Politics, Institutions, Episodes: Concluding Observations

Abstract

This chapter provides the conclusions of the book and discusses the wider implications of the book’s main findings. It highlights the three main arguments that define the political economy approach adopted in the book which are (i) medium-term growth rates of countries are volatile and episodic, (ii) the deals environment is a critical institutional arrangement that determines the outcome in growth episodes and (iii) politics plays a significant role in determining the deals environment. The chapter shows how these three linked arguments are substantiated by the four Indian growth episodes. Finally, it provides an international perspective to these issues.