I wish to profusely thank the following colleagues of EPWRF for providing unstinted cooperation in the preparation of this lecture; J Dennis Rajakumar, Vishakha M Karmarkar, VijayataSawant, Harshada K. Parab, PravinJadhav, V P Prashant and K. Srinivasan.
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They covered Japan; the ‘Four Tigers’, Hong Kong, the Republic of Korea, Singapore and Taiwan, China; and the three newly industrialised economies (NIEs) of South East Asia, Indonesia, Malaysia and Thailand. Mainland China was excluded the Report justifies it thus: recently China, particularly southern China, has recorded remarkably high growth rates using policies that in some ways resemble the HPAEs. This very significant development is beyond the scope of our study, mainly because China's ownership structure, methods of corporate and civil governance and reliance on markets are so different from the HPAEs, and in such rapid flux, that cross-economy comparison is problematic. We touch on China's recent development in Chap. 3 of “The East Asian Miracle”.
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Shetty, S.L. (2020). Inclusive Development and Economic Reforms: A Contemporary Critique. In: Saleth, R., Galab, S., Revathi, E. (eds) Issues and Challenges of Inclusive Development. Springer, Singapore. https://doi.org/10.1007/978-981-15-2229-1_3
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