Overview for Economic Reforms and Performance: China and India in Comparative Perspective
This book represents the research and survey of the literature on Chinese and Indian economics by Dr. Subramanian Swamy, a member of the prestigious Harvard economics faculty in the 1960s, who had pioneered the study of the two economies.This is Dr. Swamy's third book on India-China comparisons and the first in critically assessing the effect of economic reforms in the two countries since 1980. It is set against the background of results achieved by the two economies since the advent of economic planning in 1950. Dr. Swamy has also projected the likely trends in the two economies into the future and by the year 2020.The book is comprehensive in coverage. Four questions are posed and answered in the book:First, whether the initial economic and institutional conditions obtaining in China and India at the advent of economic reforms were different? And if so, the consequence on subsequent economic developments in these two nations of those initial differences. Second, in a comparative appraisal of Chinese and Indian economic performance over the last two decades,regardless of correction thereafter in the data of the two countries, there is a trend towards narrowing of the gap in the economic distance between the two i.e., a convergence of the two economies. Third, in terms of the Kuznetsian structural changes, in equity, globalization process, and in the financial architecture in the two nations, whether there exist significant differences. Fourth, on the basis of answers to the questions just raised, whether it is plausible to infer that India, which is behind China today in material terms, will catch up with China in the foreseeable future, i. e. by 2025.