My book, India’s Open-Economy Policy: Globalism, Rivalry, Continuity (London and New York: Routledge, 2008 ) has been selected by Asia Policy as one of two dozen recommended books for its 2008 Policymakers Library. It was one of only two books on India. Needless to say, I am happy.
The link above will take you to Routledge’s site where you can preview the first chapter of the book.
So what is it about? It’s easy to take India’s successful open-economy policy for granted now. But when the policy was initiated in 1991, its success was far from assured. The book explains why India’s open-economy policy has continued unabated despite widespread political risks. It draws implications for countries seeking to politically market grand or controversial ideas.
It’s about large-scale change management strategy, risk mitigation strategy, and the political marketing and cultural acceptability of economic policies.
The book also deals fairly comprehensively with China. A perception of rivalry with China and China’s success with open-door policy gave Indian policymakers an urgency to catch-up. The book shows how this urgency was marketed politically to defuse some of the policy risks arising from India’s fractious domestic politics.
In addition to the political marketing, Indian policymakers also had to establish the pro-market policies in a culture that was historically skeptical about capitalism. The book also points out how this transformation was accomplished by some maverick policymakers.