India and China: An Essay in Comparative Political Economy

  • Meghnad Desai
Part of the Procyclicality of Financial Systems in Asia book series (IMF)


India and China are two of the oldest and still extant civilizations. For Europeans, they were legendary seats of immense wealth and wisdom right up to the eighteenth century. Somewhere between the mid-eighteenth century and early nineteenth centuries, both of these countries became, in the European eyes, bywords for stagnant, archaic, and weak nations. For China, this happened between the adulation of Voltaire and the cooler judgment of Montesquieu; in India’s case, it was the contrast between Sir William Jones’s desire to learn things Indian and James Mill’s dismissal of Indian history as nothing but darkness.


Foreign Direct Investment Gross Domestic Product Capita Income Human Development Index Economic Freedom 
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© International Monetary Fund 2005

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  • Meghnad Desai

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