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Vijay Joshi - India: macroeconomics and political economy, 1964-1991

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This volume is a component of a research project initiated and financed by the World Bank entitled Macroeconomic Policies, Crisis, and Growth in the Long Run, which involved studies of the macroeconomic histories of eighteen countries as they attempted to maintain economic stability in the face of international price, interest rate, and demand shocks or domestic crises in the forms of investment books and related budgetary problems. It introduces India and the nature of its markets, looks at various historical aspects of the countries economic policies, and examines trends in the long term effects of these policies.

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title India Macroeconomics and Political Economy 1964-1991 World Bank - photo 1

title:India : Macroeconomics and Political Economy, 1964-1991 World Bank Comparative Macroeconomic Studies
author:Joshi, Vijay.; Little, Ian Malcolm David.
publisher:World Bank
isbn10 | asin:082132652X
print isbn13:9780821326527
ebook isbn13:9780585236377
language:English
subjectIndia--Economic policy--1961-1966, India--Economic policy--1966- , India--Economic conditions--1947-
publication date:1994
lcc:HC435.2.J7 1994eb
ddc:338.954
subject:India--Economic policy--1961-1966, India--Economic policy--1966- , India--Economic conditions--1947-
Page iii
India Macroeconomics and Political Economy 19641991
Vijay Joshi
I. M. D. Little
THE WORLD BANK, WASHINGTON, D.C.
Page iv
1994 The International Bank for Reconstruction
and Development / The World Bank
1818 H Street, N.W., Washington, D.C. 20433
All rights reserved
Manufactured in the United States of America
First printing July 1994
The World Bank Comparative Macroeconomic Studies series emerges from a research project that reviewed the macroeconomic experiences of eighteen developing countries over a period roughly from 1965 to 1990. So that the studies might be published with relatively little delay, the books have been edited outside the World Bank's Office of the Publisher by the Macroeconomic Research Department.
The findings, interpretations, and conclusions expressed in this publication are those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to the members of its Board of Executive Directors or the countries they represent.
The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address shown in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to copy portions for classroom use is granted through the Copyright Clearance Center, Inc., Suite 910,222 Rosewood,Dr., Danvers, Massachusetts 01923, U.S.A.
The complete backlist of publications from the World Bank is shown in the annual Index of Publications, which contains an alphabetical title list and indexes of subjects, authors, and countries and regions. The latest edition is available free of charge from Distribution Unit, Office of the Publisher, The World Bank, 1818 H Street, N.W., Washington, D.C. 20433, U.S.A., or from Publications, The World Bank, 66, avenue d'Ina, 75116 Paris, France.
Cover design by Sam Ferro.
Vijay Joshi is a Fellow of Merton College, and I. M. D. Little is an Emeritus Fellow of Nuffield College, both in the University of Oxford.
Library of Congress Cataloging-in-Publication Data
Joshi, Vijay.
India: macroeconomics and political economy, 19641991 / Vijay
Joshi and I.M.D. Little.
p. cm. (World Bank comparative macroeconomic studies)
Includes bibliographical references and index.
ISBN 0-8213-2652-X
1. IndiaEconomic policy19611966. 2. IndiaEconomic
policy1966- 3. IndiaEconomic conditions1947- I. Little, Ian
Malcolm David. II. Title. III. Series.
HC435.2.J7 1994
338.954dc20 93-33147
CIP
Page v
CONTENTS
Foreword
xiii
Acknowledgments
xv
Acronyms
xvii
Data Notes
xviii
Introduction
1
Part One
History, Profile, and Institutions
Chapter 1.Recent History and a Profile of the Economy
7
Picture 2
Recent History
7
Picture 3
A Profile of the Indian Economy
12
Chapter 2.The Structure and Working of Markets
25
Picture 4
Indian Labor Markets
25
Picture 5
Indian Internal Capital Markets
30
Picture 6
Indian Product Markets
36
Part Two
Macroeconomic Crisis and Adjustment
Chapter 3. A Sketch of Political and Macroeconomic Developments from 1964 to 1991
47
Picture 7
1964/65 to 1970/71
47
Picture 8
1971/72 to 1978/79
52
Picture 9
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